Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0650%/8h= −71.2% APRpaid last 24h −0.136%

Price spread now: GMX against OKX−0.103%7-day average +0.106% · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.630%−$63 on $10k

Price spread, last 4 days (all we have)+0.413%+$41 · spread now −0.103%, 7d avg +0.106%

Together, before fees−0.217%−$22 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 0.208% cheaper against OKX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.106%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX AR-USDT-SWAP	4.1770	0.0100	pay 0.0100% / 8h	2h 28m	$2.1M	$16.8M	20x
Short	GMX AR/USD [WBTC.b-USDC]	4.1727	L −0.0140% / S +0.0550%	pay 0.0069% / 1h	28m 13s	$536K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$136.53
Price spread: −0.103% → +0.106%: −$20.83
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$179.37
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	1.19 bp	18.7 bp −$19	255.9 bp −$2,559	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.

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	−0.0925%	1h	4.1655	−0.275%	$51K	$179K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0550%	1h	4.1727	−0.103%	$536K	—	50x
Hyperliquid AR	+0.0100%	1h	4.1785	+0.036%	$3.4M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.1736	−0.082%	$37K	$464K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.1735	−0.085%	$8.2M	$52.1M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.1740	−0.072%	$4.2M	$9.2M	75x	as long as short
OKX AR-USDT-SWAPlong	+0.0100%	8h	4.1770	long leg	$2.1M	$16.8M	20x
Gate AR_USDT	+0.0100%	8h	4.1680	−0.215%	$2.2M	$2.8M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.1750	−0.048%	$5.7M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.1670	−0.239%	$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	4.1720	−0.120%	$3.7M	$5.5M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.1720	−0.120%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.1749	−0.051%	$234K	$626K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.1980	+0.503%	$20K	$717K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.1729	−0.098%	$36K	$248K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.1820	+0.120%	$416K	$454K	20x	as long as short
Injective AR/USDC PERP	+0.0666%	1h	4.4240	+5.913%	$2K	$5K	5.5x	as long as short