Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.017%

Price spread now: BingX against GMX+0.074%7-day average −0.035% · you sell dearer than you buy

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)−0.051%−$5 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now +0.074%, 7d avg −0.035%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.109% dearer against GMX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.035%. Mind the row above: over the last 3 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,771.1	L +0.0025% / S +0.0009%	pay 0.0003% / 1h	43m 33s	$12.7M	—	200x
Short	BingX ETH-USDT	2,773.1	0.0100	get 0.0100% / 8h	7h 43m	—	$1.22B	—

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 +0.074%Rate

Funding earned: $15.69
Price spread: +0.074% → −0.035%: $10.88
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $4.57
Costs to cover: 0.220%
Break-even: 5.0 days

Slippage unknown: GMX: no order-book sample; BingX: 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 BingX live order book, 6 min ago	0.05 bp	5.1 bp −$5	5.1 bp −$51	5.1 bp −$507	6.5 bp −$3,240

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.025%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,774.2	+0.111%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,771.8	+0.027%	$285K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.9	+0.102%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0049%	8h	2,770.2	−0.031%	$269.8M	$67.6M	150x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,773.4	+0.084%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.8	+0.026%	$878K	$3.7M	25x	as long as short
Gate ETH_USDT	−0.0001%	8h	2,773.1	+0.073%	$3.33B	$8.94B	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.8	+0.062%	$12.2M	$46.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.5	+0.014%	$22.4M	—	200x	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	+0.0022%	8h	2,774.2	+0.112%	$1.71B	$11.41B	100x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,770.2	−0.032%	$183K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]long	L +0.0025% / S +0.0009%	1h	2,771.1	long leg	$12.7M	—	200x
Aster ETHUSDT	+0.0043%	8h	2,773.9	+0.101%	$257.0M	$906.9M	200x	as long as short
SoDEX ETH-USD	+0.0046%	1h	2,770.3	−0.028%	$55.2M	$208.4M	40x	as long as short
Aftermath Perps ETHUSD	+0.0046%	1h	2,771.6	+0.019%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.3	−0.063%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,772.7	+0.057%	$1.63B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,773.6	+0.089%	$6.48B	$16.65B	150x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,773.2	+0.075%	$2.10B	$2.93B	150x	as long as short
HTX ETH-USDT	+0.0069%	8h	2,770.6	−0.018%	$1.08B	$1.28B	200x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	+0.055%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.4	+0.011%	$60.4M	$4.51B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,773.6	+0.092%	$420.7M	$648.3M	100x	as long as short
Vest ETH-PERP	+0.0087%	1h	2,773.8	+0.097%	—	$887K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,773.8	+0.098%	$115.3M	$456.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.146%	$25.3M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	+0.079%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.9	+0.102%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,774.3	+0.114%	$14.5M	$116.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.8	+0.170%	$3.18B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.9	+0.100%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.1	+0.108%	$2.51B	$4.46B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773	+0.069%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.6	+0.127%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.041%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDTshort	+0.0100%	8h	2,773.1	+0.074%	—	$1.22B	—
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.4	−0.025%	$15.3M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.029%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.4	+0.010%	$181.9M	$787.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.4	+0.049%	$161.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.055%	$21.4M	$59.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771	−0.003%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.7	+0.022%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.8	+0.060%	$42.6M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.6	−0.019%	$972K	$13.5M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.4	+0.049%	$32.5M	$73.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.1	+0.074%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0104%	8h	2,773.4	+0.084%	$8.1M	$687.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,771.8	+0.026%	$259.1M	$211.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.5	+0.016%	$93.3M	$324.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,773	+0.069%	$32.6M	$11.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,773.2	+0.077%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,772.3	+0.045%	$287.6M	$188.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,770.2	−0.033%	$7.3M	$1.2M	25x	as long as short