Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC+0.0183%/8h= +20.1% APRpaid last 24h +0.064%

Price spread now: GMX against Perpl−0.007%7-day average +0.023% · you buy dearer than you sell

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

Long on Perpl Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.007%, 7d avg +0.023%

Together, before fees−0.009%+ Points / potential airdropPerpl: Active · farm board−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.030% cheaper against Perpl than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.023%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$5 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.006% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,149.5	0	get 0.0000% / 43m	41m 46s	$484K	$14.0M	6.7x
Short	GMX BTC/USD [WBTC.b-USDC]	86,143.4	L +0.0208% / S −0.0183%	get 0.0023% / 1h	0m 46s	$13.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee GMXbpOrdersPrice spread, now −0.007%Rate

Funding earned: $38.45
Price spread: −0.007% → +0.023%: −$3
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee GMX: 6 bp × 2 orders: −$12
Net: $9.65
Costs to cover: 0.258%
Break-even: 5.2 days

Slippage unknown: Perpl: no order-book sample; 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 Perpl no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Perpl and 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 55 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
Hotstuff BTC-PERP	−0.0080%	1h	86,181	+0.037%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	86,214	+0.075%	$301K	$29.7M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	86,137.2	−0.014%	$362K	$2.0M	50x	as long as short
ApeX Omni BTCUSDT	−0.0021%	1h	86,200	+0.059%	$137.9M	$295.1M	100x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,147.5	−0.002%	$421.7M	$569.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,129.5	−0.023%	$16.9M	$14.5M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,149.5	long leg	$484K	$14.0M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,166	+0.019%	$36.8M	—	200x	as long as short
SoDEX BTC-USD	+0.0015%	1h	86,153	+0.004%	$65.8M	$188.1M	40x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,161.8	+0.014%	—	$16.4M	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0032%	8h	86,194.7	+0.052%	$513.5M	$883.3M	200x	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,212.3	+0.073%	$5.14B	$8.19B	150x	as long as short
KuCoin XBTUSDTM	+0.0051%	8h	86,214.1	+0.075%	$943.2M	$639.8M	125x	as long as short
Phoenix BTC	+0.0053%	1h	86,176	+0.031%	$2.0M	$8.5M	40x	as long as short
Gate BTC_USDT	+0.0071%	8h	86,206.1	+0.066%	$5.53B	$9.35B	200x	as long as short
Nado BTC-PERP	+0.0078%	1h	86,114	−0.041%	$23.1M	$197.6M	50x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,156.1	+0.008%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,190.2	+0.047%	$173.7M	$893.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,191.1	+0.048%	$23.6M	$127.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,131	−0.021%	$8.8M	$45.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,144.9	−0.005%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0097%	8h	86,186	+0.042%	$2.99B	$4.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,109	−0.047%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,163.6	+0.016%	$6.0M	$7.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,175	+0.030%	$40.3M	$571.2M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,188.2	+0.045%	$9.46B	$20.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,193	+0.050%	$2.62B	$9.60B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,114	−0.041%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,167.8	+0.021%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.135%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,199	+0.057%	$5.17B	$5.43B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,186	+0.042%	$38.8M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,098.1	−0.060%	$157.4M	$481.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,138.4	−0.013%	$290.0M	$839.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,135.4	−0.016%	$216.3M	$132.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,119.4	−0.035%	$30.3M	$221.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,186.5	+0.043%	—	$9.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,140	−0.011%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,135	−0.017%	$204K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,142.7	−0.008%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,189	+0.046%	$195K	$565K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,136.2	−0.015%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,149.5	0.000%	$2.28B	$812.9M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,172	+0.026%	$191.7M	$777.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,178.5	+0.034%	$46.9M	$204.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,145	−0.005%	—	$81.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,204.5	+0.064%	$112.6M	$4.99B	50x	as long as short
Hyperliquid BTC	+0.0148%	1h	86,278	+0.149%	$3.97B	$4.40B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,152	+0.003%	$11.9M	$730.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,086.3	−0.073%	$6.6M	$131.2M	40x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,151.6	+0.002%	$8.9M	$37.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0208% / S −0.0183%	1h	86,143.4	−0.007%	$13.2M	—	200x
Deribit BTC-PERPETUAL	+0.0235%	1h	86,208.7	+0.069%	$822.8M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	86,151.6	+0.002%	$715K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0435%	1h	86,134.5	−0.017%	$81K	$244K	20x	as long as short