Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0241%/8h= +26.3% APRpaid last 24h +0.069%

Price spread now: BingX against GMX−0.032%7-day average −0.064% · you buy dearer than you sell

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)+0.297%+$30 on $10k

Price spread, last 4 days (all we have)−0.508%−$51 · spread now −0.032%, 7d avg −0.064%

Together, before fees−0.211%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BingX is 0.032% dearer against GMX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.5355	L −0.0141% / S +0.0551%	get 0.0018% / 1h	9m 25s	$583K	—	50x
Short	BingX AR-USDT	4.5340	0.0100	get 0.0100% / 8h	5h 09m	—	$2.8M	—

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 −0.032%Rate

Funding earned: $50.52
Price spread: −0.032% → −0.064%: $3.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $31.68
Costs to cover: 0.220%
Break-even: 2.6 days

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	5.51 bp	24.5 bp −$25	67.9 bp −$679	327.9 bp −$32.8K	733.2 bp −$366.6K

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
GMX AR/USD [WBTC.b-USDC]long	L −0.0141% / S +0.0551%	1h	4.5355	long leg	$583K	—	50x
OKX AR-USDT-SWAP	−0.0041%	8h	4.5410	+0.122%	$2.3M	$18.5M	20x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5290	−0.142%	$548	$3K	5.5x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5481	+0.279%	$4.1M	$4.5M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5307	−0.104%	$19K	$492K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.5379	+0.053%	$9.0M	$50.5M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5410	+0.122%	$4.7M	$8.3M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5360	+0.012%	$2.6M	$2.0M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.5410	+0.122%	$6.5M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5350	−0.010%	$1.2M	$1.2M	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	4.5410	+0.122%	$4.0M	$5.2M	75x	as long as short
BingX AR-USDTshort	+0.0100%	8h	4.5340	−0.032%	—	$2.8M	—
Variational Omni AR	+0.0100%	8h	4.5341	−0.030%	$235K	$253K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5410	+0.122%	$20K	$722K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.5287	−0.148%	$37K	$240K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.5350	−0.010%	$433K	$492K	20x	as long as short
Kraken Futures PF_ARUSD	+0.1928%	1h	4.5351	−0.008%	$56K	$149K	20x	as long as short