Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0187%/8h= +20.5% APRpaid last 24h +0.045%

Price spread now: MEXC against GMX+0.064%7-day average −0.020% · you sell dearer than you buy

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.183%+$18 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.064%, 7d avg −0.020%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and MEXC is 0.084% dearer against GMX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.890	L −0.0087% / S +0.0165%	get 0.0011% / 1h	11m 40s	$1.7M	—	200x
Short	MEXC LINK_USDT	12.898	0.0100	get 0.0100% / 8h	11m 40s	$34.5M	$58.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.064%Rate

Funding earned: $39.36
Price spread: +0.064% → −0.020%: $8.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $35.78
Costs to cover: 0.120%
Break-even: 0.6 days

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 2 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 MEXC live order book, 2 min ago	0.39 bp	0.5 bp $0	4.3 bp −$43	22.8 bp −$2,280	44.7 bp −$22.3K

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.

LINK on 40 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
Orderly PERP_LINK_USDC	−0.0090%	8h	12.880	−0.075%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]long	L −0.0087% / S +0.0165%	1h	12.890	long leg	$1.7M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.895	+0.039%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.012%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.799%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.886	−0.031%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.895	+0.041%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.895	+0.045%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.886	−0.025%	$348K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.906	+0.126%	$80.5M	$28.1M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.899	+0.072%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.897	+0.054%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.899	+0.072%	$119.2M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.892	+0.018%	$83.4M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.896	+0.049%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.914	+0.189%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.895	+0.041%	$132.8M	$17.9M	75x	as long as short
MEXC LINK_USDTshort	+0.0100%	8h	12.898	+0.064%	$34.5M	$58.7M	300x
KuCoin LINKUSDTM	+0.0100%	8h	12.901	+0.088%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.895	+0.041%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.896	+0.049%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.900	+0.080%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.871	−0.149%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	−0.084%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.891	+0.013%	$585K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	+0.072%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.895	+0.041%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.885	−0.036%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.908	+0.140%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.890	+0.002%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.858	−0.245%	$628K	$765K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.894	+0.035%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.894	+0.033%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.892	+0.014%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.909	+0.150%	$933K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.897	+0.057%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0293%	1h	12.895	+0.039%	$806K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.890	+0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0545%	8h	12.905	+0.119%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0571%	1h	12.894	+0.031%	$343K	$45K	10x	as long as short