Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0133%/8h= −14.6% APRpaid last 24h −0.032%

Price spread now: GMX against MEXC+0.019%7-day average +0.031% · you sell dearer than you buy

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now +0.019%, 7d avg +0.031%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.031%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,724	0.0090	pay 0.0090% / 8h	15m 17s	$1.58B	$2.59B	500x
Short	GMX ETH/USD [ETH-USDC]	2,724.5	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	15m 17s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$28
Price spread: +0.019% → +0.031%: −$1.12
Slippage, 4 orders: no order book: not counted
Fee MEXC: 1 bp × 2 orders: −$2
Fee GMX: 6 bp × 2 orders: −$12
Net: −$43.12
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.6 bp −$161	3.8 bp −$1,912
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	2,724.7	+0.028%	$274K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0182%	8h	2,724	+0.001%	$280.9M	$177.4M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.3	+0.012%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,727	+0.111%	$809K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,724.5	+0.019%	$11.9M	—	200x
dYdX ETH-USD	0.0000%	1h	2,724.9	+0.034%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.6	+0.023%	$6.7M	$677.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.7	+0.028%	$263.5M	$214.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724.6	+0.023%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,724.1	+0.006%	—	$1.08B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0020%	8h	2,723.8	−0.007%	$2.31B	$4.33B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,725.3	+0.048%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0032%	8h	2,724	0.000%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.7	+0.210%	$117K	$21.9M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,724.5	+0.019%	$81.8M	$310.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,726.2	+0.082%	$242K	$1.4M	20x	as long as short
ApeX Omni ETHUSDT	+0.0068%	1h	2,726.3	+0.085%	$8.5M	$31.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,724	+0.002%	$1.65B	$10.77B	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,724	−0.001%	$382.7M	$577.0M	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,724.2	+0.009%	$252.4M	$848.8M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,721.9	−0.076%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDTlong	+0.0090%	8h	2,724	long leg	$1.58B	$2.59B	500x
Binance ETHUSDT	+0.0091%	8h	2,724	0.000%	$6.30B	$16.10B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,724.6	+0.021%	$112.3M	$433.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725.7	+0.064%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.7	+0.026%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.2	+0.191%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724.2	+0.010%	$14.1M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726	+0.074%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.5	+0.055%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.1	+0.078%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.1	+0.039%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.2	+0.007%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.2	+0.006%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.3	+0.013%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	+0.006%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.4	+0.054%	$185.4M	$683.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.9	+0.108%	$158.5M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	+0.074%	$20.9M	$69.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726	+0.076%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.1	+0.041%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,724.2	+0.007%	$194K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.6	+0.134%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,724.1	+0.003%	$955K	$10.8M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,724	+0.001%	$54.2M	$182.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,724.3	+0.010%	$262.4M	$64.3M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.101%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,725.4	+0.052%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723.4	−0.019%	$30.4M	$71.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,724.6	+0.023%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.6	+0.058%	$46.6M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,725	+0.038%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0179%	1h	2,722.9	−0.038%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,726.5	+0.092%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0326%	1h	2,724.6	+0.022%	$20K	$23K	25x	as long as short