Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.027%

Price spread now: Binance against GMX+0.023%7-day average −0.041% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.082%−$8 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now +0.023%, 7d avg −0.041%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.064% dearer against GMX than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.041%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,786.2	L +0.0204% / S −0.0194%	pay 0.0026% / 1h	48m 13s	$13.8M	—	200x
Short	Binance BTCUSDT	85,806	0.0085	get 0.0085% / 8h	6h 48m	$9.34B	$24.59B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.023%Rate

Funding earned: −$24.98
Price spread: +0.023% → −0.041%: $6.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$40.54
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 11 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 Binance live order book, 11 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$598	7.8 bp −$3,883

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.

BTC on 56 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
Phoenix BTC	−0.0144%	1h	85,788	+0.002%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,897	+0.129%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.078%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,814.1	+0.033%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	+0.001%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.2	+0.110%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,857.1	+0.083%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.6	+0.002%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.028%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,793.4	+0.008%	$497.8M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	85,782.3	−0.005%	$893.9M	$757.1M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,836.7	+0.059%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,820.3	+0.040%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,765.5	−0.024%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,828.3	+0.049%	$2.95B	$5.13B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,778.9	−0.008%	$2.28B	$968.7M	200x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,793.4	+0.008%	$22.5M	$228.8M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,797.9	+0.014%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,805.9	+0.023%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDTshort	+0.0085%	8h	85,806	+0.023%	$9.34B	$24.59B	150x
Gate BTC_USDT	+0.0087%	8h	85,826.3	+0.047%	$5.66B	$10.37B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,806.5	+0.024%	$170.7M	$976.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,813.5	+0.032%	$23.3M	$145.2M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.033%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	+0.055%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,801	+0.017%	$200K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,865	+0.092%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,890	+0.121%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,881.2	+0.111%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,836.6	+0.059%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,835.6	+0.058%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,842	+0.065%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,812.5	+0.031%	$7.2M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.119%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,792.9	+0.008%	$35.2M	$163.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.004%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.115%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.080%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,857.7	+0.083%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	+0.016%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,780.3	−0.007%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,797.6	+0.013%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,830.8	+0.052%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.1	+0.022%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,845.8	+0.070%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,798	+0.014%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,799.3	+0.015%	$153.9M	$477.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,785.4	−0.001%	$44.8M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,897.4	+0.130%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,839	+0.062%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.103%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,820.4	+0.040%	$189.2M	$970.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,834.6	+0.056%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0186%	1h	85,841.4	+0.064%	$895.2M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,865	+0.092%	$10.0M	$768.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0204% / S −0.0194%	1h	85,786.2	long leg	$13.8M	—	200x