Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0650%/8h= −71.2% APRpaid last 24h −0.181%

Price spread now: GMX against BingX+0.052%7-day average +0.061% · you sell dearer than you buy

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.641%−$64 on $10k

Price spread, last 4 days (all we have)+0.257%+$26 · spread now +0.052%, 7d avg +0.061%

Together, before fees−0.385%−$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.061%, so right now this pair is about funding alone: −$20 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AR-USDT	4.2110	0.0100	pay 0.0100% / 8h	2h 34m	—	$2.8M	—
Short	GMX AR/USD [WBTC.b-USDC]	4.2132	L −0.0140% / S +0.0550%	pay 0.0069% / 1h	34m 53s	$541K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$136.53
Price spread: +0.052% → +0.061%: −$0.89
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$159.43
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 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 BingX live order book, 10 min ago	3.46 bp	19.9 bp −$20	45.7 bp −$457	414.8 bp −$41.5K	778.7 bp −$389.3K
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.

AR on 17 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
Kraken Futures PF_ARUSD	−0.0917%	1h	4.2023	−0.206%	$52K	$178K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0550%	1h	4.2132	+0.052%	$541K	—	50x
Hyperliquid AR	+0.0100%	1h	4.2154	+0.104%	$3.5M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.2109	−0.003%	$39K	$460K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.2110	0.000%	$8.3M	$51.7M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.2087	−0.055%	$4.3M	$9.1M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.2110	0.000%	$2.1M	$16.8M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.2040	−0.166%	$2.3M	$2.6M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.2120	+0.024%	$5.6M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.2080	−0.071%	$1.1M	$1.3M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ARUSDT	+0.0100%	8h	4.2070	−0.095%	$3.7M	$5.4M	75x	as long as short
BingX AR-USDTlong	+0.0100%	8h	4.2110	long leg	—	$2.8M	—
Variational Omni AR	+0.0100%	8h	4.2158	+0.115%	$236K	$626K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.2130	+0.047%	$20K	$719K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.2111	+0.003%	$35K	$245K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.2110	0.000%	$415K	$457K	20x	as long as short
Injective AR/USDC PERP	+0.0666%	1h	4.4240	+5.058%	$2K	$5K	5.5x	as long as short