Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against GMX+0.211%210s7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.211% dearer against GMX than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 210 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MEW/USD [WBTC.b-USDC]	0.0004740	L 0.0000% / S 0.0000%	get 0.0000% / 1h	48m 47s	—	—	100x
Short	BingX MEW-USDT	0.0004750	0.0100	get 0.0050% / 4h	1h 48m	—	$9.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.211%Rate

Funding earned: $21
Price spread: +0.211% → 0.000%: $21.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $20.1
Costs to cover: 0.220%
Break-even: 0.3 days

Slippage unknown: GMX: no order-book sample; BingX: live order book, 7 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 BingX live order book, 7 min ago	7.38 bp	25.0 bp −$25	71.6 bp −$716	662.5 bp −$66.3K	963.7 bp −$481.9K

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.

MEW on 12 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
GMX MEW/USD [WBTC.b-USDC]long	L 0.0000% / S 0.0000%	1h	0.0004740	long leg	—	—	100x
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−10.992%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004747	+0.156%	$1.3M	$3.6M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004748	+0.169%	$1.5M	$1.6M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004741	+0.021%	$565K	$972K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004746	+0.127%	$137K	$113K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004748	+0.169%	$354K	$176K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004751	+0.232%	$374K	$120K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004753	+0.274%	$483K	$557K	50x	as long as short
BingX MEW-USDTshort	+0.0100%	4h	0.0004750	+0.211%	—	$9.5M	—

Show all 12 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004747	+0.154%	$83K	$37K	—	as long as short
Kraken Futures PF_MEWUSD	+0.0891%	1h	0.0004751	+0.236%	$100K	$135K	10x	as long as short