Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0297%/8h= +32.5% APRpaid last 24h +0.140%

Price spread now: Bybit against GMX−0.220%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 0.220% cheaper against GMX than usual: you would sell low and buy high (spread −0.220% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 2.5 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.03904	L −0.0197% / S +0.0190%	get 0.0025% / 1h	17m 08s	$1K	—	100x
Short	Bybit SUSDT	0.03895	0.0100	get 0.0050% / 4h	1h 17m	$5.6M	$5.5M	50x

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 −0.220%Rate

Funding earned: $62.34
Price spread: −0.220% → 0.000%: −$22.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $17.31
Costs to cover: 0.230%
Break-even: 5.1 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 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, 1 min ago	1.28 bp	23.0 bp −$23	69.3 bp −$693	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.

S 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
Kraken Futures PF_SUSD	−0.1603%	1h	0.03899	−0.107%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−1.988%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0870%	4h	0.03900	−0.092%	$607K	$31K	—	as long as short
01 Exchange SUSD	−0.0264%	1h	0.03850	−1.373%	$23K	$2K	5x	as long as short
GMX S/USD [WBTC.b-USDC]long	L −0.0197% / S +0.0190%	1h	0.03904	long leg	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.03900	−0.099%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03904	+0.018%	$602	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0006%	1h	0.03905	+0.036%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03901	−0.067%	$99K	$344K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.031%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03905	+0.036%	$164K	$223K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03904	+0.002%	$43K	$212K	10x	as long as short
Hyperliquid S	+0.0100%	1h	0.03901	−0.061%	$979K	$716K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03900	−0.092%	$5.3M	$18.4M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03895	−0.220%	$5.6M	$5.5M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03900	−0.092%	$975K	$5.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.015%	$319K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03901	−0.067%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03900	−0.092%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03907	+0.087%	$1.2M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03901	−0.067%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.164%	$25K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03899	−0.125%	$219K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03904	+0.010%	$266K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0466%	1h	0.03910	+0.164%	$114K	$300K	5x	as long as short