Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.122%

Price spread now: Bybit against GMX+0.040%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 Bybit

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. Bybit is 0.040% dearer against GMX than usual: you sell high and buy low (spread +0.040% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AERO/USD [ETH-USDC]	0.6870	L +0.0502% / S −0.0229%	pay 0.0063% / 1h	34m 10s	$91K	—	100x
Short	Bybit AEROUSDT	0.6873	0.0100	get 0.0050% / 4h	2h 34m	$21.8M	$20.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$84.41
Price spread: +0.040% → 0.000%: $3.99
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$103.42
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.46 bp	16.5 bp −$17	39.9 bp −$399	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.

AERO on 23 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
Deribit AERO_USDC-PERPETUAL	−0.0186%	1h	0.6870	−0.004%	$55K	$11K	10x	as long as short
Injective AERO/USDC PERP	+0.0052%	1h	0.6891	+0.302%	$4	$166K	5.5x	as long as short
Hyperliquid AERO	+0.0100%	1h	0.6873	+0.043%	$23.1M	$5.7M	3x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6874	+0.054%	$38K	$108K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6871	+0.009%	$25.4M	$25.6M	75x	as long as short
Bybit AEROUSDTshort	+0.0100%	4h	0.6873	+0.040%	$21.8M	$20.5M	25x
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6874	+0.054%	$2.3M	$6.8M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.6867	−0.047%	$1.6M	$562K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.6870	−0.004%	$8.1M	$1.6M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6871	+0.011%	$2.2M	$860K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget AEROUSDT	+0.0100%	4h	0.6866	−0.062%	$4.1M	$2.2M	75x	as long as short
BingX AERO-USDT	+0.0100%	4h	0.6872	+0.025%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.6866	−0.058%	$1.9M	$1.6M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6869	−0.022%	$201K	$1.3M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6872	+0.029%	$46K	—	3x	as long as short
01 Exchange AEROUSD	+0.0208%	1h	0.6880	+0.142%	$186	$115	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6872	+0.029%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6870	−0.004%	$909K	$702K	25x	as long as short
Backpack AERO_USDC_PERP	+0.0442%	1h	0.6879	+0.130%	$102K	$313K	15x	as long as short
GMX AERO/USD [ETH-USDC]long	L +0.0502% / S −0.0229%	1h	0.6870	long leg	$91K	—	100x
RISEx AERO/USDC	+0.0530%	1h	0.6880	+0.137%	$221K	$374K	3x	as long as short
Lighter AERO	+0.0808%	1h	0.6885	+0.222%	$1.3M	$492K	3x	as long as short
Coinbase International AERO-PERP-INTX	+0.1488%	1h	0.6869	−0.018%	$91K	$18K	25x	as long as short