Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.050%

Price spread now: GMX against Orderly+0.155%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on GMX

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

The price spread pays, funding is against you. GMX is 0.155% dearer against Orderly than usual: you sell high and buy low (spread +0.155% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04579	−0.0024	get 0.0012% / 4h	1h 57m	$114K	$646K	10x
Short	GMX S/USD [WBTC.b-USDC]	0.04586	L −0.0336% / S +0.0211%	pay 0.0026% / 1h	57m 09s	$2K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.155%Rate

Funding earned: −$39.24
Price spread: +0.155% → 0.000%: $15.51
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$41.73
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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 25 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
01 Exchange SUSD	−1.1064%	1h	0.04440	−3.036%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4588%	1h	0.04574	−0.100%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04128	−9.849%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0647%	4h	0.04544	−0.766%	$704K	$7K	—	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0336% / S +0.0211%	1h	0.04586	+0.155%	$2K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04575	−0.085%	$5	—	15x	as long as short
Orderly PERP_S_USDClong	−0.0024%	4h	0.04579	long leg	$114K	$646K	10x
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04583	+0.087%	$77K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04586	+0.157%	$706	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04576	−0.066%	$159K	$141K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04580	+0.020%	$1.2M	$859K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04580	+0.022%	$48K	$154K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04575	−0.082%	$6.8M	$20.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04572	−0.153%	$6.5M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04576	−0.066%	$1.4M	$6.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04580	+0.022%	$386K	$227K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04577	−0.044%	$4.5M	$3.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04574	−0.109%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04582	+0.066%	$1.4M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04577	−0.044%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04610	+0.677%	$26K	$523K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04573	−0.137%	$243K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	+0.459%	$2K	$2	12x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04585	+0.131%	$333K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.0980%	1h	0.04590	+0.240%	$109K	$463K	5x	as long as short