Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0538%/8h= −58.9% APRpaid last 24h −0.156%

Price spread now: GMX against BloFin+0.184%51s7-day average — · you sell dearer than you buy

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

Long on BloFin 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 0.184% dearer against BloFin than usual: you sell high and buy low (spread +0.184% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 27 hours. The two prices were read 51 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	BloFin S-USDT	0.04011	0.0340	pay 0.0170% / 4h	2h 49m	$272K	$121K	75x
Short	GMX S/USD [WBTC.b-USDC]	0.04018	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	49m 54s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.184%Rate

Funding earned: −$112.99
Price spread: +0.184% → 0.000%: $18.45
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$118.54
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 11 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 BloFin live order book, 11 min ago	1.25 bp	20.6 bp −$21	55.2 bp −$552	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	−0.5048%	1h	0.03840	−4.263%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.621%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1258%	1h	0.04026	+0.384%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0587%	4h	0.04005	−0.140%	$623K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04018	+0.184%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04015	+0.103%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04018	+0.176%	$619	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.219%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.04018	+0.175%	$101K	$334K	10x	as long as short
Lighter S	+0.0096%	1h	0.04027	+0.399%	$166K	$165K	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	0.04026	+0.379%	$1.0M	$610K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04021	+0.244%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04025	+0.341%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04016	+0.125%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04021	+0.249%	$1.0M	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04021	+0.249%	$331K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04019	+0.199%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04021	+0.249%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04022	+0.274%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04023	+0.299%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−0.524%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04020	+0.214%	$226K	$1.1M	10x	as long as short
BloFin S-USDTlong	+0.0340%	4h	0.04011	long leg	$272K	$121K	75x
Backpack S_USDC_PERP	+0.0829%	1h	0.04030	+0.474%	$117K	$333K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0994%	1h	0.04025	+0.349%	$68K	$10K	10x	as long as short