Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0360%/8h= +39.5% APRpaid last 24h +0.051%

Price spread now: BloFin against GMX+0.051%7-day average −0.070% · 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 3 days (all we have)+0.318%+$32 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.051%, 7d avg −0.070%

Together, before fees+0.214%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and BloFin is 0.121% dearer against GMX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AR/USD [WBTC.b-USDC]	4.1799	L −0.0140% / S +0.0550%	get 0.0018% / 1h	28m 54s	$536K	—	50x
Short	BloFin AR-USDT	4.1820	0.0220	get 0.0220% / 8h	2h 28m	$416K	$454K	20x

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 +0.051%Rate

Funding earned: $75.67
Price spread: +0.051% → −0.070%: $12.13
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $63.8
Costs to cover: 0.240%
Break-even: 1.1 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 62 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, 62 min ago	1.14 bp	18.0 bp −$18	35.1 bp −$351	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.

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	−0.0924%	1h	4.1698	−0.240%	$51K	$179K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0550%	1h	4.1799	long leg	$536K	—	50x
Hyperliquid AR	+0.0100%	1h	4.1742	−0.136%	$3.4M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.1722	−0.183%	$37K	$464K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.1710	−0.213%	$8.2M	$52.1M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.1697	−0.243%	$4.2M	$9.2M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.1700	−0.236%	$2.1M	$16.8M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.1610	−0.451%	$2.2M	$2.8M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.1710	−0.212%	$5.7M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.1660	−0.332%	$1.0M	$1.3M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ARUSDT	+0.0100%	8h	4.1680	−0.284%	$3.7M	$5.5M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.1710	−0.212%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.1749	−0.120%	$234K	$626K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.1980	+0.434%	$20K	$717K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.1709	−0.215%	$36K	$248K	10x	as long as short
BloFin AR-USDTshort	+0.0220%	8h	4.1820	+0.051%	$416K	$454K	20x
Injective AR/USDC PERP	+0.0666%	1h	4.4240	+5.841%	$2K	$5K	5.5x	as long as short