Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.199%

Price spread now: GMX against Phemex+0.004%128s7-day average +0.040% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.261%+$126 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.004%, 7d avg +0.040%

Together, before fees+1.290%+$129 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.036% cheaper against Phemex than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.040%). If the spread goes back, that is −$4 on $10k: about 16 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+1.261% in total) that is about 2 hours. The two prices were read 128 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex FILUSDT	0.9850	0.0100	pay 0.0100% / 8h	5h 03m	$1.3M	$2.4M	50x
Short	GMX FIL/USD [WBTC.b-USDC]	0.9850	L +0.0596% / S −0.0280%	get 0.0035% / 1h	3m 57s	$263K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $37.83
Price spread: +0.004% → +0.040%: −$3.6
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $10.23
Costs to cover: 0.240%
Break-even: 5.1 days

Slippage unknown: Phemex: live order book, 3 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 Phemex live order book, 3 min ago	10.15 bp	24.6 bp −$25	99.7 bp −$997	doesn't fit	doesn't fit
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.

FIL on 29 exchanges

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
Coinbase International FIL-PERP-INTX	−0.0200%	1h	0.9859	+0.091%	$323K	$2.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9849	−0.012%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9845	−0.047%	$58K	$2K	10x	as long as short
Deribit FIL_USDC-PERPETUAL	0.0000%	1h	0.9853	+0.030%	$169K	$7K	25x	as long as short
Bybit FILUSDT	+0.0033%	8h	0.9843	−0.071%	$15.2M	$17.8M	25x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	+0.051%	$2K	$240K	12x	as long as short
Lighter FIL	+0.0096%	1h	0.9844	−0.058%	$152K	$259K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9850	+0.001%	$7.9M	$3.0M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9852	+0.025%	$502K	$276K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9847	−0.028%	$56.8M	$153.2M	75x	as long as short

Show all 29 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0100%	8h	0.9842	−0.081%	$17.1M	$89.7M	50x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9847	−0.030%	$8.2M	$14.4M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9842	−0.081%	$226K	$93K	50x	as long as short
KuCoin FILUSDTM	+0.0100%	8h	0.9846	−0.041%	$7.2M	$7.5M	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9839	−0.112%	$11.0M	$17.1M	75x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9845	−0.051%	—	$4.7M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9841	−0.092%	$444K	$218K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9840	−0.101%	$45K	$295K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9850	−0.004%	$296K	$1.9M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9840	−0.102%	$23K	$181K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9859	+0.093%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	0.000%	$2K	$975K	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9849	−0.010%	$470	$8K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9858	+0.081%	$627K	$4.8M	75x	as long as short
Phemex FILUSDTlong	+0.0100%	8h	0.9850	long leg	$1.3M	$2.4M	50x
Extended FIL-USD	+0.0104%	1h	0.9843	−0.066%	$693K	$4.2M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9839	−0.112%	$2.7M	$654K	75x	as long as short
Kraken Futures PF_FILUSD	+0.0288%	1h	0.9853	+0.026%	$1.4M	$2.0M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]short	L +0.0596% / S −0.0280%	1h	0.9850	+0.004%	$263K	—	100x