Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h −0.003%

Price spread now: Gate against GMX+0.013%7-day average −0.033% · you sell dearer than you buy

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.013%, 7d avg −0.033%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.047% dearer against GMX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.033%. Mind the row above: over the last 3 days funding on this pair cost −0.067%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,727.1	L −0.0010% / S +0.0043%	get 0.0001% / 1h	0m 37s	$11.9M	—	200x
Short	Gate ETH_USDT	2,727.5	0.0100	get 0.0100% / 8h	3h 00m	$3.33B	$8.99B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.013%Rate

Funding earned: $23.04
Price spread: +0.013% → −0.033%: $4.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $0.69
Costs to cover: 0.270%
Break-even: 6.8 days

Slippage unknown: GMX: no order-book sample; Gate: 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 Gate live order book, 3 min ago	0.02 bp	7.5 bp −$8	8.0 bp −$80	10.7 bp −$1,073	18.1 bp −$9,061

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	2,726.2	−0.034%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727	−0.004%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,726.6	−0.017%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,727.1	long leg	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,731.9	+0.176%	$816K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,727.7	+0.021%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.2	+0.003%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,726.5	−0.023%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726.7	−0.016%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0041%	1h	2,726.9	−0.008%	$178K	$1.7M	20x	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	2,727.9	+0.029%	$186K	$784K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,726.1	−0.037%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,726.7	−0.014%	$377.6M	$575.8M	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,727.1	−0.002%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,726.5	−0.020%	$252.4M	$842.8M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.7	−0.089%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,726.9	−0.007%	$1.56B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,726.6	−0.019%	$6.32B	$15.96B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0083%	8h	2,727	−0.004%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,727	−0.005%	$264.1M	$63.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0091%	1h	2,728.5	+0.053%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,726.9	−0.009%	$112.0M	$437.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.1	+0.038%	$23.4M	$105.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,726.8	−0.012%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.066%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.5	−0.022%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.1	+0.073%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.3	−0.030%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	+0.070%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.4	+0.013%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.8	−0.011%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.6	+0.020%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDTshort	+0.0100%	8h	2,727.5	+0.013%	$3.33B	$8.99B	200x
Bitget ETHUSDT	+0.0100%	8h	2,727.2	+0.004%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.8	−0.010%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.033%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.5	+0.051%	$183.5M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.088%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727	−0.004%	$21.0M	$73.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728	+0.035%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.6	+0.055%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.8	−0.010%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.8	+0.063%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.2	+0.004%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.005%	$164.5M	$309.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,728.4	+0.047%	$258.5M	$202.8M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726	−0.041%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.8	+0.025%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,727.4	+0.011%	$6.4M	$688.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.3	+0.043%	$50.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.8	+0.025%	$82.8M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,729.1	+0.074%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726.7	−0.016%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.9	+0.030%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,727.2	+0.004%	$281.6M	$174.5M	150x	as long as short