Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0306%/8h= +33.5% APRpaid last 24h +0.074%

Price spread now: OKX against GMX−0.048%52s7-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 OKX

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. OKX is 0.048% cheaper against GMX than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 13 hours of funding at the current rate (+$9 a day). The two prices were read 52 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	GMX S/USD [WBTC.b-USDC]	0.03955	L −0.0206% / S +0.0198%	get 0.0026% / 1h	9m 30s	$1K	—	100x
Short	OKX S-USDT-SWAP	0.03953	0.0100	get 0.0050% / 4h	3h 09m	$982K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.048%Rate

Funding earned: $64.24
Price spread: −0.048% → 0.000%: −$4.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $37.44
Costs to cover: 0.220%
Break-even: 2.9 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	2.53 bp	38.3 bp −$38	doesn't fit	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	−0.5168%	1h	0.03850	−2.652%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2259%	1h	0.03944	−0.279%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03927	−0.705%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.03955	long leg	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.03953	−0.060%	$4	—	15x	as long as short
Variational Omni S	−0.0047%	4h	0.03947	−0.206%	$613K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03956	+0.028%	$610	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.669%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0082%	4h	0.03952	−0.073%	$98K	$296K	10x	as long as short
Lighter S	+0.0096%	1h	0.03958	+0.078%	$167K	$157K	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	0.03953	−0.046%	$990K	$589K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03955	+0.010%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03954	−0.010%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03948	−0.174%	$5.6M	$4.4M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.03953	−0.048%	$982K	$3.8M	20x
Gate S_USDT	+0.0100%	4h	0.03948	−0.174%	$321K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03955	+0.003%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03952	−0.073%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03958	+0.078%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03952	−0.073%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	+0.382%	$24K	$463K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03952	−0.068%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03967	+0.306%	$273K	$102K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0763%	1h	0.03954	−0.023%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1396%	1h	0.03960	+0.129%	$115K	$424K	5x	as long as short