Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0213%/8h= +23.3% APRpaid last 24h +0.060%

Price spread now: GMX against Bitget−0.039%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Funding pays, the price is against you. GMX is 0.039% cheaper against Bitget than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ALGOUSDT	0.1128	0.0100	pay 0.0100% / 8h	5h 07m	$5.6M	$3.6M	75x
Short	GMX ALGO/USD [WBTC.b-USDC]	0.1128	L +0.0344% / S −0.0313%	get 0.0039% / 1h	7m 07s	$7K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $44.68
Price spread: −0.039% → 0.000%: −$3.9
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $16.78
Costs to cover: 0.240%
Break-even: 4.4 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	4.43 bp	17.0 bp −$17	31.7 bp −$317	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.

ALGO on 22 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
Deribit ALGO_USDC-PERPETUAL	−0.0193%	1h	0.1127	−0.071%	$90K	$44K	25x	as long as short
gTrade (Gains Network) ALGO/USD	L −0.0001% / S +0.0003%	1h	0.1128	−0.017%	$17K	—	150x	as long as short
Coinbase International ALGO-PERP-INTX	+0.0032%	1h	0.1131	+0.301%	$70K	$275K	50x	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	−0.709%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1129	+0.089%	$3.8M	$2.0M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1128	−0.030%	$45K	$40K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1127	−0.121%	$9.9M	$34.6M	75x	as long as short
Bybit ALGOUSDT	+0.0100%	8h	0.1127	−0.124%	$11.7M	$12.4M	75x	as long as short
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1126	−0.168%	$2.9M	$7.8M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1127	−0.115%	$873K	$902K	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ALGO_USDT	+0.0100%	8h	0.1127	−0.080%	$23.0M	$3.0M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1127	−0.053%	$3.6M	$1.5M	50x	as long as short
Bitget ALGOUSDTlong	+0.0100%	8h	0.1128	long leg	$5.6M	$3.6M	75x
BingX ALGO-USDT	+0.0100%	8h	0.1127	−0.089%	—	$3.3M	—	as long as short
Variational Omni ALGO	+0.0100%	8h	0.1128	−0.024%	$62K	$12K	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1129	+0.124%	$60K	$140K	75x	as long as short
Phemex ALGOUSDT	+0.0100%	8h	0.1130	+0.177%	$3.8M	$1.8M	50x	as long as short
Extended ALGO-USD	+0.0104%	1h	0.1127	−0.124%	$4K	$227K	10x	as long as short
BloFin ALGO-USDT	+0.0220%	8h	0.1129	+0.124%	$493K	$924K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]short	L +0.0344% / S −0.0313%	1h	0.1128	−0.039%	$7K	—	100x
Kraken Futures PF_ALGOUSD	+0.0350%	1h	0.1127	−0.079%	$834K	$1.0M	50x	as long as short
dYdX ALGO-USD	+0.1905%	1h	0.1129	+0.048%	$163K	$4K	5x	as long as short