Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h −0.040%

Price spread now: Bybit against GMX−0.107%51s7-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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.107% cheaper against GMX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 POL/USD [ETH-USDC]	0.1114	L +0.0211% / S −0.0606%	pay 0.0026% / 1h	39m 31s	$3K	—	100x
Short	Bybit POLUSDT	0.1113	0.0100	get 0.0050% / 4h	2h 39m	$16.0M	$16.5M	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 −0.107%Rate

Funding earned: −$23.29
Price spread: −0.107% → 0.000%: −$10.69
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.97
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	0.45 bp	19.5 bp −$20	39.8 bp −$398	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.

POL on 25 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
ApeX Omni POLUSDT	−0.0154%	1h	0.1113	−0.062%	$197K	$661K	50x	as long as short
Coinbase International POL-PERP-INTX	−0.0080%	1h	0.1111	−0.242%	$202K	$254K	50x	as long as short
Kraken Futures PF_POLUSD	−0.0072%	1h	0.1114	+0.009%	$1.2M	$1.8M	50x	as long as short
Orderly PERP_POL_USDC	−0.0040%	4h	0.1113	−0.080%	$11K	$209K	20x	as long as short
Reya POLRUSDPERP	−0.0006%	1h	0.1113	−0.062%	$3K	—	—	as long as short
gTrade (Gains Network) POL/USD	L +0.0004% / S −0.0006%	1h	0.1114	+0.044%	$22K	—	150x	as long as short
dYdX POL-USD	+0.0004%	1h	0.1114	+0.059%	$17K	$3K	5x	as long as short
Injective POL/USDC PERP	+0.0033%	1h	0.1111	−0.242%	$3K	$124K	12x	as long as short
GRVT POL_USDT_Perp	+0.0064%	4h	0.1112	−0.179%	$1.1M	$3.5M	10x	as long as short
OKX POL-USDT-SWAP	+0.0089%	4h	0.1113	−0.080%	$5.8M	$12.1M	50x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter POL	+0.0096%	1h	0.1114	+0.005%	$311K	$559K	8x	as long as short
Hyperliquid POL	+0.0100%	1h	0.1115	+0.127%	$7.6M	$4.6M	5x	as long as short
Aster POLUSDT	+0.0100%	4h	0.1114	+0.047%	$370K	$383K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1113	−0.065%	$17.0M	$51.9M	75x	as long as short
Bybit POLUSDTshort	+0.0100%	4h	0.1113	−0.107%	$16.0M	$16.5M	75x
Gate POL_USDT	+0.0100%	4h	0.1114	+0.001%	$1.9M	$1.4M	75x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1113	−0.062%	$23.4M	$4.0M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1113	−0.053%	$2.8M	$1.1M	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1113	−0.035%	$4.1M	$6.0M	50x	as long as short
BingX POL-USDC	+0.0100%	4h	0.1113	−0.080%	—	$1.6M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1111	−0.214%	$657K	$211K	—	as long as short
Extended POL-USD	+0.0104%	1h	0.1113	−0.049%	$93K	$427K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1112	−0.196%	$41K	—	3x	as long as short
GMX POL/USD [ETH-USDC]long	L +0.0211% / S −0.0606%	1h	0.1114	long leg	$3K	—	100x
BloFin POL-USDT	+0.0340%	4h	0.1112	−0.125%	$907K	$167K	75x	as long as short