Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0329%/8h= −36.1% APRpaid last 24h −0.087%

Price spread now: GMX against Bybit+0.095%51s7-day average — · 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)—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. GMX is 0.095% dearer against Bybit than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 23 hours. 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	Bybit OPUSDT	0.1259	0.0100	pay 0.0100% / 8h	3h 11m	$18.5M	$24.8M	75x
Short	GMX OP/USD [OP-USDC]	0.1260	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	11m 33s	$13K	—	100x

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 +0.095%Rate

Funding earned: −$69.15
Price spread: +0.095% → 0.000%: $9.45
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$82.7
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	0.40 bp	11.5 bp −$11	27.0 bp −$270	95.7 bp −$9,573	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.

OP on 30 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
Injective OP/USDC PERP	−0.1568%	1h	0.1258	−0.087%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1260	+0.095%	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1261	+0.131%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	+0.071%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	+0.124%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.866%	$25K	$56K	50x	as long as short
Variational Omni OP	+0.0042%	8h	0.1262	+0.193%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1260	+0.071%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1261	+0.130%	$773K	$548K	20x	as long as short
OKX OP-USDT-SWAP	+0.0094%	8h	0.1260	+0.079%	$6.2M	$28.4M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1262	+0.199%	$275K	$948K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1262	+0.238%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	+0.160%	$211K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	+0.076%	$20.3M	$60.9M	75x	as long as short
Bybit OPUSDTlong	+0.0100%	8h	0.1259	long leg	$18.5M	$24.8M	75x
Gate OP_USDT	+0.0100%	8h	0.1260	+0.095%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	+0.135%	$21.2M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	+0.071%	$2.8M	$6.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	+0.071%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	+0.095%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	+0.040%	$117K	$206K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.248%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	+0.232%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	+0.310%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	+0.056%	$197	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	+0.183%	$171K	$229K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	+0.066%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	+0.032%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	+0.286%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1260	+0.046%	$700	—	20x	as long as short