Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0293%/8h= +32.1% APRpaid last 24h +0.158%

Price spread now: BingX against GMX−0.079%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 BingX

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. BingX is 0.079% cheaper against GMX than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 22 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]	0.03924	L −0.0193% / S +0.0187%	get 0.0024% / 1h	54m 13s	$1K	—	100x
Short	BingX S-USDT	0.03921	0.0100	get 0.0050% / 4h	1h 54m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.079%Rate

Funding earned: $61.49
Price spread: −0.079% → 0.000%: −$7.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $31.59
Costs to cover: 0.220%
Break-even: 3.4 days

Slippage unknown: GMX: no order-book sample; BingX: live order book, 13 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 BingX live order book, 13 min ago	5.12 bp	19.7 bp −$20	55.6 bp −$556	324.4 bp −$32.4K	734.0 bp −$367.0K

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
Kraken Futures PF_SUSD	−0.1596%	1h	0.03917	−0.190%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.500%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	−0.151%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0193% / S +0.0187%	1h	0.03924	long leg	$1K	—	100x
01 Exchange SUSD	−0.0192%	1h	0.03920	−0.104%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03920	−0.112%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03922	−0.054%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03925	+0.032%	$605	—	150x	as long as short
Orderly PERP_S_USDC	+0.0020%	4h	0.03920	−0.104%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.483%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0034%	1h	0.03922	−0.054%	$984K	$787K	5x	as long as short
Aster SUSDT	+0.0043%	4h	0.03926	+0.042%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03923	−0.028%	$164K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03917	−0.173%	$5.3M	$22.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03909	−0.385%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03910	−0.359%	$977K	$6.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03917	−0.181%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03916	−0.206%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03922	−0.054%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03918	−0.155%	$1.2M	$2.8M	50x	as long as short
BingX S-USDTshort	+0.0100%	4h	0.03921	−0.079%	—	$6.8M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03920	−0.104%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	−0.191%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.155%	$268K	$132K	75x	as long as short
Backpack S_USDC_PERP	+0.0363%	1h	0.03930	+0.150%	$114K	$298K	5x	as long as short