Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1166%/8h= +127.7% APRpaid last 24h +0.333%

Price spread now: Bybit against GMX−0.030%7-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 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

Funding pays, the price is against you. Bybit is 0.030% cheaper against GMX than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1251	L −0.1066% / S +0.0229%	get 0.0133% / 1h	55m 11s	$13K	—	100x
Short	Bybit OPUSDT	0.1251	0.0100	get 0.0100% / 8h	2h 55m	$18.4M	$25.4M	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 −0.030%Rate

Funding earned: $244.96
Price spread: −0.030% → 0.000%: −$2.96
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $219
Costs to cover: 0.230%
Break-even: 0.7 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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, 3 min ago	0.40 bp	13.9 bp −$14	27.7 bp −$277	77.0 bp −$7,703	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.

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	−0.1658%	1h	0.1241	−0.813%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1066% / S +0.0229%	1h	0.1251	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.653%	$21K	$64K	50x	as long as short
Variational Omni OP	−0.0002%	8h	0.1247	−0.322%	$227K	$44K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	−0.254%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1251	−0.014%	$43K	$165K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	−0.014%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0026%	8h	0.1250	−0.094%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1250	−0.086%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1251	+0.018%	$267K	$899K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1251	−0.006%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1249	−0.165%	$211K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1251	+0.020%	$20.2M	$62.7M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1251	−0.030%	$18.4M	$25.4M	75x
Gate OP_USDT	+0.0100%	8h	0.1249	−0.141%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1252	+0.050%	$20.1M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1250	−0.094%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1251	−0.014%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1250	−0.094%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1251	−0.038%	$128K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	−0.505%	$9K	$379K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1246	−0.422%	$303K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.573%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1251	−0.014%	$159	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.070%	$174K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1251	−0.037%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1251	−0.014%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.021%	$773K	$743K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1251	−0.046%	$1.0M	$295K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1249	−0.135%	$695	—	20x	as long as short