Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.026%

Price spread now: HTX against GMX−0.002%7-day average −0.044% · you buy dearer than you sell

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now −0.002%, 7d avg −0.044%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.043% dearer against GMX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,729.5	L −0.0010% / S +0.0043%	get 0.0001% / 1h	19m 29s	$12.0M	—	200x
Short	HTX ETH-USDT	2,729.4	−0.0007	pay 0.0007% / 8h	2h 19m	$1.05B	$1.22B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0.65
Price spread: −0.002% → −0.044%: $4.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$19.07
Costs to cover: 0.240%
Break-even: 212.0 days

Slippage unknown: GMX: no order-book sample; HTX: live order book, 5 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 HTX live order book, 5 min ago	0.02 bp	6.1 bp −$6	7.0 bp −$70	9.3 bp −$934	14.0 bp −$6,982

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	2,729.9	+0.016%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.7	+0.045%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,729.5	long leg	$12.0M	—	200x
Phoenix ETH	−0.0009%	1h	2,725.4	−0.149%	$815K	$3.0M	25x	as long as short
HTX ETH-USDTshort	−0.0007%	8h	2,729.4	−0.002%	$1.05B	$1.22B	200x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.7	+0.008%	$32.8M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,730.7	+0.045%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.453%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0035%	8h	2,729.4	−0.004%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,730.6	+0.042%	$190K	$841K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,730	+0.020%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0073%	8h	2,728.9	−0.022%	$958K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,729	−0.017%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,729.7	+0.009%	$374.7M	$577.7M	100x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,729.4	−0.002%	$263.0M	$64.9M	150x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,730	+0.021%	$252.5M	$845.9M	200x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,722.9	−0.240%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,730.2	+0.026%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,730.2	+0.027%	$6.32B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.3	+0.030%	$112.4M	$435.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.4	+0.070%	$23.5M	$103.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727	−0.089%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,730.6	+0.043%	$1.67B	$10.86B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.335%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	+0.001%	$504K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.147%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.6	+0.043%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733	+0.130%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.3	+0.030%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	+0.005%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	+0.045%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.255%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.1	+0.023%	$3.28B	$9.02B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.8	+0.047%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730	+0.019%	$15.0M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.182%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.3	−0.151%	$184.6M	$678.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.329%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.024%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.6	+0.077%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.2	+0.100%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.6	+0.005%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.059%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.6	+0.005%	$54.4M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.4	−0.004%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.3	−0.007%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,731.1	+0.062%	$49.8M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.6	+0.043%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,727.7	−0.065%	$7.0M	$693.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0171%	1h	2,731	+0.055%	$259.3M	$207.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,730.3	+0.033%	$83.2M	$311.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,731.6	+0.077%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,730.3	+0.029%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,729.6	+0.003%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0369%	8h	2,725	−0.162%	$280.9M	$174.3M	150x	as long as short