Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0546%/8h= +59.8% APRpaid last 24h +0.198%

Price spread now: BloFin against GMX−0.047%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 BloFin

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. BloFin is 0.047% cheaper against GMX than usual: you would sell low and buy high (spread −0.047% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 7 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.04013	L −0.0206% / S +0.0198%	get 0.0026% / 1h	50m 41s	$1K	—	100x
Short	BloFin S-USDT	0.04011	0.0340	get 0.0170% / 4h	2h 50m	$272K	$121K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.047%Rate

Funding earned: $114.64
Price spread: −0.047% → 0.000%: −$4.73
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $85.91
Costs to cover: 0.240%
Break-even: 1.8 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 11 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 BloFin live order book, 11 min ago	1.25 bp	19.7 bp −$20	44.2 bp −$442	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	−0.4040%	1h	0.03840	−4.309%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.667%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1263%	1h	0.04011	−0.038%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0587%	4h	0.04005	−0.187%	$623K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.04013	long leg	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04011	−0.038%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04012	−0.014%	$618	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.171%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.04012	−0.022%	$101K	$335K	10x	as long as short
Lighter S	+0.0096%	1h	0.04019	+0.152%	$165K	$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	0.04017	+0.097%	$1.0M	$610K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04017	+0.102%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04014	+0.028%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04010	−0.072%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04016	+0.077%	$1.0M	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04012	−0.022%	$330K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04015	+0.052%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04015	+0.052%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04014	+0.027%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04013	+0.002%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−0.571%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04014	+0.030%	$225K	$1.1M	10x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04011	−0.047%	$272K	$121K	75x
Deribit S_USDC-PERPETUAL	+0.0747%	1h	0.04018	+0.127%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0858%	1h	0.04020	+0.177%	$117K	$333K	5x	as long as short