Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0360%/8h= +39.5% APRpaid last 24h +0.053%

Price spread now: BloFin against GMX+0.072%51s7-day average −0.068% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.321%+$32 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.072%, 7d avg −0.068%

Together, before fees+0.235%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and BloFin is 0.140% dearer against GMX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.068%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.2829	L −0.0140% / S +0.0550%	get 0.0018% / 1h	12m 19s	$550K	—	50x
Short	BloFin AR-USDT	4.2860	0.0220	get 0.0220% / 8h	12m 19s	$414K	$445K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.072%Rate

Funding earned: $75.67
Price spread: +0.072% → −0.068%: $13.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $65.64
Costs to cover: 0.240%
Break-even: 0.9 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 3 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 BloFin live order book, 3 min ago	3.50 bp	22.2 bp −$22	44.9 bp −$449	doesn't fit	doesn't fit

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	−0.1518%	1h	4.2757	−0.169%	$53K	$135K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0550%	1h	4.2829	long leg	$550K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.4240	+3.294%	$2K	$5K	5.5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.2853	+0.055%	$32K	$278K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.2838	+0.022%	$8.5M	$45.7M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.2830	+0.002%	$4.4M	$8.4M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.2780	−0.115%	$2.2M	$15.0M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.2790	−0.091%	$2.0M	$3.2M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.2840	+0.025%	$6.0M	$4.0M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.2810	−0.045%	$1.1M	$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	4.2790	−0.091%	$3.7M	$5.0M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.2830	+0.002%	—	$2.7M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.2803	−0.060%	$245K	$514K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.2870	+0.095%	$20K	$710K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.2827	−0.006%	$39K	$239K	10x	as long as short
BloFin AR-USDTshort	+0.0220%	8h	4.2860	+0.072%	$414K	$445K	20x
Hyperliquid AR	+0.0372%	1h	4.2915	+0.200%	$3.9M	$4.6M	5x	as long as short