Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.040%

Price spread now: MEXC against GMX−0.095%7-day average −0.029% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.176%+$18 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.095%, 7d avg −0.029%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.066% cheaper against GMX than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of −0.029%). If the spread goes back, that is −$7 on $10k: about 28 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	13.206	L −0.0091% / S +0.0167%	get 0.0011% / 1h	13m 44s	$1.8M	—	200x
Short	MEXC LINK_USDT	13.193	0.0100	get 0.0100% / 8h	7h 13m	$37.0M	$59.1M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.095%Rate

Funding earned: $40.12
Price spread: −0.095% → −0.029%: −$6.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $21.49
Costs to cover: 0.120%
Break-even: 3.3 days

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 5 min ago	0.38 bp	0.4 bp $0	4.5 bp −$45	23.8 bp −$2,382	39.4 bp −$19.7K

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.

LINK on 40 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
GMX LINK/USD [LINK-USDC]long	L −0.0091% / S +0.0167%	1h	13.206	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.199	−0.048%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.204	−0.012%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.100%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.142	−0.485%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.204	−0.012%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.197	−0.067%	$2.0M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.226	+0.153%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.186	−0.148%	$404K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.197	−0.063%	$1.4M	$3.0M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	13.195	−0.077%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.194	−0.085%	$122.5M	$299.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.187	−0.140%	$85.0M	$70.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.186	−0.148%	$27.6M	$84.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.206	+0.004%	$185K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.198	−0.057%	$130.7M	$12.5M	75x	as long as short
MEXC LINK_USDTshort	+0.0100%	8h	13.193	−0.095%	$37.0M	$59.1M	300x
KuCoin LINKUSDTM	+0.0100%	8h	13.196	−0.072%	$23.1M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.188	−0.133%	$54.7M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.189	−0.125%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.154	−0.387%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.139	−0.500%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.140	−0.494%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.150	−0.421%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.201	−0.034%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.202	−0.030%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.208	+0.016%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.207	+0.011%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.190	−0.115%	$650K	$867K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.184	−0.166%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.206	+0.002%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.210	+0.034%	$1.0M	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	13.211	+0.042%	$785K	$212K	50x	as long as short
Backpack LINK_USDC_PERP	+0.0181%	1h	13.221	+0.117%	$366K	$363K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.184	−0.163%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0363%	1h	13.216	+0.079%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.196	−0.072%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0437%	1h	13.193	−0.092%	$349K	$48K	10x	as long as short
Hyperliquid LINK	+0.0562%	1h	13.213	+0.057%	$81.6M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0577%	8h	13.216	+0.079%	$20.4M	$11.5M	50x	as long as short