Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0306%/8h= +33.5% APRpaid last 24h +0.100%

Price spread now: KuCoin against GMX−0.462%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 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. KuCoin is 0.462% cheaper against GMX than usual: you would sell low and buy high (spread −0.462% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$46 on $10k: about 5.0 days 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]	0.04282	L −0.0206% / S +0.0198%	get 0.0026% / 1h	49m 39s	$2K	—	100x
Short	KuCoin SUSDTM	0.04262	0.0100	get 0.0050% / 4h	3h 49m	$2.0M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.462%Rate

Funding earned: $64.24
Price spread: −0.462% → 0.000%: −$46.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$6
Costs to cover: 0.240%
Break-even: 7.7 days

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 7 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 KuCoin live order book, 7 min ago	8.13 bp	127.2 bp −$127	263.0 bp −$2,630	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
Kraken Futures PF_SUSD	−0.2657%	1h	0.04271	−0.263%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04238	−1.023%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.04282	long leg	$2K	—	100x
Variational Omni S	−0.0114%	4h	0.04280	−0.047%	$660K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04277	−0.116%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04287	+0.111%	$661	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.246%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0078%	4h	0.04279	−0.065%	$106K	$619K	10x	as long as short
Lighter S	+0.0096%	1h	0.04270	−0.276%	$183K	$99K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04269	−0.290%	$1.1M	$710K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.04270	−0.266%	$46K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04265	−0.387%	$6.2M	$16.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04269	−0.299%	$6.1M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04268	−0.322%	$1.2M	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04267	−0.346%	$357K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04270	−0.276%	$4.4M	$2.2M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.04262	−0.462%	$2.0M	$2.8M	50x
Bitget SUSDT	+0.0100%	4h	0.04271	−0.252%	$1.3M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04272	−0.229%	—	$6.9M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.04270	−0.276%	$100K	$472K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04280	−0.042%	$25K	$507K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04269	−0.301%	$236K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04269	−0.299%	$317K	$121K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0452%	1h	0.04279	−0.065%	$72K	$10K	10x	as long as short
01 Exchange SUSD	+0.5744%	1h	0.04270	−0.276%	$26K	$2K	5x	as long as short