Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.092%

Price spread now: GMX against MEXC−0.106%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and GMX is 0.106% cheaper against MEXC than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC S_USDT	0.04060	0.0100	pay 0.0050% / 4h	1h 28m	$4.1M	$1.8M	200x
Short	GMX S/USD [WBTC.b-USDC]	0.04056	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	28m 05s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$62.59
Price spread: −0.106% → 0.000%: −$10.59
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: −$89.18
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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 MEXC live order book, 4 min ago	1.24 bp	4.5 bp −$5	71.8 bp −$718	1468.7 bp −$146.9K	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.

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
01 Exchange SUSD	−0.7752%	1h	0.03950	−2.709%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2378%	1h	0.04054	−0.137%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−2.438%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04056	−0.106%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04059	−0.034%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04057	−0.071%	$625	—	150x	as long as short
Variational Omni S	+0.0010%	4h	0.04044	−0.399%	$627K	$24K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.985%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0085%	4h	0.04058	−0.049%	$101K	$579K	10x	as long as short
Lighter S	+0.0096%	1h	0.04063	+0.074%	$173K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04057	−0.074%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04059	−0.017%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04058	−0.056%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04052	−0.197%	$5.8M	$4.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04057	−0.074%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04056	−0.099%	$330K	$179K	50x	as long as short
MEXC S_USDTlong	+0.0100%	4h	0.04060	long leg	$4.1M	$1.8M	200x
KuCoin SUSDTM	+0.0100%	4h	0.04057	−0.074%	$1.9M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04060	0.000%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04059	−0.025%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04050	−0.246%	$23K	$493K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04056	−0.091%	$234K	$527K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04048	−0.296%	$279K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0489%	1h	0.04060	0.000%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1688%	1h	0.04070	+0.246%	$118K	$426K	5x	as long as short