Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.069%

Price spread now: Bybit against GMX−0.039%51s7-day average −0.103% · you buy dearer than you sell

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)+0.191%+$19 on $10k

Price spread, last 3 days (all we have)−0.354%−$35 · spread now −0.039%, 7d avg −0.103%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.064% dearer against GMX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.103%. 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 AR/USD [WBTC.b-USDC]	4.5879	L −0.0140% / S +0.0551%	get 0.0018% / 1h	33m 30s	$590K	—	50x
Short	Bybit ARUSDT	4.5861	0.0100	get 0.0100% / 8h	33m 30s	$4.6M	$8.9M	75x

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 −0.039%Rate

Funding earned: $50.49
Price spread: −0.039% → −0.103%: $6.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $33.88
Costs to cover: 0.230%
Break-even: 2.3 days

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	2.18 bp	38.3 bp −$38	155.9 bp −$1,559	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.

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	−0.1965%	1h	4.5811	−0.147%	$52K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]long	L −0.0140% / S +0.0551%	1h	4.5879	long leg	$590K	—	50x
OKX AR-USDT-SWAP	−0.0012%	8h	4.5860	−0.041%	$2.4M	$20.9M	20x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−0.346%	$3K	$339	5.5x	as long as short
Binance ARUSDT	+0.0037%	8h	4.5891	+0.026%	$9.1M	$55.6M	75x	as long as short
MEXC AR_USDT	+0.0037%	8h	4.5890	+0.025%	$6.8M	$4.4M	100x	as long as short
Extended AR-USD	+0.0040%	1h	4.5871	−0.016%	$37K	$237K	10x	as long as short
Hyperliquid AR	+0.0100%	1h	4.5971	+0.201%	$4.1M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.5850	−0.063%	$20K	$611K	10x	as long as short
Bybit ARUSDTshort	+0.0100%	8h	4.5861	−0.039%	$4.6M	$8.9M	75x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.5890	+0.025%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5900	+0.046%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5860	−0.041%	$3.9M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5860	−0.041%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5810	−0.150%	$139K	$172K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5870	−0.019%	$58K	$746K	50x	as long as short
BloFin AR-USDT	+0.0152%	8h	4.5800	−0.172%	$434K	$674K	20x	as long as short