Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0423%/8h= −46.3% APRpaid last 24h −0.140%

Price spread now: Bybit against GMX−0.193%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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.193% cheaper against GMX than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.06892	L +0.0523% / S −0.0248%	pay 0.0065% / 1h	28m 59s	$82K	—	50x
Short	Bybit SKYUSDT	0.06879	0.0100	get 0.0050% / 4h	28m 59s	$7.2M	$3.2M	25x

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 −0.193%Rate

Funding earned: −$88.78
Price spread: −0.193% → 0.000%: −$19.3
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$131.08
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	2.91 bp	32.8 bp −$33	198.8 bp −$1,988	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.

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	−0.0154%	4h	0.06875	−0.247%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.010%	$376	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06891	−0.025%	$180K	$177K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06892	−0.004%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06893	+0.010%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06885	−0.100%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDTshort	+0.0100%	4h	0.06879	−0.193%	$7.2M	$3.2M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06880	−0.178%	$823K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06887	−0.077%	$597K	$272K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06885	−0.106%	$1.0M	$264K	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	0.06881	−0.164%	$405K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06887	−0.077%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06882	−0.149%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06871	−0.309%	$27K	$661K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06893	+0.016%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0123%	4h	0.06895	+0.039%	$584K	$29K	75x	as long as short
Hyperliquid SKY	+0.0338%	1h	0.06901	+0.125%	$2.8M	$922K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0523% / S −0.0248%	1h	0.06892	long leg	$82K	—	50x