Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h +0.024%

Price spread now: OKX against GMX+0.052%52s7-day average −0.108% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.288%+$29 on $10k

Price spread, last 4 days (all we have)−0.609%−$61 · spread now +0.052%, 7d avg −0.108%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and OKX is 0.159% dearer against GMX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.108%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.4757	L −0.0141% / S +0.0551%	get 0.0018% / 1h	48m 32s	$575K	—	50x
Short	OKX AR-USDT-SWAP	4.4780	−0.0014	pay 0.0014% / 8h	4h 48m	$2.3M	$18.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.052%Rate

Funding earned: $26.63
Price spread: +0.052% → −0.108%: $15.93
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $20.57
Costs to cover: 0.220%
Break-even: 1.6 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	1.11 bp	25.4 bp −$25	87.5 bp −$875	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
GMX AR/USD [WBTC.b-USDC]long	L −0.0141% / S +0.0551%	1h	4.4757	long leg	$575K	—	50x
OKX AR-USDT-SWAPshort	−0.0014%	8h	4.4780	+0.052%	$2.3M	$18.1M	20x
Hyperliquid AR	+0.0100%	1h	4.4861	+0.233%	$4.0M	$4.4M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4799	+0.094%	$26K	$478K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4800	+0.096%	$8.9M	$50.1M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4810	+0.119%	$4.6M	$8.2M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4790	+0.074%	$2.5M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4800	+0.096%	$6.4M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4790	+0.074%	$1.2M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4790	+0.074%	$3.9M	$5.1M	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	4.4780	+0.052%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4962	+0.459%	$233K	$242K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4980	+0.499%	$20K	$722K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4768	+0.025%	$36K	$235K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4800	+0.096%	$431K	$486K	20x	as long as short
Kraken Futures PF_ARUSD	+0.0693%	1h	4.4786	+0.065%	$60K	$160K	20x	as long as short
Injective AR/USDC PERP	+0.0854%	1h	4.5290	+1.191%	$548	$3K	5.5x	as long as short