Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.075%

Price spread now: BingX against GMX+0.068%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

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. BingX is 0.068% dearer against GMX than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SYRUP/USD [ETH-USDC]	0.2305	L +0.0330% / S −0.1447%	pay 0.0041% / 1h	56m 21s	$3K	—	50x
Short	BingX SYRUP-USDT	0.2306	0.0100	get 0.0050% / 4h	56m 21s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$48.35
Price spread: +0.068% → 0.000%: $6.81
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$63.54
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 5 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 BingX live order book, 5 min ago	4.35 bp	28.9 bp −$29	79.7 bp −$797	586.7 bp −$58.7K	1114.9 bp −$557.5K

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.

SYRUP on 16 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
Lighter SYRUP	+0.0096%	1h	0.2308	+0.164%	$209K	$220K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2304	−0.034%	$13K	$61K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2306	+0.041%	$9.6M	$6.5M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2306	+0.072%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2307	+0.098%	$1.2M	$1.0M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2303	−0.088%	$430K	$68K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2305	+0.012%	$3.0M	$581K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2310	+0.242%	$2.0M	$108K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2306	+0.055%	$672K	$439K	20x	as long as short
BingX SYRUP-USDTshort	+0.0100%	4h	0.2306	+0.068%	—	$6.5M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUP	+0.0100%	4h	0.2296	−0.379%	$165K	$51K	—	as long as short
BloFin SYRUP-USDT	+0.0117%	4h	0.2306	+0.033%	$460K	$133K	50x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2306	+0.063%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0330% / S −0.1447%	1h	0.2305	long leg	$3K	—	50x
Kraken Futures PF_SYRUPUSD	+0.0682%	1h	0.2310	+0.210%	$42K	$23K	10x	as long as short
Hyperliquid SYRUP	+0.1114%	1h	0.2310	+0.220%	$5.9M	$1.5M	3x	as long as short