Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0429%/8h= −47.0% APRpaid last 24h −0.119%

Price spread now: Binance against GMX+0.113%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Binance

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. Binance is 0.113% dearer against GMX than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.07109	L +0.0529% / S −0.0248%	pay 0.0066% / 1h	57m 37s	$84K	—	50x
Short	Binance SKYUSDT	0.07117	0.0100	get 0.0050% / 4h	57m 37s	$16.2M	$10.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.113%Rate

Funding earned: −$90.07
Price spread: +0.113% → 0.000%: $11.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$100.81
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 13 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 Binance live order book, 13 min ago	0.71 bp	16.1 bp −$16	62.3 bp −$623	301.6 bp −$30.2K	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.

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
Variational Omni SKY	−0.0617%	4h	0.07088	−0.302%	$195K	$104K	—	as long as short
Bybit SKYUSDT	−0.0231%	4h	0.07106	−0.042%	$7.7M	$3.4M	25x	as long as short
BloFin SKY-USDT	+0.0091%	4h	0.07103	−0.084%	$592K	$29K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.07114	+0.070%	$186K	$155K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.07116	+0.095%	$70K	$26K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07109	+0.005%	$43K	$36K	20x	as long as short
Binance SKYUSDTshort	+0.0100%	4h	0.07117	+0.113%	$16.2M	$10.4M	75x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07114	+0.070%	$855K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07101	−0.113%	$606K	$254K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07114	+0.070%	$1.1M	$284K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07101	−0.113%	$429K	$289K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07115	+0.084%	$2.9M	$2.1M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07109	0.000%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07099	−0.141%	$20K	$683K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07112	+0.038%	$1K	$2K	10x	as long as short
Injective SKY/USDC PERP	+0.0158%	1h	0.07172	+0.886%	$392	$303K	12x	as long as short
Hyperliquid SKY	+0.0323%	1h	0.07121	+0.165%	$3.0M	$929K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0529% / S −0.0248%	1h	0.07109	long leg	$84K	—	50x