Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0651%/8h= −71.2% APRpaid last 24h −0.181%

Price spread now: GMX against KuCoin−0.073%7-day average +0.054% · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.627%−$63 on $10k

Price spread, last 3 days (all we have)+0.417%+$42 · spread now −0.073%, 7d avg +0.054%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.128% cheaper against KuCoin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ARUSDTM	4.5080	0.0100	pay 0.0100% / 8h	1h 30m	$1.4M	$1.1M	50x
Short	GMX AR/USD [WBTC.b-USDC]	4.5047	L −0.0140% / S +0.0551%	pay 0.0069% / 1h	30m 40s	$579K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$136.63
Price spread: −0.073% → +0.054%: −$12.76
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$173.39
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; GMX: no order-book sample. 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 KuCoin live order book, 5 min ago	3.35 bp	82.2 bp −$82	507.7 bp −$5,077	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.1923%	1h	4.5001	−0.175%	$47K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0551%	1h	4.5047	−0.073%	$579K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+1.420%	$3K	$339	5.5x	as long as short
OKX AR-USDT-SWAP	+0.0079%	8h	4.5040	−0.089%	$2.3M	$20.5M	20x	as long as short
Extended AR-USD	+0.0096%	1h	4.5011	−0.152%	$37K	$237K	10x	as long as short
MEXC AR_USDT	+0.0098%	8h	4.5060	−0.044%	$6.8M	$4.5M	100x	as long as short
Binance ARUSDT	+0.0098%	8h	4.5010	−0.155%	$8.8M	$55.4M	75x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5114	+0.075%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5020	−0.134%	$20K	$618K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5080	0.000%	$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	4.4990	−0.200%	$2.5M	$2.3M	50x	as long as short
KuCoin ARUSDTMlong	+0.0100%	8h	4.5080	long leg	$1.4M	$1.1M	50x
Bitget ARUSDT	+0.0100%	8h	4.4980	−0.222%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5020	−0.133%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4680	−0.888%	$136K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4970	−0.244%	$57K	$746K	50x	as long as short
BloFin AR-USDT	+0.0219%	8h	4.4940	−0.311%	$419K	$667K	20x	as long as short