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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0074%/8h= +8.1% APRnext payment +$0.09 per $10,000 · paid last 24h +0.022%
Price spread now: Bulk against GMX+0.080%7-day average −0.013% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.006%−$1 on $10k
Price spread, last 3 days (all we have)−0.139%−$14 · spread now +0.080%, 7d avg −0.013%
Together, before fees−0.145%−$15 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 Bulk is 0.092% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.013%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,775.7L +0.0026% / S +0.0009%pay 0.0003% / 1h35m 24s$12.9M—200x
ShortBulk ETH-USD2,777.90.0100get 0.0013% / 1h35m 24s$167.7M$256.4M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk 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

Funding earned
$15.52
Price spread: +0.080% → −0.013%
$9.2
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
$5.73
Costs to cover
0.190%
Break-even
4.4 days
Slippage unknown: GMX: no order-book sample; Bulk: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Bulk live order book, 4 min ago0.02 bp3.5 bp −$43.5 bp −$353.6 bp −$3595.1 bp −$2,565
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,775.9+0.006%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,775.5−0.006%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,781.9+0.224%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776+0.012%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0050%1h2,776.9+0.045%$8.9M$32.8M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,775.9+0.008%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,776.1+0.014%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,778.6+0.106%$879K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,775.5−0.007%$22.4M—200xas long as short
Aftermath Perps ETHUSD+0.0007%1h2,779+0.119%$29K$22K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0016%8h2,774.7−0.035%—$1.21B—as long as short
OKX ETH-USDT-SWAP+0.0020%8h2,774.2−0.052%$1.70B$11.87B100xas long as short
GMX ETH/USD [ETH-USDC]longL +0.0026% / S +0.0009%1h2,775.7long leg$12.9M—200x
Phemex ETHUSDT+0.0030%8h2,776.4+0.026%$270.6M$68.9M150xas long as short
Aster ETHUSDT+0.0036%8h2,775.4−0.009%$256.6M$1.00B200xas long as short
Bullet ETH-USD+0.0049%1h2,774.8−0.031%$182K$1.7M20xas long as short
Deribit ETH-PERPETUAL+0.0056%1h2,777.4+0.061%$259.0M$222.9M50xas long as short
SoDEX ETH-USD+0.0057%1h2,775.6−0.003%$55.3M$229.1M40xas long as short
Binance ETHUSDT+0.0064%8h2,774.8−0.030%$6.46B$17.29B150xas long as short
Aevo ETH-PERP+0.0064%1h2,773.5−0.078%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0065%8h2,775−0.023%$1.60B$2.64B500xas long as short
Bitget ETHUSDT+0.0067%8h2,775−0.024%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0070%8h2,774.9−0.027%$3.30B$9.63B200xas long as short
KuCoin ETHUSDTM+0.0088%8h2,775.5−0.005%$421.9M$739.8M100xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,777.5+0.066%$60.0M$4.60B50xas long as short
Bybit ETHUSDT+0.0091%8h2,774.4−0.046%$2.51B$4.63B150xas long as short
HTX ETH-USDT+0.0094%8h2,776+0.012%$1.08B$1.32B200xas long as short
Vest ETH-PERP+0.0095%1h2,775.9+0.007%—$1.1M50xas long as short
Lighter ETH+0.0096%1h2,775.9+0.010%$116.0M$497.4M50xas long as short
Lighter RH ETH+0.0096%1h2,777.3+0.057%$25.3M$121.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.5+0.031%—$42.0M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,774.7−0.034%$15.9M$10.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,775.7+0.001%$477K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,775.4−0.009%$14.3M$118.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,777.6+0.069%$3.19B$2.35B25xas long as short
Pacifica ETH+0.0100%1h2,775.8+0.005%$31.2M$310.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,774.8−0.031%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,776.6+0.033%$2.8M$17.2M25xas long as short
Bulk ETH-USDshort+0.0100%1h2,777.9+0.080%$167.7M$256.4M25x
Backpack ETH_USDC_PERP+0.0100%1h2,776.5+0.030%$15.1M$44.4M50xas long as short
Variational Omni ETH+0.0100%8h2,775.8+0.003%$147.4M$335.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,776.7+0.038%$182.3M$783.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,776.5+0.030%$161.4M$89.5M50xas long as short
StandX ETH-USD+0.0100%1h2,777.5+0.066%$21.5M$58.5M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,775.7+0.001%$10.7M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777.1+0.051%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,778.3+0.094%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,775.5−0.008%$973K$13.9M100xas long as short
Extended ETH-USD+0.0104%1h2,775.1−0.019%$32.7M$78.0M50xas long as short
Kalshi KXETHPERP+0.0119%8h2,776.9+0.044%$8.3M$685.1M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,777.3+0.058%$86.6M$333.6M100xas long as short
Orderly PERP_ETH_USDC+0.0139%8h2,777.2+0.053%$32.6M$12.1M100xas long as short
BloFin ETH-USDT+0.0186%8h2,776.1+0.015%$286.6M$194.4M150xas long as short
Reya ETHRUSDPERP+0.0200%1h2,774.7−0.034%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,777.2+0.055%$252K$1.6M20xas long as short