Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.066%

Price spread now: OKX against GMX−0.125%52s7-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 OKX

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 OKX is 0.125% cheaper against GMX than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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]	0.2216	L +0.0328% / S −0.1447%	pay 0.0041% / 1h	46m 35s	$3K	—	50x
Short	OKX SYRUP-USDT-SWAP	0.2213	0.0100	get 0.0050% / 4h	3h 46m	$1.1M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$47.95
Price spread: −0.125% → 0.000%: −$12.55
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$82.49
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	4.51 bp	34.7 bp −$35	356.7 bp −$3,567	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	0.2215	−0.014%	$40K	$22K	10x	as long as short
BloFin SYRUP-USDT	+0.0076%	4h	0.2215	−0.035%	$425K	$129K	50x	as long as short
Lighter SYRUP	+0.0096%	1h	0.2219	+0.127%	$205K	$218K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2214	−0.086%	$14K	$69K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2214	−0.076%	$9.0M	$7.4M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2215	−0.022%	$2.1M	$2.1M	25x	as long as short
OKX SYRUP-USDT-SWAPshort	+0.0100%	4h	0.2213	−0.125%	$1.1M	$1.1M	20x
Gate SYRUP_USDT	+0.0100%	8h	0.2214	−0.062%	$408K	$65K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2216	+0.010%	$2.8M	$420K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2217	+0.032%	$1.9M	$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	0.2216	+0.010%	$699K	$508K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2216	−0.008%	—	$6.5M	—	as long as short
Variational Omni SYRUP	+0.0100%	4h	0.2217	+0.058%	$158K	$27K	—	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2215	−0.027%	—	—	5x	as long as short
Hyperliquid SYRUP	+0.0199%	1h	0.2220	+0.195%	$5.5M	$1.9M	3x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0328% / S −0.1447%	1h	0.2216	long leg	$3K	—	50x