Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0422%/8h= −46.3% APRpaid last 24h −0.118%

Price spread now: Gate against GMX−0.029%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 Gate

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 Gate is 0.029% cheaper against GMX than usual: you would sell low and buy high (−$3 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]	0.06886	L +0.0522% / S −0.0248%	pay 0.0065% / 1h	53m 15s	$82K	—	50x
Short	Gate SKY_USDT	0.06884	0.0100	get 0.0050% / 4h	53m 15s	$598K	$271K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.029%Rate

Funding earned: −$88.72
Price spread: −0.029% → 0.000%: −$2.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$118.63
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	4.36 bp	84.1 bp −$84	doesn't fit	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	−0.0293%	4h	0.06896	+0.143%	$184K	$115K	—	as long as short
Bybit SKYUSDT	+0.0026%	4h	0.06879	−0.102%	$7.2M	$3.2M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.102%	$376	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06886	0.000%	$180K	$177K	10x	as long as short
BloFin SKY-USDT	+0.0098%	4h	0.06887	+0.015%	$587K	$29K	75x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06888	+0.029%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06889	+0.037%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06889	+0.045%	$15.7M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06884	−0.029%	$815K	$1.2M	20x	as long as short
Gate SKY_USDTshort	+0.0100%	4h	0.06884	−0.029%	$598K	$271K	50x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06888	+0.029%	$1.0M	$261K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06887	+0.015%	$405K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06886	0.000%	$2.9M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06885	−0.015%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06896	+0.145%	$27K	$662K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06887	+0.015%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0117%	1h	0.06897	+0.161%	$2.8M	$927K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0522% / S −0.0248%	1h	0.06886	long leg	$82K	—	50x