Funding arb · Price arb /

ARB

all ARB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.050%

Price spread now: Phemex against GMX−0.206%68s7-day average −0.010% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.189%−$19 on $10k

Price spread, last 4 days (all we have)+0.712%+$71 · spread now −0.206%, 7d avg −0.010%

Together, before fees+0.523%+$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.196% cheaper against GMX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.010%). Swap the legs. The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ARB/USD [ARB-USDC]	0.2188	L +0.0282% / S −0.0166%	pay 0.0035% / 1h	50m 24s	$846K	—	150x
Short	Phemex ARBUSDT	0.2183	0.0048	get 0.0048% / 8h	5h 50m	$4.7M	$12.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$49.1
Price spread: −0.206% → −0.010%: −$19.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$92.7
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	4.58 bp	18.6 bp −$19	34.5 bp −$345	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 exchanges

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	−0.1736%	1h	0.2177	−0.480%	$39K	$372K	12x	as long as short
Kraken Futures PF_ARBUSD	−0.0231%	1h	0.2183	−0.227%	$1.1M	$4.2M	50x	as long as short
Bybit ARBUSDT	−0.0207%	8h	0.2182	−0.270%	$53.7M	$122.0M	50x	as long as short
SoDEX ARB-USD	−0.0182%	1h	0.2181	−0.298%	$9K	$2.2M	5x	as long as short
OKX ARB-USDT-SWAP	−0.0142%	8h	0.2181	−0.302%	$22.8M	$141.8M	50x	as long as short
MEXC ARB_USDT	−0.0141%	8h	0.2182	−0.266%	$44.3M	$61.1M	200x	as long as short
01 Exchange ARBUSD	−0.0120%	1h	0.2183	−0.215%	$7K	$414	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0071%	1h	0.2183	−0.224%	$29K	$36K	25x	as long as short
Binance ARBUSDT	−0.0035%	8h	0.2182	−0.243%	$63.8M	$289.1M	75x	as long as short
Variational Omni ARB	−0.0033%	8h	0.2182	−0.252%	$1.8M	$2.6M	—	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended ARB-USD	−0.0032%	1h	0.2180	−0.324%	$359K	$3.0M	25x	as long as short
Orderly PERP_ARB_USDC	−0.0018%	8h	0.2182	−0.252%	$16K	$407K	10x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2184	−0.149%	$64K	$3K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0006%	1h	0.2188	+0.034%	$73K	—	150x	as long as short
Polymarket Perps ARB-USD	+0.0018%	1h	0.2182	−0.238%	$73K	$1.9M	10x	as long as short
Gate ARB_USDT	+0.0036%	8h	0.2182	−0.247%	$5.4M	$16.3M	60x	as long as short
Phemex ARBUSDTshort	+0.0048%	8h	0.2183	−0.206%	$4.7M	$12.6M	50x
Aevo ARB-PERP	+0.0072%	1h	0.2183	−0.222%	$138K	$7K	3x	as long as short
BloFin ARB-USDT	+0.0085%	8h	0.2183	−0.224%	$3.0M	$2.1M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2184	−0.174%	$1.3M	$5.3M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2185	−0.124%	$35.6M	$49.6M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2184	−0.160%	$625K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2184	−0.141%	$42K	$143K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2183	−0.183%	$19.0M	$13.4M	75x	as long as short
Bitget ARBUSDT	+0.0100%	8h	0.2181	−0.298%	$20.9M	$33.5M	50x	as long as short
BingX ARB-USDT	+0.0100%	8h	0.2182	−0.270%	—	$31.8M	—	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2187	−0.034%	$40K	$465K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2187	−0.023%	$469K	$3.3M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2187	−0.023%	$118K	$310K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2185	−0.115%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2184	−0.147%	$295K	$815K	50x	as long as short
Backpack ARB_USDC_PERP	+0.0124%	1h	0.2185	−0.096%	$974K	$2.7M	20x	as long as short
RISEx ARB/USDC	+0.0271%	1h	0.2186	−0.069%	$540K	$2.4M	10x	as long as short
GMX ARB/USD [ARB-USDC]long	L +0.0282% / S −0.0166%	1h	0.2188	long leg	$846K	—	150x
Reya ARBRUSDPERP	+0.0288%	1h	0.2182	−0.254%	$2K	$695	20x	as long as short
Coinbase International ARB-PERP-INTX	+0.0424%	1h	0.2196	+0.370%	$524K	$1.4M	50x	as long as short