Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.069%

Price spread now: BloFin against GMX−0.278%51s7-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 BloFin

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 −$7 a day on $10k at the current rate, and BloFin is 0.278% cheaper against GMX than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 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 SYRUP/USD [ETH-USDC]	0.2206	L +0.0314% / S −0.1301%	pay 0.0039% / 1h	19m 40s	$2K	—	50x
Short	BloFin SYRUP-USDT	0.2200	0.0071	get 0.0035% / 4h	3h 19m	$423K	$128K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.278%Rate

Funding earned: −$51.07
Price spread: −0.278% → 0.000%: −$27.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$102.91
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 11 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 BloFin live order book, 11 min ago	0.45 bp	28.0 bp −$28	doesn't fit	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.

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
Kraken Futures PF_SYRUPUSD	−0.0049%	1h	0.2205	−0.047%	$39K	$23K	10x	as long as short
BloFin SYRUP-USDTshort	+0.0071%	4h	0.2200	−0.278%	$423K	$128K	50x
Lighter SYRUP	+0.0096%	1h	0.2208	+0.121%	$204K	$218K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2204	−0.064%	$14K	$68K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2204	−0.077%	$9.0M	$7.4M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2205	−0.038%	$2.1M	$2.1M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2204	−0.083%	$1.0M	$1.1M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2200	−0.256%	$405K	$65K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2203	−0.129%	$2.8M	$424K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2209	+0.161%	$1.8M	$151K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SYRUPUSDT	+0.0100%	4h	0.2206	+0.007%	$695K	$500K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2204	−0.070%	—	$6.6M	—	as long as short
Variational Omni SYRUP	+0.0100%	4h	0.2201	−0.223%	$157K	$26K	—	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2205	−0.017%	—	—	5x	as long as short
Hyperliquid SYRUP	+0.0202%	1h	0.2210	+0.211%	$5.4M	$1.9M	3x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0314% / S −0.1301%	1h	0.2206	long leg	$2K	—	50x