Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.009%

Price spread now: BingX against GMX+0.300%135s7-day average — · 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 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. BingX is 0.300% dearer against GMX than usual: you sell high and buy low (spread +0.300% now, against zero (this spread has no 7-day history yet)): +$30 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 16 days. The two prices were read 135 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX FET/USD [ETH-USDC]	0.2035	L +0.0202% / S −0.0301%	pay 0.0025% / 1h	40m 05s	$13K	—	100x
Short	BingX FET-USDT	0.2041	0.0138	get 0.0138% / 8h	7h 40m	—	$5.9M	—

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 +0.300%Rate

Funding earned: −$13.38
Price spread: +0.300% → 0.000%: $29.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$5.4
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BingX: live order book, 10 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, 10 min ago	4.94 bp	9.9 bp −$10	16.2 bp −$162	68.3 bp −$6,835	365.7 bp −$182.8K

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.

FET on 20 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
Deribit FET_USDC-PERPETUAL	−0.2197%	1h	0.2038	+0.152%	$42K	$313K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0736%	1h	0.2035	+0.005%	$143K	$272K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0302%	1h	0.2042	+0.324%	$1.0M	$2.0M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2036	+0.076%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.224%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2040	+0.251%	$189K	$752K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2039	+0.201%	$2.8M	$12.1M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2040	+0.251%	$10.5M	$17.7M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2034	−0.036%	$288K	$555K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2037	+0.103%	$36K	$11K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget FETUSDT	+0.0115%	8h	0.2042	+0.349%	$16.7M	$11.7M	75x	as long as short
Extended FET-USD	+0.0136%	1h	0.2039	+0.224%	$30K	$202K	10x	as long as short
MEXC FET_USDT	+0.0136%	8h	0.2041	+0.300%	$30.3M	$25.1M	200x	as long as short
Binance FETUSDT	+0.0136%	8h	0.2041	+0.277%	$31.2M	$111.9M	75x	as long as short
BingX FET-USDTshort	+0.0138%	8h	0.2041	+0.300%	—	$5.9M	—
GMX FET/USD [ETH-USDC]long	L +0.0202% / S −0.0301%	1h	0.2035	long leg	$13K	—	100x
OKX FET-USDT-SWAP	+0.0219%	4h	0.2041	+0.300%	$1.0M	$8.0M	20x	as long as short
BloFin FET-USDT	+0.0256%	8h	0.2034	−0.044%	$1.7M	$3.3M	100x	as long as short
Phoenix FET	+0.0594%	1h	0.2037	+0.118%	$35K	$35K	5x	as long as short
Hyperliquid FET	+0.0824%	1h	0.2043	+0.393%	$8.6M	$8.5M	5x	as long as short