Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.107%

Price spread now: Binance against GMX−0.242%60s7-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 Binance

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

Funding pays, the price is against you. Binance is 0.242% cheaper against GMX than usual: you would sell low and buy high (spread −0.242% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 44 hours of funding at the current rate (+$13 a day). The two prices were read 60 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 S/USD [WBTC.b-USDC]	0.04586	L −0.0336% / S +0.0211%	get 0.0042% / 1h	56m 18s	$2K	—	100x
Short	Binance SUSDT	0.04575	0.0100	get 0.0050% / 4h	1h 56m	$6.8M	$20.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.242%Rate

Funding earned: $91.5
Price spread: −0.242% → 0.000%: −$24.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: $45.29
Costs to cover: 0.220%
Break-even: 3.5 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 8 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 Binance live order book, 8 min ago	1.09 bp	22.0 bp −$22	72.0 bp −$720	460.0 bp −$46.0K	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.

S on 25 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
01 Exchange SUSD	−1.0864%	1h	0.04410	−3.840%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4591%	1h	0.04571	−0.320%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04128	−9.989%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0647%	4h	0.04544	−0.919%	$704K	$7K	—	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0336% / S +0.0211%	1h	0.04586	long leg	$2K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04572	−0.310%	$5	—	15x	as long as short
Orderly PERP_S_USDC	−0.0028%	4h	0.04575	−0.242%	$114K	$646K	10x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04580	−0.133%	$77K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04586	+0.002%	$706	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04573	−0.286%	$159K	$141K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04571	−0.321%	$1.2M	$860K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04580	−0.133%	$48K	$154K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.04575	−0.242%	$6.8M	$20.0M	75x
Bybit SUSDT	+0.0100%	4h	0.04568	−0.395%	$6.5M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04572	−0.307%	$1.4M	$6.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04570	−0.351%	$385K	$227K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04573	−0.286%	$4.4M	$3.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04571	−0.329%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04578	−0.177%	$1.4M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04570	−0.351%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04610	+0.521%	$26K	$523K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04571	−0.324%	$243K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	+0.303%	$2K	$2	12x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04585	−0.024%	$333K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.0831%	1h	0.04580	−0.133%	$109K	$463K	5x	as long as short