Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0651%/8h= −71.2% APRpaid last 24h −0.181%

Price spread now: GMX against Bybit+0.053%7-day average +0.102% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.485%−$49 on $10k

Price spread, last 3 days (all we have)+0.517%+$52 · spread now +0.053%, 7d avg +0.102%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.049% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.102%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ARUSDT	4.4680	0.0100	pay 0.0100% / 8h	2h 46m	$4.6M	$9.0M	75x
Short	GMX AR/USD [WBTC.b-USDC]	4.4704	L −0.0140% / S +0.0551%	pay 0.0069% / 1h	46m 01s	$575K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$136.63
Price spread: +0.053% → +0.102%: −$4.89
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$164.53
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; 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 Bybit live order book, 2 min ago	1.12 bp	37.9 bp −$38	419.3 bp −$4,193	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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.

AR on 17 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_ARUSD	−0.2006%	1h	4.4715	+0.078%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0551%	1h	4.4704	+0.053%	$575K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.328%	$3K	$363	5.5x	as long as short
Hyperliquid AR	+0.0100%	1h	4.4753	+0.163%	$3.8M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4680	0.000%	$20K	$630K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4690	+0.022%	$8.8M	$57.0M	75x	as long as short
Bybit ARUSDTlong	+0.0100%	8h	4.4680	long leg	$4.6M	$9.0M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.4640	−0.090%	$2.2M	$20.9M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4670	−0.022%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4680	0.000%	$6.6M	$4.7M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4740	+0.134%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4660	−0.045%	$3.8M	$5.7M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4690	+0.022%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4745	+0.146%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4770	+0.201%	$57K	$748K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4696	+0.035%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4730	+0.112%	$421K	$675K	20x	as long as short