Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0176%/8h= −19.2% APRpaid last 24h −0.042%

Price spread now: Phemex against GMX−0.151%128s7-day average −0.012% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.185%−$18 on $10k

Price spread, last 4 days (all we have)+0.430%+$43 · spread now −0.151%, 7d avg −0.012%

Together, before fees+0.245%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.139% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.012%). Swap the legs. The two prices were read 128 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 ARB/USD [ARB-USDC]	0.2206	L +0.0276% / S −0.0158%	pay 0.0034% / 1h	28m 57s	$833K	—	150x
Short	Phemex ARBUSDT	0.2203	0.0100	get 0.0100% / 8h	1h 28m	$4.9M	$12.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$36.91
Price spread: −0.151% → −0.012%: −$13.89
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$74.79
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 5 min ago	6.81 bp	19.2 bp −$19	39.0 bp −$390	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.

ARB on 36 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
Injective ARB/USDC PERP	−0.1592%	1h	0.2196	−0.468%	$40K	$372K	12x	as long as short
Polymarket Perps ARB-USD	−0.0213%	1h	0.2204	−0.119%	$67K	$2.1M	10x	as long as short
01 Exchange ARBUSD	−0.0112%	1h	0.2204	−0.115%	$7K	$236	10x	as long as short
SoDEX ARB-USD	−0.0096%	1h	0.2202	−0.178%	$9K	$2.2M	5x	as long as short
OKX ARB-USDT-SWAP	−0.0082%	8h	0.2201	−0.223%	$22.1M	$145.8M	50x	as long as short
MEXC ARB_USDT	−0.0080%	8h	0.2202	−0.201%	$41.7M	$61.9M	200x	as long as short
Variational Omni ARB	−0.0056%	8h	0.2205	−0.062%	$1.8M	$3.0M	—	as long as short
Orderly PERP_ARB_USDC	−0.0042%	8h	0.2203	−0.151%	$12K	$406K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0022%	1h	0.2204	−0.101%	$28K	$38K	25x	as long as short
Bybit ARBUSDT	−0.0016%	8h	0.2202	−0.214%	$54.1M	$126.5M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ARB-USD	0.0000%	1h	0.2206	−0.023%	$65K	$5K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0009%	1h	0.2206	−0.011%	$44K	—	150x	as long as short
Gate ARB_USDT	+0.0037%	8h	0.2203	−0.165%	$5.4M	$18.4M	60x	as long as short
RISEx ARB/USDC	+0.0056%	1h	0.2205	−0.078%	$475K	$2.6M	10x	as long as short
Bitget ARBUSDT	+0.0060%	8h	0.2202	−0.196%	$21.2M	$34.8M	50x	as long as short
Binance ARBUSDT	+0.0076%	8h	0.2202	−0.196%	$62.8M	$301.9M	75x	as long as short
Extended ARB-USD	+0.0080%	1h	0.2202	−0.216%	$352K	$2.8M	25x	as long as short
BingX ARB-USDC	+0.0083%	8h	0.2203	−0.165%	—	$6.5M	—	as long as short
Lighter ARB	+0.0096%	1h	0.2203	−0.155%	$1.2M	$5.5M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2204	−0.097%	$37.2M	$49.5M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2205	−0.079%	$633K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2204	−0.088%	$43K	$149K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2202	−0.192%	$19.6M	$14.3M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2204	−0.085%	$39K	$465K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2206	−0.016%	$479K	$3.7M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2204	−0.106%	$119K	$281K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2206	−0.015%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2205	−0.083%	$294K	$867K	50x	as long as short
Phemex ARBUSDTshort	+0.0100%	8h	0.2203	−0.151%	$4.9M	$12.9M	50x
Aevo ARB-PERP	+0.0104%	1h	0.2204	−0.091%	$140K	$7K	3x	as long as short
BloFin ARB-USDT	+0.0196%	8h	0.2202	−0.183%	$3.1M	$2.3M	75x	as long as short
Kraken Futures PF_ARBUSD	+0.0231%	1h	0.2205	−0.061%	$1.1M	$4.5M	50x	as long as short
GMX ARB/USD [ARB-USDC]long	L +0.0276% / S −0.0158%	1h	0.2206	long leg	$833K	—	150x
Coinbase International ARB-PERP-INTX	+0.0288%	1h	0.2208	+0.089%	$526K	$1.6M	50x	as long as short
Reya ARBRUSDPERP	+0.0289%	1h	0.2202	−0.194%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERP	+0.0626%	1h	0.2206	−0.029%	$991K	$2.8M	20x	as long as short