Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0302%/8h= +33.1% APRpaid last 24h +0.139%

Price spread now: Binance against GMX−0.041%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 Binance

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. Binance is 0.041% cheaper against GMX than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 11 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.03920	L −0.0202% / S +0.0194%	get 0.0025% / 1h	31m 23s	$1K	—	100x
Short	Binance SUSDT	0.03918	0.0100	get 0.0050% / 4h	31m 23s	$5.4M	$17.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.041%Rate

Funding earned: $63.4
Price spread: −0.041% → 0.000%: −$4.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: $37.31
Costs to cover: 0.220%
Break-even: 2.9 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 9 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 Binance live order book, 9 min ago	1.27 bp	21.7 bp −$22	57.5 bp −$575	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.

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	−0.6136%	1h	0.03850	−1.776%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2129%	1h	0.03917	−0.073%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.388%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0995%	4h	0.03911	−0.218%	$608K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0202% / S +0.0194%	1h	0.03920	long leg	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.03916	−0.091%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03920	+0.008%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03917	−0.066%	$100K	$340K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.603%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03921	+0.036%	$164K	$217K	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	0.03918	−0.033%	$982K	$695K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03927	+0.197%	$43K	$145K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03918	−0.041%	$5.4M	$17.3M	75x
Bybit SUSDT	+0.0100%	4h	0.03913	−0.168%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03916	−0.092%	$980K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.168%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	−0.041%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03917	−0.066%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03920	+0.010%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03915	−0.117%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.010%	$25K	$454K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03916	−0.103%	$220K	$877K	10x	as long as short
Backpack S_USDC_PERP	+0.0173%	1h	0.03920	+0.010%	$114K	$312K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03910	−0.245%	$267K	$125K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0515%	1h	0.03923	+0.087%	$66K	$10K	10x	as long as short