Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h −0.041%

Price spread now: BingX against GMX−0.028%7-day average −0.059% · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.122%−$12 on $10k

Price spread, last 3 days (all we have)−0.005%−$1 · spread now −0.028%, 7d avg −0.059%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.032% dearer against GMX than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.059%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,627.4	L +0.0203% / S −0.0186%	pay 0.0025% / 1h	6m 15s	$13.5M	—	200x
Short	BingX BTC-USDC	85,603.7	0.0056	get 0.0056% / 8h	6h 06m	—	$17.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$30.88
Price spread: −0.028% → −0.059%: $3.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$49.71
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 2 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 BingX live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.1 bp −$51	6.2 bp −$622	7.8 bp −$3,916

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.

BTC on 55 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
Phoenix BTC	−0.0144%	1h	85,535	−0.108%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	+0.018%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,613.2	−0.017%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,646.2	+0.022%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,629.5	+0.002%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.064%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,614.4	−0.015%	$516.0M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	85,590.4	−0.043%	$900.8M	$749.3M	125x	as long as short
Nado BTC-PERP	+0.0034%	1h	85,625.5	−0.002%	$22.7M	$225.9M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,644.4	+0.020%	$8.3M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0051%	8h	85,622	−0.006%	$2.27B	$937.4M	200x	as long as short
BingX BTC-USDCshort	+0.0056%	8h	85,603.7	−0.028%	—	$17.1M	—
Reya BTCRUSDPERP	+0.0061%	1h	85,598.3	−0.034%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,619.8	−0.009%	$2.95B	$5.04B	150x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,590.9	−0.043%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,622.9	−0.005%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,608.5	−0.022%	$5.08B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,608.3	−0.022%	$9.32B	$24.05B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,610.7	−0.020%	$170.4M	$996.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,615	−0.015%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,616	−0.013%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,648.3	+0.024%	$3.8M	$8.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,550.6	−0.090%	$139.9M	$317.8M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,586	−0.048%	$206K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,675	+0.056%	$3.76B	$4.91B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,643.9	+0.019%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,614.7	−0.015%	$5.32B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,608	−0.023%	$2.55B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,615	−0.015%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,585.5	−0.049%	$7.2M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,637.8	+0.012%	$5.58B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,616	−0.013%	$35.1M	$166.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,606.4	−0.025%	$156.1M	$555.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,535.8	−0.107%	$278.1M	$937.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,544.9	−0.096%	$214.7M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,515.3	−0.131%	$30.2M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,663.7	+0.042%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,604	−0.027%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,622.5	−0.006%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,622.9	−0.005%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,670.7	+0.051%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,622.4	−0.006%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,609	−0.022%	$59.9M	$336.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,604.7	−0.027%	$151.0M	$480.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.054%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,596.5	−0.036%	$44.1M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,628.7	+0.001%	—	$102.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,646.9	+0.023%	$130.7M	$5.11B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,629.7	+0.003%	$187.4M	$957.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	85,592	−0.041%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0177%	1h	85,647.4	+0.023%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0203% / S −0.0186%	1h	85,627.4	long leg	$13.5M	—	200x
Kalshi KXBTCPERP	+0.0212%	8h	85,645	+0.020%	$10.2M	$765.5M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0248%	1h	85,664.3	+0.043%	$895.0M	$1.53B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,646.9	+0.023%	$510K	$20.1M	6.7x	as long as short