Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.075%

Price spread now: BingX against GMX+0.049%7-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 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

The price spread pays, funding is against you. BingX is 0.049% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SYRUP/USD [ETH-USDC]	0.2298	L +0.0330% / S −0.1447%	pay 0.0041% / 1h	14m 19s	$3K	—	50x
Short	BingX SYRUP-USDT	0.2299	0.0100	get 0.0050% / 4h	1h 14m	—	$6.5M	—

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 +0.049%Rate

Funding earned: −$48.35
Price spread: +0.049% → 0.000%: $4.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$65.44
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 12 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, 12 min ago	3.27 bp	32.2 bp −$32	82.8 bp −$828	575.6 bp −$57.6K	1082.3 bp −$541.2K

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.

SYRUP on 16 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
Lighter SYRUP	+0.0096%	1h	0.2305	+0.280%	$209K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2300	+0.059%	$13K	$61K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2298	−0.028%	$9.6M	$6.5M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2299	+0.054%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2298	−0.007%	$1.2M	$997K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2299	+0.058%	$429K	$67K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2297	−0.051%	$3.0M	$579K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2308	+0.432%	$2.0M	$109K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2300	+0.080%	$670K	$440K	20x	as long as short
BingX SYRUP-USDTshort	+0.0100%	4h	0.2299	+0.049%	—	$6.5M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUP	+0.0100%	4h	0.2302	+0.156%	$166K	$51K	—	as long as short
BloFin SYRUP-USDT	+0.0132%	4h	0.2299	+0.058%	$461K	$132K	50x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2299	+0.044%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0330% / S −0.1447%	1h	0.2298	long leg	$3K	—	50x
Hyperliquid SYRUP	+0.0908%	1h	0.2303	+0.206%	$5.8M	$1.5M	3x	as long as short
Kraken Futures PF_SYRUPUSD	+0.1422%	1h	0.2305	+0.280%	$41K	$23K	10x	as long as short