Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.009%

Price spread now: BingX against GMX+0.159%7-day average — · you sell dearer than you buy

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 4 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

The price spread pays, funding is against you. BingX is 0.159% dearer against GMX than usual: you sell high and buy low (spread +0.159% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX FET/USD [ETH-USDC]	0.2035	L +0.0202% / S −0.0301%	pay 0.0025% / 1h	29m 38s	$13K	—	100x
Short	BingX FET-USDT	0.2038	0.0135	get 0.0135% / 8h	7h 29m	—	$5.9M	—

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 +0.159%Rate

Funding earned: −$14.02
Price spread: +0.159% → 0.000%: $15.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$20.1
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 5 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, 5 min ago	4.90 bp	9.9 bp −$10	16.3 bp −$163	66.3 bp −$6,629	361.5 bp −$180.7K

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.

FET on 20 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
Deribit FET_USDC-PERPETUAL	−0.2201%	1h	0.2035	+0.012%	$42K	$313K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0736%	1h	0.2034	−0.037%	$142K	$275K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0302%	1h	0.2037	+0.133%	$1.0M	$2.1M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2036	+0.037%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.217%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2038	+0.159%	$189K	$757K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2037	+0.110%	$2.8M	$12.1M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2038	+0.159%	$10.6M	$17.7M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2033	−0.078%	$287K	$555K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2034	−0.037%	$36K	$11K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget FETUSDT	+0.0107%	8h	0.2038	+0.159%	$16.7M	$11.7M	75x	as long as short
Extended FET-USD	+0.0128%	1h	0.2037	+0.100%	$30K	$202K	10x	as long as short
Binance FETUSDT	+0.0128%	8h	0.2039	+0.208%	$31.1M	$112.1M	75x	as long as short
MEXC FET_USDT	+0.0130%	8h	0.2037	+0.110%	$30.3M	$25.1M	200x	as long as short
BingX FET-USDTshort	+0.0135%	8h	0.2038	+0.159%	—	$5.9M	—
OKX FET-USDT-SWAP	+0.0181%	4h	0.2037	+0.110%	$1.0M	$8.0M	20x	as long as short
GMX FET/USD [ETH-USDC]long	L +0.0202% / S −0.0301%	1h	0.2035	long leg	$13K	—	100x
BloFin FET-USDT	+0.0250%	8h	0.2034	−0.037%	$1.7M	$3.3M	100x	as long as short
Phoenix FET	+0.0594%	1h	0.2037	+0.090%	$35K	$35K	5x	as long as short
Hyperliquid FET	+0.0777%	1h	0.2041	+0.282%	$8.6M	$8.5M	5x	as long as short