Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0143%/8h= −15.6% APRpaid last 24h −0.037%

Price spread now: GMX against Paradex−0.100%7-day average −0.064% · you buy dearer than you sell

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

Long on Paradex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.100%, 7d avg −0.064%

Together, before fees+0.007%+ Points / potential airdropParadex: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.036% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,750	0.0100	pay 0.0100% / 8h	5h 58m	$16.2M	$8.0M	50x
Short	GMX ETH/USD [ETH-USDC]	2,747.2	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	58m 33s	$12.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Paradex. 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 ParadexbpFee GMXbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$29.98
Price spread: −0.100% → −0.064%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: −$49.59
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 1 min ago; 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 Paradex live order book, 1 min ago	2.33 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 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	−0.0112%	43m	2,747.1	−0.106%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	−0.080%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,747.5	−0.091%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,747.2	−0.100%	$12.1M	—	200x
Phoenix ETH	−0.0006%	1h	2,748.4	−0.058%	$847K	$2.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.1	−0.106%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.3	−0.098%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.6	−0.124%	$183K	$981K	50x	as long as short
BingX ETH-USDT	+0.0042%	8h	2,745.8	−0.154%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0054%	8h	2,745	−0.181%	$1.70B	$10.61B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.6	−0.124%	$369.0M	$600.1M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,746.6	−0.124%	$252.6M	$842.0M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.6	−0.124%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.9	−0.187%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,745.8	−0.154%	$1.57B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,746.1	−0.143%	$6.39B	$15.76B	150x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,746.8	−0.116%	$1.06B	$1.18B	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,746.6	−0.125%	$8.7M	$31.2M	100x	as long as short
Bullet ETH-USD	+0.0094%	1h	2,746.8	−0.116%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,746.4	−0.133%	$113.0M	$430.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.7	−0.083%	$24.7M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	−0.148%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.2	−0.067%	$58.6M	$4.28B	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,750	long leg	$16.2M	$8.0M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,746.2	−0.138%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.1	−0.106%	$13.9M	$107.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.9	−0.040%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	−0.120%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	−0.137%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.6	−0.160%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	−0.124%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.2	−0.139%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.9	−0.149%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.5	−0.129%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.124%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	−0.115%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	−0.056%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.2	−0.102%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	−0.072%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.8	−0.080%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.7	−0.083%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	−0.039%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.5	−0.129%	$963K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	−0.109%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.3	−0.098%	$267.5M	$65.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.137%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.1	−0.178%	$30.6M	$72.6M	50x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.7	−0.082%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0110%	1h	2,748.3	−0.061%	$258.9M	$195.8M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,747.8	−0.080%	$7.9M	$670.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,749.6	−0.013%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.9	−0.076%	$88.1M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,746.6	−0.122%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.9	−0.114%	$250K	$1.4M	20x	as long as short