Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.038%

Price spread now: Gate against GMX−0.003%7-day average −0.043% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now −0.003%, 7d avg −0.043%

Together, before fees−0.175%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.040% dearer against GMX than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.043%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,658.1	L +0.0177% / S −0.0151%	pay 0.0022% / 1h	53m 15s	$13.4M	—	200x
Short	Gate BTC_USDT	85,655.3	0.0100	get 0.0100% / 8h	4h 53m	$5.54B	$10.53B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.003%Rate

Funding earned: −$16.07
Price spread: −0.003% → −0.043%: $4
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$39.06
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 6 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 Gate live order book, 6 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.4 bp −$844	10.4 bp −$5,189

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 56 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
Bluefin BTC-PERP	−0.2766%	1h	85,699.3	+0.048%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,659	+0.001%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,678	+0.023%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,649.4	−0.010%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,654.4	−0.004%	$418.0M	$665.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,669.4	+0.013%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,641.5	−0.019%	$920.0M	$749.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,661.7	+0.004%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,637.5	−0.024%	$516.1M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,636.5	−0.025%	$6.9M	$97.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0049%	1h	85,646.4	−0.014%	$22.5M	$218.8M	50x	as long as short
BingX BTC-USDC	+0.0058%	8h	85,640.2	−0.021%	—	$17.1M	—	as long as short
ApeX Omni BTCUSDT	+0.0059%	1h	85,584.6	−0.086%	$139.9M	$315.1M	100x	as long as short
Bitget BTCUSDT	+0.0074%	8h	85,661.2	+0.004%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0076%	1h	85,645.3	−0.015%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,649.9	−0.009%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,650	−0.009%	$5.05B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,648.6	−0.011%	$9.34B	$23.96B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,658	0.000%	$60.0M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,663	+0.006%	$174.2M	$999.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,671.3	+0.015%	$23.8M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,649	−0.011%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,693.3	+0.041%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,630	−0.033%	$198K	$7.8M	50x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,658.6	+0.001%	$150.8M	$482.7M	150x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,728.1	+0.082%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,682.5	+0.029%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,657.5	−0.001%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,670.1	+0.014%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.016%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.045%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,655.3	−0.003%	$5.54B	$10.53B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,648.7	−0.011%	$36.1M	$175.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,690.1	+0.037%	$156.8M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,664.8	+0.008%	$279.8M	$917.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,627.1	−0.036%	$215.0M	$164.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,679.3	+0.025%	$30.3M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,705.7	+0.056%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,646	−0.014%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,651.4	−0.008%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,649.3	−0.010%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,656.1	−0.002%	$30.0M	$51.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,632.9	−0.029%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,650.1	−0.009%	$2.27B	$937.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,635.6	−0.026%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,669	+0.013%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,701.1	+0.050%	$117.5M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,724	+0.077%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,678	+0.023%	$189.1M	$951.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0177% / S −0.0151%	1h	85,658.1	long leg	$13.4M	—	200x
Hibachi BTC/USDT-P	+0.0184%	1h	85,698.9	+0.048%	$703K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0193%	1h	85,708.1	+0.058%	$892.5M	$1.53B	50x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,681.8	+0.028%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,695	+0.043%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,681	+0.027%	$10.7M	$758.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,677.8	+0.023%	$493K	$18.9M	6.7x	as long as short