Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.092%

Price spread now: GMX against Binance+0.332%7-day average — · you sell dearer than you buy

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

Long on Binance Short on GMX

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

The price spread pays, funding is against you. GMX is 0.332% dearer against Binance than usual: you sell high and buy low (spread +0.332% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.03917	0.0100	pay 0.0050% / 4h	2h 39m	$5.5M	$13.5M	75x
Short	GMX S/USD [WBTC.b-USDC]	0.03930	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	39m 46s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now +0.332%Rate

Funding earned: −$62.59
Price spread: +0.332% → 0.000%: $33.19
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$51.4
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Binance: live order book, 16 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 Binance live order book, 16 min ago	1.26 bp	23.9 bp −$24	81.6 bp −$816	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.

S on 25 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
01 Exchange SUSD	−0.8680%	1h	0.03840	−1.966%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1853%	1h	0.03925	+0.209%	$32K	$14K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03929	+0.306%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.03930	+0.332%	$1K	—	100x
Variational Omni S	−0.0119%	4h	0.03931	+0.355%	$611K	$30K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03924	+0.177%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03931	+0.349%	$606	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.672%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0082%	4h	0.03931	+0.357%	$98K	$468K	10x	as long as short
Lighter S	+0.0096%	1h	0.03921	+0.102%	$166K	$138K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03917	+0.010%	$984K	$589K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03921	+0.111%	$46K	$142K	10x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03917	long leg	$5.5M	$13.5M	75x
Bybit SUSDT	+0.0100%	4h	0.03911	−0.153%	$5.6M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03916	−0.026%	$963K	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03924	+0.179%	$319K	$183K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03917	0.000%	$3.5M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03910	−0.179%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03919	+0.051%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03914	−0.077%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03950	+0.842%	$4K	$472K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03914	−0.083%	$221K	$595K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0258%	1h	0.03936	+0.485%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03929	+0.306%	$270K	$106K	75x	as long as short
Backpack S_USDC_PERP	+0.1973%	1h	0.03940	+0.587%	$115K	$426K	5x	as long as short