Funding you earn now, next payment 23:00 UTC−0.0486%/8h= −53.3% APRnext payment −$0.61 per $10,000 · paid last 24h −0.064%
Price spread now: GMX against Backpack−0.215%7-day average −0.047% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.046%−$5 on $10k
+Price spread, last 3 days (all we have)+0.589%+$59 · spread now −0.215%, 7d avg −0.047%
=Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and GMX is 0.168% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.047%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.046% in total (about -5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.61 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ARB_USDC_PERP | 0.2241 | 0.0644 | pay 0.0081% / 1h | 32m 20s | $1.1M | $2.7M | 20x |
| Short | GMX ARB/USD [ARB-USDC] | 0.2236 | L +0.0275% / S −0.0158% | get 0.0020% / 1h | 32m 20s | $840K | — | 150x |
Backpack ARB_USDC_PERP
GMX ARB/USD [ARB-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$102.15
- Price spread: −0.215% → −0.047%
- −$16.85
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$141
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 2 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 Backpack live order book, 2 min ago | 1.11 bp | 9.5 bp −$9 | doesn't fit | 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.
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1770% | 1h | 0.2226 | −0.652% | $40K | $283K | 12x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0242% | 1h | 0.2235 | −0.237% | $26K | $32K | 25x | as long as short |
| 01 Exchange ARBUSD | −0.0224% | 1h | 0.2236 | −0.214% | $7K | $2K | 10x | as long as short |
| Variational Omni ARB | −0.0163% | 8h | 0.2239 | −0.076% | $1.9M | $2.8M | — | as long as short |
| Bybit ARBUSDT | −0.0138% | 8h | 0.2233 | −0.339% | $57.6M | $134.3M | 50x | as long as short |
| SoDEX ARB-USD | −0.0121% | 1h | 0.2235 | −0.237% | $4K | $2.8M | 5x | as long as short |
| OKX ARB-USDT-SWAP | −0.0104% | 8h | 0.2234 | −0.312% | $22.3M | $161.7M | 50x | as long as short |
| MEXC ARB_USDT | −0.0103% | 8h | 0.2234 | −0.303% | $37.4M | $62.5M | 200x | as long as short |
| Polymarket Perps ARB-USD | −0.0091% | 1h | 0.2234 | −0.303% | $71K | $2.1M | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0030% | 8h | 0.2235 | −0.250% | $11K | $394K | 10x | as long as short |
Injective ARB/USDC PERP
Deribit ARB_USDC-PERPETUAL
01 Exchange ARBUSD
Variational Omni ARB
Bybit ARBUSDT
SoDEX ARB-USD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Polymarket Perps ARB-USD
Orderly PERP_ARB_USDCShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended ARB-USD | −0.0008% | 1h | 0.2234 | −0.292% | $356K | $2.4M | 25x | as long as short |
| Binance ARBUSDT | −0.0007% | 8h | 0.2234 | −0.290% | $63.8M | $320.8M | 75x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2236 | −0.183% | $66K | $4K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2236 | −0.217% | $55K | — | 150x | as long as short |
| Gate ARB_USDT | +0.0032% | 8h | 0.2234 | −0.290% | $5.5M | $20.7M | 60x | as long as short |
| Bitget ARBUSDT | +0.0080% | 8h | 0.2234 | −0.295% | $20.9M | $37.7M | 50x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2236 | −0.218% | $146K | $12K | 3x | as long as short |
| BingX ARB-USDT | +0.0083% | 8h | 0.2233 | −0.317% | — | $53.4M | — | as long as short |
| Kraken Futures PF_ARBUSD | +0.0085% | 1h | 0.2237 | −0.150% | $1.1M | $5.2M | 50x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2237 | −0.143% | $1.3M | $7.4M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2237 | −0.147% | $39.9M | $51.0M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2239 | −0.087% | $696K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2237 | −0.156% | $44K | $197K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2236 | −0.187% | $20.6M | $16.7M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2240 | −0.027% | $40K | $462K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2240 | −0.025% | $475K | $4.0M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2241 | +0.018% | $121K | $294K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2236 | −0.205% | $1K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2239 | −0.071% | $276K | $1.1M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2238 | −0.116% | $5.2M | $13.5M | 50x | as long as short |
| BloFin ARB-USDT | +0.0113% | 8h | 0.2238 | −0.103% | $3.0M | $3.3M | 75x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0264% | 1h | 0.2239 | −0.071% | $508K | $2.3M | 50x | as long as short |
| GMX ARB/USD [ARB-USDC]short | L +0.0275% / S −0.0158% | 1h | 0.2236 | −0.215% | $840K | — | 150x | |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2233 | −0.332% | $2K | $695 | 20x | as long as short |
| RISEx ARB/USDC | +0.0363% | 1h | 0.2238 | −0.098% | $494K | $2.7M | 10x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0644% | 1h | 0.2241 | long leg | $1.1M | $2.7M | 20x |
Extended ARB-USD
Binance ARBUSDT
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Gate ARB_USDT
Bitget ARBUSDT
Aevo ARB-PERP
BingX ARB-USDT
Kraken Futures PF_ARBUSD
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
BloFin ARB-USDT
Coinbase International ARB-PERP-INTX
Reya ARBRUSDPERP
RISEx ARB/USDC