Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0089%/8h= +9.8% APRpaid last 24h +0.024%

Price spread now: Binance against GMX−0.018%7-day average −0.025% · you buy dearer than you sell

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 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now −0.018%, 7d avg −0.025%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,741.5	L −0.0010% / S +0.0043%	get 0.0001% / 1h	20m 45s	$12.0M	—	200x
Short	Binance ETHUSDT	2,741	0.0079	get 0.0079% / 8h	6h 20m	$6.38B	$14.56B	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 −0.018%Rate

Funding earned: $18.7
Price spread: −0.018% → −0.025%: $0.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$2.61
Costs to cover: 0.220%
Break-even: 8.0 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 17 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, 17 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$528	7.4 bp −$3,691

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.

ETH on 54 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
Hibachi ETH/USDT-P	−0.0088%	1h	2,745.1	+0.131%	$235K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	−0.054%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0069%	1h	2,740.4	−0.040%	$8.3M	$29.8M	100x	as long as short
Bybit ETHUSDT	−0.0032%	8h	2,741.2	−0.011%	$2.36B	$3.93B	150x	as long as short
Phoenix ETH	−0.0023%	1h	2,739.6	−0.068%	$805K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,741.5	long leg	$12.0M	—	200x
Kalshi KXETHPERP	0.0000%	8h	2,743.2	+0.063%	$7.0M	$663.9M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,743.8	+0.086%	$271K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,741.4	−0.004%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,743.7	+0.081%	$195K	$942K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ETH_USDT	+0.0051%	8h	2,741.5	+0.002%	$3.26B	$7.87B	200x	as long as short
dYdX ETH-USD	+0.0055%	1h	2,743.3	+0.066%	$14.8M	$43.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,740.6	−0.031%	$1.66B	$9.54B	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,741	−0.016%	$256.1M	$741.8M	200x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,741.4	−0.001%	$1.59B	$2.51B	500x	as long as short
Binance ETHUSDTshort	+0.0079%	8h	2,741	−0.018%	$6.38B	$14.56B	150x
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,741.8	+0.012%	$82.0M	$282.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,739	−0.088%	$4.9M	$208K	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,742	+0.019%	$364.9M	$459.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0088%	1h	2,740.7	−0.026%	$30K	$8K	20x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,741.3	−0.006%	$61.7M	$121.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,741.2	−0.009%	$113.9M	$389.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.6	+0.041%	$23.8M	$98.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.7	+0.082%	—	$23.8M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.2	+0.027%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743	+0.056%	$14.6M	$97.7M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.1	+0.095%	$32.2M	$326.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	+0.049%	$2.8M	$14.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.6	+0.076%	$1.5M	$14.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.031%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.9	−0.020%	$2.11B	$2.39B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,740.4	−0.038%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.2	−0.012%	$14.9M	$37.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.5	−0.036%	$132.1M	$302.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	−0.107%	$185.9M	$632.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.4	−0.040%	$159.3M	$73.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.118%	$21.1M	$72.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.5	+0.111%	—	$351K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.3	+0.103%	$11.2M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,741.5	+0.001%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,741.2	−0.009%	$945K	$9.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,742.3	+0.030%	$1.05B	$1.09B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.3	−0.007%	$263.8M	$57.7M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741	−0.019%	$30.4M	$67.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,742.4	+0.035%	$45.5M	$3.94B	50x	as long as short
Hyperliquid ETH	+0.0120%	1h	2,744	+0.092%	$3.15B	$1.77B	25x	as long as short
Deribit ETH-PERPETUAL	+0.0126%	1h	2,742.6	+0.039%	$267.3M	$193.9M	50x	as long as short
BloFin ETH-USDT	+0.0149%	8h	2,741.4	−0.001%	$282.7M	$157.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0161%	1h	2,743.7	+0.083%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,743.7	+0.081%	$5.6M	$10.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,743.5	+0.073%	$32.3M	$10.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0279%	8h	2,747.7	+0.228%	$15.8M	$6.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,747.3	+0.213%	$118K	$23.9M	52x	as long as short
Bluefin ETH-PERP	+0.1129%	1h	2,742	+0.018%	$20K	$15K	25x	as long as short