Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.061%

Price spread now: GMX against Bybit+0.108%7-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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.108% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKYUSDT	0.06855	0.0100	pay 0.0050% / 4h	3h 10m	$7.2M	$3.2M	25x
Short	GMX SKY/USD [ETH-USDC]	0.06862	L +0.0523% / S −0.0248%	get 0.0031% / 1h	10m 36s	$81K	—	50x

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 +0.108%Rate

Funding earned: $31.01
Price spread: +0.108% → 0.000%: $10.8
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $18.8
Costs to cover: 0.230%
Break-even: 2.8 days

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	2.19 bp	28.9 bp −$29	317.2 bp −$3,172	doesn't fit	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.

SKY on 18 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 SKY/USDC PERP	−0.0269%	1h	0.06893	+0.554%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0018%	4h	0.06855	+0.003%	$183K	$113K	—	as long as short
BloFin SKY-USDT	+0.0055%	4h	0.06865	+0.146%	$582K	$29K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06859	+0.057%	$179K	$139K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06863	+0.109%	$76K	$32K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06860	+0.072%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06860	+0.075%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDTlong	+0.0100%	4h	0.06855	long leg	$7.2M	$3.2M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06860	+0.073%	$819K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06859	+0.058%	$594K	$271K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06859	+0.058%	$1.0M	$266K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06855	0.000%	$403K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06860	+0.073%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06857	+0.029%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06866	+0.160%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06864	+0.128%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0262%	1h	0.06873	+0.260%	$2.8M	$909K	3x	as long as short
GMX SKY/USD [ETH-USDC]short	L +0.0523% / S −0.0248%	1h	0.06862	+0.108%	$81K	—	50x