Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.052%

Price spread now: GMX against OKX−0.122%7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and GMX is 0.122% cheaper against OKX than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.04085	0.0100	pay 0.0050% / 4h	1h 55m	$1.0M	$4.0M	20x
Short	GMX S/USD [WBTC.b-USDC]	0.04080	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	55m 09s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$62.59
Price spread: −0.122% → 0.000%: −$12.24
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$96.83
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 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 OKX live order book, 2 min ago	3.69 bp	40.2 bp −$40	doesn't fit	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.

S on 24 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
01 Exchange SUSD	−0.9144%	1h	0.03950	−3.305%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1687%	1h	0.04073	−0.283%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.542%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0312%	4h	0.04087	+0.045%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04080	−0.122%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04077	−0.193%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04080	−0.120%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.367%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0057%	4h	0.04077	−0.196%	$101K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04083	−0.049%	$170K	$155K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04086	+0.027%	$1.0M	$564K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04080	−0.113%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04086	+0.016%	$5.7M	$14.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04080	−0.122%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.04085	long leg	$1.0M	$4.0M	20x
Gate S_USDT	+0.0100%	4h	0.04080	−0.122%	$335K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04082	−0.073%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04077	−0.196%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04085	0.000%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04083	−0.049%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	−0.612%	$20K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04076	−0.219%	$230K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0731%	1h	0.04083	−0.049%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1698%	1h	0.04090	+0.122%	$121K	$352K	5x	as long as short