Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.052%

Price spread now: GMX against OKX+0.232%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on GMX

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

The price spread pays, funding is against you. GMX is 0.232% dearer against OKX than usual: you sell high and buy low (spread +0.232% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.03974	0.0100	pay 0.0050% / 4h	3h 40m	$983K	$4.7M	20x
Short	GMX S/USD [WBTC.b-USDC]	0.03983	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	40m 04s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.232%Rate

Funding earned: −$62.59
Price spread: +0.232% → 0.000%: $23.15
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$61.44
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 min ago; GMX: 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 OKX live order book, 3 min ago	1.25 bp	32.5 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.4800%	1h	0.03980	+0.151%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2029%	1h	0.03981	+0.180%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−3.724%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0898%	4h	0.03979	+0.123%	$619K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.03983	+0.232%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.03980	+0.161%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03983	+0.226%	$614	—	150x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.03982	+0.201%	$101K	$335K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.171%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03985	+0.277%	$162K	$191K	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	0.03981	+0.164%	$996K	$647K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03985	+0.278%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03981	+0.164%	$5.5M	$16.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03973	−0.025%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.03974	long leg	$983K	$4.7M	20x
Gate S_USDT	+0.0100%	4h	0.03984	+0.252%	$326K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03980	+0.151%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03984	+0.252%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03982	+0.201%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03980	+0.151%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	+0.403%	$116K	$317K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	−0.101%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03974	−0.008%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03982	+0.201%	$268K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0503%	1h	0.03987	+0.327%	$67K	$10K	10x	as long as short