Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.027%

Price spread now: GMX against BingX+0.016%7-day average +0.048% · 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)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now +0.016%, 7d avg +0.048%

Together, before fees+0.219%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GMX is 0.033% cheaper against BingX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDC	2,744.8	0.0050	pay 0.0050% / 8h	5h 32m	—	$18.4M	—
Short	GMX ETH/USD [ETH-USDC]	2,745.3	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	32m 33s	$12.1M	—	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 +0.016%Rate

Funding earned: −$19.55
Price spread: +0.016% → +0.048%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$44.82
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 6 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, 6 min ago	0.20 bp	5.2 bp −$5	5.4 bp −$54	6.6 bp −$659	9.4 bp −$4,697
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.

ETH on 55 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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.3	+0.017%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.063%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,745.3	+0.016%	$12.1M	—	200x
dYdX ETH-USD	0.0000%	1h	2,745.1	+0.010%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,745	+0.005%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.3	+0.018%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	+0.013%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,745.8	+0.035%	$183K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.129%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDClong	+0.0050%	8h	2,744.8	long leg	—	$18.4M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0064%	8h	2,745.4	+0.021%	$1.70B	$10.57B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,745.7	+0.030%	$383.5M	$584.1M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.2	+0.049%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.9	+0.003%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,745.3	+0.016%	$252.4M	$841.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742.5	−0.086%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,745.6	+0.026%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,745.7	+0.032%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.6	+0.028%	$112.8M	$433.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	+0.078%	$24.6M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.8	−0.003%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.4	+0.057%	$58.7M	$4.28B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,744.8	0.000%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.2	+0.195%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	+0.024%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.5	+0.026%	$13.9M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.9	+0.111%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.8	+0.035%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.6	+0.028%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.9	+0.002%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.1	+0.044%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.121%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.5	+0.024%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.6	+0.028%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.4	−0.016%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.152%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,740.6	−0.156%	$182.1M	$690.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,742.9	−0.069%	$159.5M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.8	−0.001%	$21.2M	$68.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	+0.051%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.6	+0.064%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.8	−0.001%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.062%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.4	−0.015%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.1	+0.009%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745	+0.006%	$267.0M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.6	−0.008%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.9	−0.071%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,745.2	+0.013%	$7.6M	$669.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0165%	1h	2,746.4	+0.055%	$258.8M	$196.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,747.1	+0.083%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.041%	$87.0M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,745.1	+0.011%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746.2	+0.049%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0292%	8h	2,745.4	+0.020%	$285.2M	$182.1M	150x	as long as short