Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0143%/8h= −15.6% APRpaid last 24h −0.037%

Price spread now: GMX against Paradex−0.226%7-day average −0.064% · you buy dearer than you sell

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

Long on Paradex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.168%+$17 · spread now −0.226%, 7d avg −0.064%

Together, before fees+0.133%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.162% cheaper against Paradex than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,756.2	0.0099	pay 0.0099% / 8h	6h 29m	$15.9M	$8.1M	50x
Short	GMX ETH/USD [ETH-USDC]	2,750	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	29m 32s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Paradex. 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 ParadexbpFee GMXbpOrdersPrice spread, now −0.226%Rate

Funding earned: −$29.93
Price spread: −0.226% → −0.064%: −$16.21
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: −$62.13
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 5 min ago; GMX: no order-book sample. 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 Paradex live order book, 5 min ago	0.51 bp	2.5 bp −$3	2.5 bp −$25	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 54 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	2,749.7	−0.238%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.251%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.5	−0.206%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.290%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,750	−0.226%	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,746.4	−0.356%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.2	−0.184%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,750.2	−0.220%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.5	−0.207%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,750.3	−0.216%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,749.6	−0.241%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0046%	8h	2,749.9	−0.230%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0064%	8h	2,750.8	−0.195%	$253.1M	$858.1M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,748.3	−0.286%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0073%	8h	2,751	−0.188%	$1.57B	$2.56B	500x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,751.3	−0.179%	$381.6M	$605.9M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,750.2	−0.217%	$6.36B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.9	−0.156%	$59.1M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,750.3	−0.215%	$2.08B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.4	−0.173%	$113.0M	$442.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753	−0.117%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.7	−0.271%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,751.1	−0.184%	$3.40B	$8.86B	200x	as long as short
Paradex ETH-USD-PERPlong	+0.0099%	8h	2,756.2	long leg	$15.9M	$8.1M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,749.8	−0.233%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.5	−0.280%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.6	−0.095%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.8	−0.160%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.7	−0.237%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.4	−0.211%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.9	−0.191%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.6	−0.203%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.318%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.303%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.378%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749	−0.262%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.240%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.7	−0.236%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.6	−0.202%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.9	−0.158%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	−0.262%	$963K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.5	−0.207%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,750.4	−0.210%	$267.3M	$66.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.446%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.4	−0.209%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,747.3	−0.323%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.3	−0.250%	$30.5M	$74.1M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,749.9	−0.229%	$7.9M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,752.9	−0.119%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,750.7	−0.200%	$250K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,752	−0.152%	$258.5M	$200.4M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.287%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.4	−0.246%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	−0.165%	$90.0M	$316.5M	100x	as long as short