Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0563%/8h= −61.7% APRpaid last 24h −0.160%

Price spread now: GMX against MEXC−0.188%7-day average +0.008% · you buy dearer than you sell

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.611%−$61 on $10k

Price spread, last 3 days (all we have)+0.341%+$34 · spread now −0.188%, 7d avg +0.008%

Together, before fees−0.271%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and GMX is 0.196% cheaper against MEXC than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC AR_USDT	4.5080	0.0012	pay 0.0012% / 8h	6h 49m	$6.4M	$4.3M	100x
Short	GMX AR/USD [WBTC.b-USDC]	4.4995	L −0.0141% / S +0.0551%	pay 0.0069% / 1h	49m 00s	$578K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$118.25
Price spread: −0.188% → +0.008%: −$19.61
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: −$153.85
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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 MEXC live order book, 4 min ago	4.45 bp	6.4 bp −$6	25.4 bp −$254	219.5 bp −$22.0K	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	−0.1696%	1h	4.5166	+0.191%	$55K	$149K	20x	as long as short
Injective AR/USDC PERP	−0.0353%	1h	4.6110	+2.285%	$2K	$2K	5.5x	as long as short
OKX AR-USDT-SWAP	−0.0143%	8h	4.5090	+0.022%	$2.3M	$19.5M	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0141% / S +0.0551%	1h	4.4995	−0.188%	$578K	—	50x
MEXC AR_USDTlong	+0.0012%	8h	4.5080	long leg	$6.4M	$4.3M	100x
Binance ARUSDT	+0.0013%	8h	4.5106	+0.058%	$9.0M	$53.3M	75x	as long as short
Extended AR-USD	+0.0016%	1h	4.5015	−0.145%	$37K	$243K	10x	as long as short
BloFin AR-USDT	+0.0050%	8h	4.5040	−0.089%	$433K	$528K	20x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5128	+0.106%	$4.1M	$4.7M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5011	−0.154%	$26K	$500K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDT	+0.0100%	8h	4.5100	+0.044%	$4.6M	$8.4M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5040	−0.089%	$2.5M	$2.1M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5020	−0.133%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5060	−0.044%	$3.9M	$5.5M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5040	−0.089%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4868	−0.470%	$140K	$165K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4890	−0.421%	$22K	$741K	50x	as long as short