Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.336%

Price spread now: KuCoin against GMX−0.108%7-day average — · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. KuCoin is 0.108% cheaper against GMX than usual: you would sell low and buy high (spread −0.108% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 7 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1253	L −0.1065% / S +0.0229%	get 0.0133% / 1h	3m 58s	$13K	—	100x
Short	KuCoin OPUSDTM	0.1252	0.0100	get 0.0100% / 8h	2h 03m	$2.8M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.108%Rate

Funding earned: $244.68
Price spread: −0.108% → 0.000%: −$10.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $209.91
Costs to cover: 0.240%
Break-even: 1.0 days

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	3.99 bp	28.6 bp −$29	76.3 bp −$763	doesn't fit	doesn't fit

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.

OP on 30 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
Injective OP/USDC PERP	−0.1583%	1h	0.1246	−0.586%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1253	long leg	$13K	—	100x
Deribit OP_USDC-PERPETUAL	−0.0548%	1h	0.1252	−0.108%	$33K	$153K	25x	as long as short
Orderly PERP_OP_USDC	−0.0011%	8h	0.1251	−0.187%	$59K	$142K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1254	+0.034%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1253	−0.028%	—	—	150x	as long as short
Variational Omni OP	+0.0005%	8h	0.1253	+0.006%	$222K	$46K	—	as long as short
Bybit OPUSDT	+0.0063%	8h	0.1251	−0.172%	$18.4M	$25.7M	75x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1253	−0.057%	$752K	$632K	20x	as long as short
OKX OP-USDT-SWAP	+0.0094%	8h	0.1251	−0.172%	$6.1M	$29.0M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1252	−0.076%	$275K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1251	−0.172%	$3.4M	$3.3M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1253	−0.003%	$204K	$213K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1251	−0.172%	$19.5M	$64.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1252	−0.100%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1251	−0.172%	$23.1M	$7.7M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1252	−0.108%	$2.8M	$6.3M	75x
Bitget OPUSDT	+0.0100%	8h	0.1251	−0.187%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1252	−0.076%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1251	−0.180%	$105K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1252	−0.072%	$379K	$767K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1254	+0.025%	$309K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1252	−0.108%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1251	−0.195%	$207	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1253	−0.028%	$174K	$244K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1251	−0.178%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1251	−0.168%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0160%	1h	0.1254	+0.052%	$26K	$60K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1254	+0.044%	$981K	$307K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1252	−0.124%	$696	—	20x	as long as short