Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.069%

Price spread now: GMX against Bitget−0.682%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Funding pays, the price is against you. GMX is 0.682% cheaper against Bitget than usual: you would sell low and buy high (spread −0.682% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$68 on $10k: about 9.4 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ALGOUSDT	0.1124	0.0100	pay 0.0100% / 8h	7h 54m	$5.7M	$3.6M	75x
Short	GMX ALGO/USD [WBTC.b-USDC]	0.1116	L +0.0336% / S −0.0342%	get 0.0043% / 1h	54m 42s	$7K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now −0.682%Rate

Funding earned: $50.76
Price spread: −0.682% → 0.000%: −$68.24
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$41.48
Costs to cover: 0.240%
Break-even: 12.7 days

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	8.91 bp	14.9 bp −$15	30.8 bp −$308	doesn't fit	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.

ALGO on 22 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_ALGOUSD	−0.0566%	1h	0.1119	−0.488%	$833K	$1.1M	50x	as long as short
Deribit ALGO_USDC-PERPETUAL	−0.0467%	1h	0.1116	−0.747%	$101K	$50K	25x	as long as short
Bybit ALGOUSDT	−0.0267%	8h	0.1122	−0.187%	$11.3M	$12.0M	75x	as long as short
Variational Omni ALGO	−0.0135%	8h	0.1122	−0.214%	$62K	$12K	—	as long as short
Coinbase International ALGO-PERP-INTX	−0.0104%	1h	0.1117	−0.641%	$67K	$303K	50x	as long as short
gTrade (Gains Network) ALGO/USD	L +0.0001% / S +0.0003%	1h	0.1117	−0.640%	$6K	—	150x	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	−0.356%	$834	$233K	12x	as long as short
Extended ALGO-USD	+0.0096%	1h	0.1122	−0.136%	$7K	$208K	10x	as long as short
Binance ALGOUSDT	+0.0098%	8h	0.1122	−0.139%	$10.0M	$34.4M	75x	as long as short
MEXC ALGO_USDT	+0.0099%	8h	0.1122	−0.151%	$23.1M	$2.9M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ALGO	+0.0100%	1h	0.1123	−0.133%	$3.7M	$1.8M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1122	−0.210%	$44K	$37K	5x	as long as short
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1123	−0.080%	$3.0M	$7.5M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1123	−0.133%	$882K	$809K	50x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1123	−0.062%	$3.6M	$1.4M	50x	as long as short
Bitget ALGOUSDTlong	+0.0100%	8h	0.1124	long leg	$5.7M	$3.6M	75x
BingX ALGO-USDT	+0.0100%	8h	0.1123	−0.071%	—	$3.3M	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1117	−0.632%	$66K	$108K	75x	as long as short
Phemex ALGOUSDT	+0.0100%	8h	0.1121	−0.267%	$3.8M	$1.8M	50x	as long as short
BloFin ALGO-USDT	+0.0219%	8h	0.1115	−0.801%	$488K	$787K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]short	L +0.0336% / S −0.0342%	1h	0.1116	−0.682%	$7K	—	100x
dYdX ALGO-USD	+0.1524%	1h	0.1121	−0.257%	$161K	$3K	5x	as long as short