Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0546%/8h= +59.8% APRpaid last 24h +0.181%

Price spread now: BloFin against GMX+0.353%69s7-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 BloFin

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

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and BloFin is 0.353% dearer against GMX than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 69 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]	0.04308	L −0.0206% / S +0.0198%	get 0.0026% / 1h	41m 22s	$2K	—	100x
Short	BloFin S-USDT	0.04323	0.0340	get 0.0170% / 4h	3h 41m	$311K	$123K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.353%Rate

Funding earned: $114.64
Price spread: +0.353% → 0.000%: $35.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $125.93
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 33 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 BloFin live order book, 33 min ago	4.65 bp	20.8 bp −$21	68.5 bp −$685	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.

S on 25 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
Kraken Futures PF_SUSD	−0.2628%	1h	0.04319	+0.252%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	+0.005%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.04308	long leg	$2K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04331	+0.529%	$4	—	15x	as long as short
Variational Omni S	−0.0096%	4h	0.04286	−0.499%	$664K	$7K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04331	+0.538%	$668	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.824%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0077%	4h	0.04329	+0.492%	$108K	$626K	10x	as long as short
Lighter S	+0.0096%	1h	0.04331	+0.539%	$186K	$100K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04335	+0.624%	$1.1M	$716K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.04326	+0.433%	$47K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04330	+0.514%	$6.3M	$16.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04325	+0.399%	$6.2M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04325	+0.399%	$1.2M	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04329	+0.492%	$362K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04330	+0.515%	$4.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04324	+0.376%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04332	+0.562%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04330	+0.515%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04290	−0.413%	$25K	$508K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04326	+0.420%	$239K	$1.3M	10x	as long as short
Backpack S_USDC_PERP	+0.0137%	1h	0.04310	+0.051%	$101K	$472K	5x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04323	+0.353%	$311K	$123K	75x
Deribit S_USDC-PERPETUAL	+0.0673%	1h	0.04336	+0.655%	$73K	$11K	10x	as long as short
01 Exchange SUSD	+0.1720%	1h	0.04120	−4.360%	$25K	$2K	5x	as long as short