Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: OKX against GMX−0.169%52s7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. OKX is 0.169% cheaper against GMX than usual: you would sell low and buy high (spread −0.169% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.6 days of funding at the current rate (+$3 a day). The two prices were read 52 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	GMX MEW/USD [WBTC.b-USDC]	0.0004740	L 0.0000% / S 0.0000%	get 0.0000% / 1h	8m 32s	—	—	100x
Short	OKX MEW-USDT-SWAP	0.0004732	0.0100	get 0.0050% / 4h	8m 32s	$549K	$939K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.169%Rate

Funding earned: $21
Price spread: −0.169% → 0.000%: −$16.88
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.88
Costs to cover: 0.220%
Break-even: 13.0 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 28 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 OKX live order book, 28 min ago	3.16 bp	35.3 bp −$35	doesn't fit	doesn't fit	doesn't fit

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.

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]long	L 0.0000% / S 0.0000%	1h	0.0004740	long leg	—	—	100x
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−10.992%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004740	0.000%	$1.3M	$3.7M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004738	−0.042%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAPshort	+0.0100%	4h	0.0004732	−0.169%	$549K	$939K	20x
Gate MEW_USDT	+0.0100%	4h	0.0004737	−0.063%	$137K	$148K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004739	−0.021%	$379K	$183K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004746	+0.127%	$335K	$118K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004743	+0.063%	$489K	$547K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004742	+0.042%	—	$6.7M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004742	+0.040%	$84K	$36K	—	as long as short
Kraken Futures PF_MEWUSD	+0.0748%	1h	0.0004743	+0.070%	$96K	$141K	10x	as long as short