Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.020%

Price spread now: Aster against GMX−0.029%7-day average −0.019% · you buy dearer than you sell

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.029%, 7d avg −0.019%

Together, before fees−0.035%+ Points / potential airdropAster: Stage 5 · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,749.4	L +0.0009% / S +0.0025%	pay 0.0001% / 1h	57m 00s	$12.0M	—	200x
Short	Aster ETHUSDT	2,748.6	0.0043	get 0.0043% / 8h	6h 57m	$257.5M	$853.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.029%Rate

Funding earned: $7.17
Price spread: −0.029% → −0.019%: −$0.95
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$13.78
Costs to cover: 0.200%
Break-even: 20.5 days

Slippage unknown: GMX: no order-book sample; Aster: 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 Aster live order book, 2 min ago	0.84 bp	5.7 bp −$6	6.3 bp −$63	7.5 bp −$754	12.3 bp −$6,126

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.

ETH 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
Perpl ETH	−0.0447%	43m	2,751.1	+0.061%	$324K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,753.5	+0.149%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,751	+0.059%	$5.7M	$11.2M	25x	as long as short
Phoenix ETH	−0.0003%	1h	2,756.1	+0.243%	$862K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751	+0.057%	$10.9M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,752.6	+0.116%	$168K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.4	0.000%	$22.2M	—	200x	as long as short
GMX ETH/USD [ETH-USDC]long	L +0.0009% / S +0.0025%	1h	2,749.4	long leg	$12.0M	—	200x
Lighter ETH	+0.0024%	1h	2,749	−0.014%	$113.5M	$434.9M	50x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,745.7	−0.136%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0033%	8h	2,746.6	−0.102%	$1.68B	$10.98B	100x	as long as short
Aster ETHUSDTshort	+0.0043%	8h	2,748.6	−0.029%	$257.5M	$853.6M	200x
HTX ETH-USDT	+0.0052%	8h	2,748.3	−0.039%	$1.07B	$1.23B	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,746	−0.125%	$1.58B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,747.2	−0.080%	$6.41B	$16.19B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,747.1	−0.085%	$4.9M	$166K	20x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,754.7	+0.192%	$8.8M	$31.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0076%	1h	2,758.6	+0.335%	$30K	$21K	20x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,746.4	−0.109%	$3.33B	$8.59B	200x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,749.4	−0.001%	$183K	$1.7M	20x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,745.9	−0.127%	$2.07B	$2.85B	150x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,746	−0.123%	$384.2M	$605.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.8	+0.012%	$59.8M	$4.38B	50x	as long as short
Variational Omni ETH	+0.0094%	8h	2,755	+0.202%	$133.6M	$346.5M	—	as long as short
Vest ETH-PERP	+0.0095%	1h	2,751.5	+0.078%	—	$870K	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.6	+0.042%	$25.2M	$105.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,753.1	+0.133%	—	$35.7M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0096%	1h	2,750	+0.023%	$258.9M	$201.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.4	+0.254%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.4	+0.036%	$473K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.3	+0.070%	$14.1M	$112.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.4	0.000%	$3.12B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.6	+0.078%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.1	−0.083%	$2.46B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.4	+0.036%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751.9	+0.091%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.117%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.6	−0.101%	$14.9M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,753.4	+0.146%	$183.9M	$727.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,754.9	+0.201%	$160.2M	$80.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.7	+0.156%	$21.3M	$65.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.2	+0.029%	$10.4M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.4	−0.001%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.7	+0.045%	$42.0M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.7	−0.026%	$963K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.6	−0.030%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.6	−0.030%	$267.4M	$65.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.3	−0.151%	$30.6M	$74.7M	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,751.1	+0.061%	$7.7M	$670.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,751.5	+0.077%	$32.4M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,755.7	+0.228%	$251K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,750	+0.022%	$285.5M	$177.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,756.7	+0.265%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,749.4	−0.002%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.8	+0.015%	$97.0M	$316.6M	100x	as long as short