Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.9342 | L +0.0280S −0.0213 | pay 0.0035% / 1h | 45m 19s | $275K | $172K | 60x | Long GMX5% off | |
| SHORT | 8.9694 | −0.0018 | pay 0.0002% / 1h | 45m 19s | $5K | $206K | 10x | Short Phoenix |
Price gap+0.394%
Funding gap−0.0298% /8h
The gap pays +$37 on $10k if it goes back to its 7d average, but funding costs $9 a day and eats that in about 4.1 days.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$94−0.0298% /8h now · paid −0.944% over the last 7D
Price+$37spread +0.394% now, avg +0.025% → +0.369% if it goes back
Costsno datano order book for GMX
Result, before costs−$58−0.58%no pointscosts unknown: no order book for GMX · What the last 7D really paid, hour by hour → backtest
Price and funding
1h · loading 5m…Price spread
Prices
Fundingper 8h
P&L
PRICE SPREAD · 7D
Now+0.394%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hUNI on 42 exchanges
lowest funding firstBefore you open
3 ok · 1 to watch- Note: Order book unknown—No order-book sample for GMX: its slippage is not counted.
- Note: Margin at max leverage$167 + $1,000GMX 60x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$8.94Long GMX: 24 payments, −$8.41; short Phoenix: 24 payments, −$0.53.
- OK: Entry gap works for you+0.394% vs +0.025%You short the dearer leg. If the gap goes back to average, the short gains.
- Watch: Short leg is thinner$5K vs $275K OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- OK: No KYC on either legGMX No · Phoenix NoBoth exchanges let you trade without ID.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0450%/8h × 21 periods−$94.44
Price spread+0.394% → +0.025% (7d avg)+$36.92
Slippage, 4 ordersno data for GMX—
Fee GMX bp × 2 orders−$12.00
Fee Phoenix bp × 2 orders−$7.00
Net, fees only · 7 days · $10k−$76.51
Costs to cover0.190%Break-evenfrom the start
Slippage: GMX: no order-book sample; Phoenix: live order book, 10 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGGMX—————
SELL · SHORTPhoenix1.4516.7 bp−$1762.8 bp−$628doesn’t fitdoesn’t fit
Closing costs about the same again.
GMX: no data.
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