Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.011%

Price spread now: BingX against GMX−0.080%7-day average — · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BingX is 0.080% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,773.2	L +0.0027% / S +0.0009%	pay 0.0003% / 1h	26m 00s	$13.0M	—	200x
Short	BingX ETH-USDT	2,771	0.0017	get 0.0017% / 8h	1h 26m	—	$1.18B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$2.04
Price spread: −0.080% → 0.000%: −$8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$32.04
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 3 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 BingX live order book, 3 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.8 bp −$2,894

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	2,772.4	−0.029%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,771.2	−0.071%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	−0.011%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.104%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.2	−0.036%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0017%	1h	2,773.7	+0.020%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.003%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	−0.130%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	+0.003%	$22.4M	—	200x	as long as short
BingX ETH-USDTshort	+0.0017%	8h	2,771	−0.080%	—	$1.18B	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,771	−0.080%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,771.8	−0.052%	$269.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]long	L +0.0027% / S +0.0009%	1h	2,773.2	long leg	$13.0M	—	200x
Aster ETHUSDT	+0.0032%	8h	2,771.6	−0.057%	$255.8M	$991.0M	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,772.3	−0.031%	$180K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,772.9	−0.011%	$258.3M	$222.2M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,771.2	−0.073%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,771.2	−0.071%	$6.42B	$17.17B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.1	−0.038%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.5	−0.134%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,771.2	−0.072%	$2.10B	$3.10B	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,771.2	−0.072%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	−0.028%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,771	−0.080%	$3.28B	$9.62B	200x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,771.2	−0.073%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.2	−0.035%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	−0.053%	$115.0M	$500.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.1	−0.004%	$25.3M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	+0.001%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771.3	−0.070%	$423.1M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.9	−0.081%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.9	−0.047%	$476K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.6	+0.014%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	−0.028%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771	−0.079%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	−0.007%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.208%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.2	−0.074%	$15.1M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.135%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	−0.090%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	−0.009%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.1	+0.033%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773	−0.007%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.022%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.4	+0.440%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	+0.015%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.5	−0.098%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.090%	$32.9M	$77.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	−0.029%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,773	−0.007%	$8.5M	$677.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.1	+0.067%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	−0.044%	$85.9M	$331.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,773.1	−0.005%	$285.2M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,772.4	−0.030%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,775.1	+0.070%	$271K	$1.5M	20x	as long as short