Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h +0.017%

Price spread now: HTX against GMX−0.035%7-day average −0.047% · you buy dearer than you sell

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now −0.035%, 7d avg −0.047%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: +$2 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]	2,773.7	L +0.0026% / S +0.0009%	pay 0.0003% / 1h	19m 14s	$12.8M	—	200x
Short	HTX ETH-USDT	2,772.7	0.0095	get 0.0095% / 8h	19m 14s	$1.08B	$1.32B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $14.41
Price spread: −0.035% → −0.047%: $1.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$8.33
Costs to cover: 0.240%
Break-even: 11.0 days

Slippage unknown: GMX: no order-book sample; HTX: 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 HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$668	11.1 bp −$5,563

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 55 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
Perpl ETH	−0.0223%	43m	2,772.1	−0.058%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.1	−0.019%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.417%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	−0.063%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,766.6	−0.256%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	−0.009%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	−0.072%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	−0.135%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.8	+0.006%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.9	−0.029%	$1.70B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0025%	1h	2,771.7	−0.071%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]long	L +0.0026% / S +0.0009%	1h	2,773.7	long leg	$12.8M	—	200x
Phemex ETHUSDT	+0.0030%	8h	2,772.8	−0.032%	$270.4M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,773	−0.024%	$256.0M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,772.8	−0.031%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0044%	1h	2,773.2	−0.017%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.6	−0.111%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,773.3	−0.015%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,773	−0.024%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,773	−0.023%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,773.1	−0.020%	$3.29B	$9.67B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,773	−0.023%	$421.2M	$739.3M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,773.1	−0.020%	$2.51B	$4.63B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774.2	+0.020%	$60.1M	$4.60B	50x	as long as short
BingX ETH-USDT	+0.0089%	8h	2,773	−0.023%	—	$1.24B	—	as long as short
Vest ETH-PERP	+0.0094%	1h	2,772.9	−0.027%	—	$1.1M	50x	as long as short
HTX ETH-USDTshort	+0.0095%	8h	2,772.7	−0.035%	$1.08B	$1.32B	200x
Lighter ETH	+0.0096%	1h	2,771.8	−0.068%	$115.2M	$500.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.3	−0.014%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.5	−0.077%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771	−0.096%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.5	−0.042%	$477K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.8	−0.030%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.7	+0.072%	$3.18B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.9	−0.029%	$31.2M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.1	−0.056%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.1	+0.014%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	−0.025%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.9	−0.101%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769	−0.169%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.272%	$181.6M	$784.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.9	−0.207%	$161.0M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.121%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.005%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.2	−0.015%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.4	−0.047%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.3	+0.060%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.4	−0.046%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,771.2	−0.089%	$8.2M	$687.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,774.5	+0.030%	$259.0M	$222.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.1	+0.016%	$88.9M	$337.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0142%	8h	2,775.5	+0.065%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,768.5	−0.185%	$286.6M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,773.2	−0.016%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,771.9	−0.065%	$251K	$1.6M	20x	as long as short