Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h −0.037%

Price spread now: GMX against edgeX−0.065%7-day average +0.053% · you buy dearer than you sell

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

Long on edgeX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.125%+$12 · spread now −0.065%, 7d avg +0.053%

Together, before fees+0.095%+ Points / potential airdropedgeX: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.118% cheaper against edgeX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,752.9	0.0100	pay 0.0050% / 4h	2h 47m	$184.4M	$735.6M	100x
Short	GMX ETH/USD [ETH-USDC]	2,751.1	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	47m 29s	$12.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against edgeX. 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 edgeXbpFee GMXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$30.06
Price spread: −0.065% → +0.053%: −$11.76
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$62.82
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 2 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 edgeX live order book, 2 min ago	0.11 bp	4.6 bp −$5	4.6 bp −$46	4.8 bp −$479	6.4 bp −$3,211
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	−0.0447%	43m	2,751.3	−0.060%	$315K	$6.2M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0175%	1h	2,753.4	+0.019%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,751.7	−0.044%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,751.9	−0.038%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,751.1	−0.065%	$12.0M	—	200x
Phoenix ETH	−0.0006%	1h	2,756.3	+0.123%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	−0.085%	$10.9M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.3	−0.058%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,751.9	−0.037%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,751.2	−0.061%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0036%	8h	2,749.7	−0.117%	$1.68B	$11.10B	100x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,752.2	−0.027%	$256.0M	$856.6M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,750.2	−0.100%	$4.9M	$168K	20x	as long as short
HTX ETH-USDT	+0.0059%	8h	2,751	−0.070%	$1.07B	$1.22B	200x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,750.8	−0.076%	$1.58B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,750.9	−0.073%	$6.36B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,751.4	−0.056%	$3.33B	$8.74B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,750.6	−0.083%	$384.3M	$606.5M	100x	as long as short
Bitget ETHUSDT	+0.0084%	8h	2,750.9	−0.073%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,752.5	−0.017%	$258.8M	$202.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.4	−0.020%	$59.5M	$4.40B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,750.9	−0.074%	$113.3M	$439.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.4	+0.018%	$25.1M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,752.1	−0.030%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,751.6	−0.047%	$30K	$21K	20x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	−0.095%	$133.4M	$346.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.1	+0.044%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751	−0.070%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.1	−0.068%	$14.0M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.9	−0.001%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.3	−0.057%	$31.6M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.5	−0.050%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.2	−0.099%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752.2	−0.028%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.056%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751.2	−0.064%	$15.0M	$42.4M	50x	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,752.9	long leg	$184.4M	$735.6M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.1	+0.007%	$160.1M	$82.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.9	+0.036%	$21.3M	$66.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.1	−0.029%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.8	−0.077%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.9	−0.075%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.9	−0.038%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.1	+0.008%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.7	−0.046%	$964K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.073%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.6	−0.050%	$267.7M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.5	−0.087%	$30.8M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,752.9	−0.001%	$7.7M	$672.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,752.9	+0.001%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,754.3	+0.051%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	−0.003%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753.2	+0.010%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,750.5	−0.087%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.4	−0.020%	$93.2M	$316.0M	100x	as long as short