Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.039%

Price spread now: GMX against BingX+0.006%7-day average +0.040% · 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)+0.107%+$11 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.006%, 7d avg +0.040%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.034% cheaper against BingX than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.040%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	86,385.3	0.0042	pay 0.0042% / 8h	21m 03s	—	$1.59B	—
Short	GMX BTC/USD [WBTC.b-USDC]	86,390.8	L +0.0197% / S −0.0220%	get 0.0027% / 1h	21m 03s	$15.0M	—	200x

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 +0.006%Rate

Funding earned: $37.35
Price spread: +0.006% → +0.040%: −$3.38
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $11.97
Costs to cover: 0.220%
Break-even: 4.8 days

Slippage unknown: BingX: live order book, 3 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, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$538	6.2 bp −$3,086
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.

BTC on 56 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
Phoenix BTC	−0.0118%	1h	86,367	−0.021%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.029%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.047%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,394	+0.010%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,392.5	+0.008%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,372.7	−0.015%	$501.1M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,418.6	+0.039%	$412K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,387.9	+0.003%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,364.2	−0.024%	$852.5M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,384	−0.001%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0039%	1h	86,395.3	+0.012%	$914.0M	$1.48B	50x	as long as short
BingX BTC-USDTlong	+0.0042%	8h	86,385.3	long leg	—	$1.59B	—
Bitget BTCUSDT	+0.0052%	8h	86,375.3	−0.012%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,361.3	−0.028%	$150.1M	$478.8M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.030%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.4	−0.045%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,370.2	−0.017%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,369.3	−0.019%	$9.42B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,379.3	−0.007%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,354	−0.036%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,379.9	−0.006%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,380.6	−0.005%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,392	+0.008%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,378.6	−0.008%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.026%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,430.7	+0.053%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,396.5	+0.013%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,450	+0.075%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.2	+0.037%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,385.1	0.000%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,397	+0.014%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,425.6	+0.047%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,364.3	−0.024%	$37.9M	$157.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.010%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.066%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.036%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.034%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	−0.009%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.1	+0.054%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,391	+0.007%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,382.9	−0.003%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.1	−0.038%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,379.4	−0.007%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,387.9	+0.003%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	+0.020%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350.1	−0.041%	$2.29B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.092%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,336.4	−0.057%	$45.6M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,421.4	+0.042%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,385.3	0.000%	$191.7M	$953.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,408.2	+0.027%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,432.6	+0.055%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,447.2	+0.072%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,357.9	−0.032%	$415.7M	$658.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0197% / S −0.0220%	1h	86,390.8	+0.006%	$15.0M	—	200x
Kalshi KXBTCPERP	+0.0206%	8h	86,411	+0.030%	$9.8M	$749.4M	6.4x	as long as short