Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0241%/8h= +26.3% APRpaid last 24h +0.048%

Price spread now: MEXC against GMX−0.023%7-day average −0.007% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.303%+$30 on $10k

Price spread, last 4 days (all we have)−0.293%−$29 · spread now −0.023%, 7d avg −0.007%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, 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]	4.4440	L −0.0141% / S +0.0551%	get 0.0018% / 1h	58m 15s	$571K	—	50x
Short	MEXC AR_USDT	4.4430	0.0100	get 0.0100% / 8h	3h 58m	$6.3M	$4.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.023%Rate

Funding earned: $50.52
Price spread: −0.023% → −0.007%: −$1.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: $32.92
Costs to cover: 0.160%
Break-even: 2.4 days

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 4 min ago	1.12 bp	3.1 bp −$3	21.3 bp −$213	212.9 bp −$21.3K	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	−0.1215%	1h	4.4383	−0.128%	$60K	$159K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0141% / S +0.0551%	1h	4.4440	long leg	$571K	—	50x
OKX AR-USDT-SWAP	+0.0077%	8h	4.4390	−0.113%	$2.3M	$17.6M	20x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4450	+0.023%	$26K	$478K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4420	−0.045%	$8.7M	$49.9M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4400	−0.090%	$4.6M	$8.1M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4430	−0.023%	$2.5M	$1.8M	50x	as long as short
MEXC AR_USDTshort	+0.0100%	8h	4.4430	−0.023%	$6.3M	$4.0M	100x
KuCoin ARUSDTM	+0.0100%	8h	4.4400	−0.090%	$1.1M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4410	−0.068%	$3.9M	$5.0M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDT	+0.0100%	8h	4.4430	−0.023%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4552	+0.252%	$236K	$246K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4560	+0.270%	$19K	$717K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4417	−0.052%	$37K	$236K	10x	as long as short
Hyperliquid AR	+0.0132%	1h	4.4498	+0.130%	$4.0M	$4.3M	5x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4500	+0.135%	$422K	$466K	20x	as long as short
Injective AR/USDC PERP	+0.0433%	1h	4.4770	+0.742%	$2K	$5K	5.5x	as long as short