Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.069%

Price spread now: Bitget against GMX−0.106%7-day average −0.095% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.326%+$33 on $10k

Price spread, last 3 days (all we have)−0.188%−$19 · spread now −0.106%, 7d avg −0.095%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.095%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.5879	L −0.0140% / S +0.0551%	get 0.0018% / 1h	34m 23s	$590K	—	50x
Short	Bitget ARUSDT	4.5830	0.0100	get 0.0100% / 8h	34m 23s	$3.9M	$5.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee BitgetbpOrdersPrice spread, now −0.106%Rate

Funding earned: $50.49
Price spread: −0.106% → −0.095%: −$1.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $25.41
Costs to cover: 0.240%
Break-even: 3.5 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	3.27 bp	18.9 bp −$19	39.7 bp −$397	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

AR on 17 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ARUSD	−0.1965%	1h	4.5799	−0.173%	$52K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0551%	1h	4.5879	long leg	$590K	—	50x
OKX AR-USDT-SWAP	−0.0012%	8h	4.5750	−0.281%	$2.4M	$20.9M	20x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−0.346%	$3K	$339	5.5x	as long as short
MEXC AR_USDT	+0.0037%	8h	4.5860	−0.041%	$6.7M	$4.4M	100x	as long as short
Binance ARUSDT	+0.0038%	8h	4.5846	−0.072%	$9.1M	$55.6M	75x	as long as short
Extended AR-USD	+0.0040%	1h	4.5851	−0.060%	$37K	$237K	10x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5953	+0.162%	$4.1M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5828	−0.110%	$20K	$611K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5822	−0.124%	$4.6M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.5870	−0.019%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5870	−0.019%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDTshort	+0.0100%	8h	4.5830	−0.106%	$3.9M	$5.6M	75x
BingX AR-USDT	+0.0100%	8h	4.5820	−0.128%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5810	−0.150%	$139K	$172K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5880	+0.003%	$58K	$746K	50x	as long as short
BloFin AR-USDT	+0.0152%	8h	4.5800	−0.172%	$434K	$674K	20x	as long as short