Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.032%

Price spread now: GMX against SunX+0.089%7-day average +0.050% · you sell dearer than you buy

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%−$1 on $10k

Price spread, last 3 days (all we have)+0.117%+$12 · spread now +0.089%, 7d avg +0.050%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.039% dearer against SunX than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.050%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 3 days (−0.005% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,775.6	0.0100	pay 0.0100% / 8h	2h 21m	$973K	$14.2M	100x
Short	GMX ETH/USD [ETH-USDC]	2,778.1	L +0.0028% / S +0.0009%	pay 0.0001% / 1h	21m 43s	$13.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$22.92
Price spread: +0.089% → +0.050%: $3.89
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$39.03
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 7 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 SunX live order book, 7 min ago	0.70 bp	7.7 bp −$8	7.9 bp −$79	10.8 bp −$1,078	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 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	−0.0112%	43m	2,776.2	+0.021%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	+0.003%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	+0.031%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	+0.042%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.080%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778	+0.085%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	+0.107%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	−0.061%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.090%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,777	+0.050%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.154%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,778.1	+0.089%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]short	L +0.0028% / S +0.0009%	1h	2,778.1	+0.089%	$13.2M	—	200x
Aster ETHUSDT	+0.0039%	8h	2,778.4	+0.099%	$257.0M	$995.8M	200x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,778.5	+0.102%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.9	+0.011%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,778.5	+0.102%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,778.4	+0.099%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,778.2	+0.093%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,777.4	+0.064%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.053%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,779.1	+0.125%	$115.3M	$514.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,780.4	+0.171%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.093%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.3	+0.095%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.5	+0.103%	$489K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	+0.022%	$15.3M	$117.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.4	+0.172%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779	+0.121%	$31.3M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,778.3	+0.095%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.6	+0.071%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.9	+0.152%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.089%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,778.5	+0.103%	$423.3M	$741.9M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,778.1	+0.089%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.073%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.169%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.100%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	+0.021%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.073%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.107%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.073%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.140%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,775.6	long leg	$973K	$14.2M	100x
SoDEX ETH-USD	+0.0100%	1h	2,777.1	+0.053%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777.2	+0.056%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.5	+0.066%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.9	+0.116%	$60.3M	$4.63B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0121%	1h	2,778.9	+0.117%	$258.5M	$224.9M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.6	+0.071%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,780	+0.156%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,776.3	+0.023%	$285.2M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,777.5	+0.066%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.4	+0.101%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.128%	$284K	$1.5M	20x	as long as short