Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.345%

Price spread now: KuCoin against GMX−0.032%7-day average — · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. KuCoin is 0.032% cheaper against GMX than usual: you would sell low and buy high (spread −0.032% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1271	L −0.1065% / S +0.0229%	get 0.0133% / 1h	29m 21s	$13K	—	100x
Short	KuCoin OPUSDTM	0.1271	0.0100	get 0.0100% / 8h	1h 29m	$2.9M	$7.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.032%Rate

Funding earned: $244.68
Price spread: −0.032% → 0.000%: −$3.22
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $217.46
Costs to cover: 0.240%
Break-even: 0.8 days

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	3.95 bp	26.1 bp −$26	68.7 bp −$687	doesn't fit	doesn'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.

OP on 30 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
Injective OP/USDC PERP	−0.1710%	1h	0.1265	−0.504%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1271	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1272	+0.046%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1270	−0.100%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1272	+0.046%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1272	+0.046%	—	—	150x	as long as short
Variational Omni OP	+0.0041%	8h	0.1269	−0.190%	$235K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1272	+0.046%	$6K	$49K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1272	+0.046%	$5.9M	$30.0M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1273	+0.125%	$276K	$906K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1273	+0.086%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1272	+0.030%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1271	+0.004%	$20.6M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	−0.024%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.031%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1271	−0.001%	$20.1M	$7.1M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1271	−0.032%	$2.9M	$7.5M	75x
Bitget OPUSDT	+0.0100%	8h	0.1273	+0.125%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1273	+0.125%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1269	−0.174%	$126K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1266	−0.420%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	−0.203%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	−0.426%	$45K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	+0.046%	$175	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	−0.032%	$176K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1272	+0.028%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	+0.092%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	+0.039%	$1.0M	$285K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0226%	1h	0.1272	+0.080%	$795K	$740K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1271	−0.032%	$707	—	20x	as long as short