Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.054%

Price spread now: Orderly against GMX−0.059%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 Orderly

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. Orderly is 0.059% cheaper against GMX than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 28 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.03906	L −0.0188% / S +0.0183%	get 0.0024% / 1h	34m 35s	$1K	—	100x
Short	Orderly PERP_S_USDC	0.03904	−0.0017	pay 0.0009% / 4h	2h 34m	$101K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.059%Rate

Funding earned: $35.95
Price spread: −0.059% → 0.000%: −$5.89
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $12.06
Costs to cover: 0.180%
Break-even: 4.7 days

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.1462%	1h	0.03902	−0.105%	$33K	$32K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.056%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1122%	4h	0.03894	−0.306%	$606K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0188% / S +0.0183%	1h	0.03906	long leg	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.03902	−0.101%	$4	—	15x	as long as short
Aster SUSDT	−0.0032%	4h	0.03906	+0.004%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDCshort	−0.0017%	4h	0.03904	−0.059%	$101K	$339K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.007%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	−0.161%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.959%	$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
Lighter S	+0.0096%	1h	0.03905	−0.033%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03902	−0.118%	$984K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03904	−0.053%	$5.3M	$23.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03896	−0.264%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03899	−0.187%	$970K	$7.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.084%	$320K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03904	−0.059%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03902	−0.110%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03905	−0.033%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03900	−0.161%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.095%	$19K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03902	−0.109%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	−0.084%	$269K	$177K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0518%	1h	0.03910	+0.095%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0564%	1h	0.03910	+0.095%	$114K	$288K	5x	as long as short