Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0251%/8h= −27.4% APRpaid last 24h −0.003%

Price spread now: GMX against Orderly+0.069%7-day average — · you sell dearer than you buy

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

Long on Orderly 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 0.069% dearer against Orderly than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04069	0.0052	pay 0.0026% / 4h	2h 05m	$101K	$332K	10x
Short	GMX S/USD [WBTC.b-USDC]	0.04072	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	5m 32s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$52.61
Price spread: +0.069% → 0.000%: $6.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$63.72
Costs to cover: 0.180%
Break-even: never at this rate

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

Orderly and 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 24 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	−0.8952%	1h	0.03940	−3.170%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.155%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1247%	1h	0.04064	−0.129%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0372%	4h	0.04063	−0.140%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04072	+0.069%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04067	−0.060%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04072	+0.062%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.762%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0052%	4h	0.04069	long leg	$101K	$332K	10x
Lighter S	+0.0096%	1h	0.04072	+0.074%	$169K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04070	+0.027%	$1.0M	$562K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04066	−0.073%	$44K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04070	+0.025%	$5.6M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04064	−0.123%	$5.8M	$4.7M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04069	0.000%	$1.0M	$4.1M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04068	−0.025%	$335K	$206K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04066	−0.074%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04066	−0.074%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04070	+0.025%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04067	−0.049%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	+0.270%	$24K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04067	−0.054%	$229K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0241%	1h	0.04073	+0.098%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0943%	1h	0.04080	+0.270%	$119K	$349K	5x	as long as short