Funding you earn now, next payment 09:00 UTC−0.0082%/8h= −9.0% APRnext payment −$0.10 per $10,000 · paid last 24h +0.092%
Price spread now: Backpack against GMX+0.095%7-day average +0.054% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.007%−$1 on $10k
+Price spread, last 4 days (all we have)−0.248%−$25 · spread now +0.095%, 7d avg +0.054%
=The price spread pays, funding is against you. Backpack is 0.041% dearer against GMX than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.054%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 4 days (−0.007% in total) that is about 21 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX ARB/USD [ARB-USDC] | 0.2190 | L +0.0277% / S −0.0160% | pay 0.0035% / 1h | 54m 01s | $831K | — | 150x |
| Short | Backpack ARB_USDC_PERP | 0.2192 | 0.0195 | get 0.0024% / 1h | 54m 01s | $980K | $2.8M | 20x |
GMX ARB/USD [ARB-USDC]
Backpack ARB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against GMX. 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
- −$17.26
- Price spread: +0.095% → +0.054%
- $4.09
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$35.16
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Backpack: live order book, 5 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 Backpack live order book, 5 min ago | 1.14 bp | 6.4 bp −$6 | 229.3 bp −$2,293 | 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.
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 | −0.1605% | 1h | 0.2174 | −0.732% | $39K | $372K | 12x | as long as short |
| Gate ARB_USDT | −0.0319% | 8h | 0.2190 | −0.024% | $5.4M | $18.1M | 60x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0168% | 1h | 0.2191 | +0.049% | $1.1M | $4.3M | 50x | as long as short |
| SoDEX ARB-USD | −0.0167% | 1h | 0.2190 | −0.024% | $9K | $2.2M | 5x | as long as short |
| Phemex ARBUSDT | −0.0119% | 8h | 0.2190 | −0.001% | $4.8M | $12.8M | 50x | as long as short |
| Bybit ARBUSDT | −0.0114% | 8h | 0.2189 | −0.042% | $53.3M | $125.9M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0112% | 1h | 0.2192 | +0.072% | $7K | $236 | 10x | as long as short |
| OKX ARB-USDT-SWAP | −0.0070% | 8h | 0.2189 | −0.037% | $22.2M | $145.5M | 50x | as long as short |
| MEXC ARB_USDT | −0.0068% | 8h | 0.2191 | +0.045% | $42.7M | $62.5M | 200x | as long as short |
| Orderly PERP_ARB_USDC | −0.0040% | 8h | 0.2190 | −0.001% | $16K | $412K | 10x | as long as short |
Injective ARB/USDC PERP
Gate ARB_USDT
Kraken Futures PF_ARBUSD
SoDEX ARB-USD
Phemex ARBUSDT
Bybit ARBUSDT
01 Exchange ARBUSD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Orderly PERP_ARB_USDCShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX ARB-USD | 0.0000% | 1h | 0.2194 | +0.166% | $65K | $4K | 10x | as long as short |
| Extended ARB-USD | 0.0000% | 1h | 0.2188 | −0.077% | $364K | $3.1M | 25x | as long as short |
| Deribit ARB_USDC-PERPETUAL | 0.0000% | 1h | 0.2190 | +0.004% | $28K | $38K | 25x | as long as short |
| Binance ARBUSDT | +0.0003% | 8h | 0.2190 | −0.010% | $63.2M | $299.3M | 75x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0006% | 1h | 0.2191 | +0.061% | $73K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0021% | 8h | 0.2189 | −0.028% | $3.0M | $2.3M | 75x | as long as short |
| Variational Omni ARB | +0.0034% | 8h | 0.2186 | −0.161% | $1.8M | $3.0M | — | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2191 | +0.030% | $139K | $7K | 3x | as long as short |
| Bitget ARBUSDT | +0.0085% | 8h | 0.2189 | −0.047% | $21.1M | $34.6M | 50x | as long as short |
| BingX ARB-USDC | +0.0087% | 8h | 0.2191 | +0.026% | — | $6.5M | — | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2190 | +0.017% | $1.3M | $5.5M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2191 | +0.063% | $36.6M | $49.7M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2191 | +0.040% | $627K | $1.7M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2193 | +0.139% | $43K | $146K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2190 | +0.022% | $19.5M | $13.8M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2192 | +0.109% | $40K | $464K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2186 | −0.170% | $465K | $3.6M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2187 | −0.138% | $118K | $268K | 50x | as long as short |
| Polymarket Perps ARB-USD | +0.0100% | 1h | 0.2193 | +0.136% | $74K | $2.1M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2194 | +0.182% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2192 | +0.086% | $294K | $836K | 50x | as long as short |
| RISEx ARB/USDC | +0.0123% | 1h | 0.2192 | +0.111% | $514K | $2.7M | 10x | as long as short |
| Backpack ARB_USDC_PERPshort | +0.0195% | 1h | 0.2192 | +0.095% | $980K | $2.8M | 20x | |
| GMX ARB/USD [ARB-USDC]long | L +0.0277% / S −0.0160% | 1h | 0.2190 | long leg | $831K | — | 150x | |
| Reya ARBRUSDPERP | +0.0288% | 1h | 0.2190 | −0.004% | $2K | $695 | 20x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0336% | 1h | 0.2193 | +0.154% | $523K | $1.5M | 50x | as long as short |
dYdX ARB-USD
Extended ARB-USD
Deribit ARB_USDC-PERPETUAL
Binance ARBUSDT
gTrade (Gains Network) ARB/USD
BloFin ARB-USDT
Variational Omni ARB
Aevo ARB-PERP
Bitget ARBUSDT
BingX ARB-USDC
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
Polymarket Perps ARB-USD
SunX ARB-USDT
HTX ARB-USDT
RISEx ARB/USDC
Reya ARBRUSDPERP
Coinbase International ARB-PERP-INTX