Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0401%/8h= −43.9% APRpaid last 24h −0.067%

Price spread now: GMX against BloFin+0.015%51s7-day average +0.033% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.129%−$13 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now +0.015%, 7d avg +0.033%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.129% in total (about -14.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,728.9	0.0358	pay 0.0358% / 8h	3h 24m	$282.7M	$174.8M	150x
Short	GMX ETH/USD [ETH-USDC]	2,729.4	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	24m 07s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$84.23
Price spread: +0.015% → +0.033%: −$1.79
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$110.02
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 10 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 BloFin live order book, 10 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$633	8.8 bp −$4,416
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
Perpl ETH	−0.0335%	43m	2,729.2	+0.011%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.5	+0.021%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0016%	8h	2,728.3	−0.025%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,729.4	+0.015%	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,739	+0.369%	$821K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.4	+0.018%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,729.7	+0.028%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0025%	1h	2,728.9	−0.003%	$177K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,728.4	−0.020%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0038%	8h	2,728.9	0.000%	$2.36B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,729.8	+0.032%	$186K	$815K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0065%	1h	2,730.2	+0.045%	$259.5M	$200.2M	50x	as long as short
SunX ETH-USDT	+0.0066%	8h	2,728	−0.036%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,729	+0.001%	$379.0M	$574.1M	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,732.1	+0.114%	$8.6M	$31.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,729.7	+0.028%	$1.67B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,729	+0.003%	$250.6M	$841.1M	200x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,729	+0.003%	$264.5M	$65.1M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,727.6	−0.048%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,729.1	+0.006%	$6.34B	$15.93B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,729.1	+0.006%	$1.54B	$2.57B	500x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,728.9	−0.001%	$54.3M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,729.5	+0.022%	$112.3M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.5	+0.057%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.6	+0.022%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.152%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.6	+0.024%	$498K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.1	+0.080%	$15.6M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.9	−0.001%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.6	+0.097%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.8	+0.070%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.1	+0.006%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	+0.064%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.275%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.2	+0.011%	$3.33B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.7	+0.029%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.2	+0.010%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	+0.025%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.8	+0.105%	$183.8M	$670.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.209%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.2	+0.156%	$21.0M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.3	+0.050%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.4	+0.054%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.8	+0.033%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731	+0.075%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.1	−0.031%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.3	+0.051%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,733.5	+0.168%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,730	+0.039%	$6.5M	$684.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729.7	+0.028%	$50.9M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,729.5	+0.022%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,731.6	+0.098%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,728.3	−0.025%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.4	+0.127%	$242K	$1.4M	20x	as long as short
BloFin ETH-USDTlong	+0.0358%	8h	2,728.9	long leg	$282.7M	$174.8M	150x