Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0651%/8h= −71.3% APRpaid last 24h −0.181%

Price spread now: GMX against BingX−0.068%7-day average +0.062% · you buy dearer than you sell

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.628%−$63 on $10k

Price spread, last 4 days (all we have)+0.582%+$58 · spread now −0.068%, 7d avg +0.062%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.130% cheaper against BingX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.062%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AR-USDT	4.4270	0.0100	pay 0.0100% / 8h	3h 50m	—	$2.8M	—
Short	GMX AR/USD [WBTC.b-USDC]	4.4240	L −0.0141% / S +0.0551%	pay 0.0069% / 1h	50m 27s	$569K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$136.73
Price spread: −0.068% → +0.062%: −$12.97
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$171.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 9 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 BingX live order book, 9 min ago	5.62 bp	22.8 bp −$23	47.4 bp −$474	405.6 bp −$40.6K	794.8 bp −$397.4K
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.

AR on 17 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_ARUSD	−0.1220%	1h	4.4236	−0.076%	$60K	$159K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0141% / S +0.0551%	1h	4.4240	−0.068%	$569K	—	50x
OKX AR-USDT-SWAP	+0.0089%	8h	4.4260	−0.023%	$2.3M	$17.6M	20x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4260	−0.023%	$26K	$465K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4276	+0.013%	$8.7M	$50.0M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4275	+0.011%	$4.5M	$8.2M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4260	−0.023%	$2.5M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4280	+0.023%	$6.4M	$4.0M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4260	−0.023%	$1.1M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4270	0.000%	$3.9M	$5.1M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDTlong	+0.0100%	8h	4.4270	long leg	—	$2.8M	—
Variational Omni AR	+0.0100%	8h	4.4232	−0.085%	$241K	$253K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4410	+0.316%	$19K	$718K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4266	−0.009%	$36K	$233K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4280	+0.023%	$420K	$466K	20x	as long as short
Hyperliquid AR	+0.0271%	1h	4.4341	+0.160%	$3.9M	$4.3M	5x	as long as short
Injective AR/USDC PERP	+0.0433%	1h	4.4770	+1.129%	$2K	$5K	5.5x	as long as short