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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 05:00 UTC+0.0041%/8h= +4.5% APRnext payment +$0.05 per $10,000 · paid last 24h +0.020%
Price spread now: Bullet against GMX−0.015%7-day average −0.034% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.045%−$5 on $10k
Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.015%, 7d avg −0.034%
Together, before fees−0.105%−$11 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,728.8L −0.0010% / S +0.0043%get 0.0001% / 1h13m 00s$11.9M—200x
ShortBullet ETH-USD2,728.40.0031get 0.0004% / 1h13m 00s$178K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet 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
$8.57
Price spread: −0.015% → −0.034%
$1.98
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Bullet: 4 bp × 2 orders
−$8
Net
−$9.45
Costs to cover
0.200%
Break-even
14.7 days
Slippage unknown: GMX: no order-book sample; Bullet: live order book, 1 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 Bullet live order book, 1 min ago0.18 bp4.2 bp −$47.7 bp −$77doesn't fitdoesn't fit
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−0.0335%43m2,728.6−0.008%$297K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,730.2+0.052%$5K$1K50xas long as short
HTX ETH-USDT−0.0017%8h2,727.9−0.034%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]longL −0.0010% / S +0.0043%1h2,728.8long leg$11.9M—200x
Phoenix ETH−0.0006%1h2,729+0.008%$816K$2.9M25xas long as short
Kalshi KXETHPERP0.0000%8h2,729.3+0.019%$6.2M$686.2M4.9xas long as short
dYdX ETH-USD+0.0006%1h2,729.5+0.027%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,728.9+0.006%$28.0M—200xas long as short
BingX ETH-USDC+0.0027%8h2,727.7−0.041%—$18.4M—as long as short
Bullet ETH-USDshort+0.0031%1h2,728.4−0.015%$178K$1.7M20x
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0036%8h2,728.3−0.019%$2.36B$4.38B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,729+0.008%$187K$814K50xas long as short
SunX ETH-USDT+0.0062%8h2,727.6−0.043%$957K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0066%8h2,728.4−0.014%$377.8M$575.1M100xas long as short
Deribit ETH-PERPETUAL+0.0076%1h2,729.4+0.023%$258.6M$202.4M50xas long as short
OKX ETH-USDT-SWAP+0.0078%8h2,728.3−0.016%$1.67B$10.74B100xas long as short
Aevo ETH-PERP+0.0080%1h2,725.9−0.105%$4.9M$155K20xas long as short
Aster ETHUSDT+0.0080%8h2,728.4−0.012%$250.8M$840.3M200xas long as short
Phemex ETHUSDT+0.0086%8h2,728.5−0.009%$264.4M$64.8M150xas long as short
Binance ETHUSDT+0.0087%8h2,728−0.027%$6.32B$15.94B150xas long as short
MEXC ETH_USDT+0.0087%8h2,728−0.028%$1.56B$2.58B500xas long as short
SoDEX ETH-USD+0.0088%1h2,728.3−0.018%$54.3M$187.8M40xas long as short
ApeX Omni ETHUSDT+0.0089%1h2,731+0.081%$8.6M$31.2M100xas long as short
Lighter ETH+0.0096%1h2,728.7−0.004%$112.3M$435.2M50xas long as short
Lighter RH ETH+0.0096%1h2,729.9+0.043%$23.4M$104.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,729.3+0.020%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,730.8+0.074%$117K$22.5M52xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.7−0.003%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.4+0.058%$15.5M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.6−0.007%$13.9M$104.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,730.6+0.067%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,729.8+0.038%$31.9M$334.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729+0.008%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.4+0.024%$1.5M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.2−0.020%$169.5M$307.4M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.4−0.014%$3.33B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.1−0.026%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,728.2−0.023%$14.9M$41.6M50xas long as short
Variational Omni ETH+0.0100%8h2,728.8+0.001%$134.7M$323.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,729.5+0.026%$183.6M$673.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730+0.046%$158.8M$86.9M50xas long as short
StandX ETH-USD+0.0100%1h2,730+0.045%$21.0M$70.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.5+0.026%—$845K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730.1+0.048%$11.2M$9.4M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,729.3+0.017%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.1+0.050%$41.0M$29.9M15xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,730.4+0.059%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,727.2−0.057%$30.5M$73.5M50xas long as short
RISEx ETH/USDC+0.0107%1h2,729.3+0.021%$5.6M$11.7M25xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,729.7+0.032%$50.5M$4.28B50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,729.1+0.013%$83.6M$315.9M100xas long as short
Orderly PERP_ETH_USDC+0.0191%8h2,730.6+0.066%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0208%1h2,727.8−0.035%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,731.3+0.094%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0347%8h2,728.2−0.020%$282.3M$174.6M150xas long as short