Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0236%/8h= +25.9% APRpaid last 24h +0.048%

Price spread now: MEXC against GMX+0.085%7-day average −0.008% · you sell dearer than you buy

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.294%+$29 on $10k

Price spread, last 3 days (all we have)−0.306%−$31 · spread now +0.085%, 7d avg −0.008%

Together, before fees−0.012%−$1 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 MEXC is 0.093% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.4812	L −0.0140% / S +0.0551%	get 0.0018% / 1h	47m 40s	$576K	—	50x
Short	MEXC AR_USDT	4.4850	0.0096	get 0.0096% / 8h	1h 47m	$6.7M	$4.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.085%Rate

Funding earned: $49.65
Price spread: +0.085% → −0.008%: $9.26
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: $42.92
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 5 min ago	1.12 bp	3.1 bp −$3	19.9 bp −$199	213.3 bp −$21.3K	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	−0.1931%	1h	4.4807	−0.012%	$46K	$154K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0551%	1h	4.4812	long leg	$576K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.027%	$3K	$339	5.5x	as long as short
OKX AR-USDT-SWAP	+0.0090%	8h	4.4820	+0.018%	$2.2M	$20.5M	20x	as long as short
Extended AR-USD	+0.0096%	1h	4.4844	+0.072%	$36K	$237K	10x	as long as short
MEXC AR_USDTshort	+0.0096%	8h	4.4850	+0.085%	$6.7M	$4.5M	100x
Binance ARUSDT	+0.0098%	8h	4.4850	+0.085%	$8.8M	$55.7M	75x	as long as short
Hyperliquid AR	+0.0100%	1h	4.4904	+0.206%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4867	+0.123%	$20K	$621K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4830	+0.040%	$4.6M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.4800	−0.026%	$2.5M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4810	−0.004%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4810	−0.004%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4820	+0.018%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4641	−0.381%	$135K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4700	−0.250%	$57K	$747K	50x	as long as short
BloFin AR-USDT	+0.0219%	8h	4.4720	−0.205%	$418K	$668K	20x	as long as short