Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0419%/8h= −45.9% APRpaid last 24h −0.123%

Price spread now: OKX against GMX−0.094%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 OKX

What this pair did over the last

the charts below follow

Funding, last 4 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 OKX is 0.094% cheaper against GMX than usual: you would sell low and buy high (−$9 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]	0.06793	L +0.0519% / S −0.0248%	pay 0.0065% / 1h	57m 08s	$80K	—	50x
Short	OKX SKY-USDT-SWAP	0.06787	0.0100	get 0.0050% / 4h	3h 57m	$794K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$88.03
Price spread: −0.094% → 0.000%: −$9.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$119.45
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 4 min ago	3.68 bp	33.3 bp −$33	349.2 bp −$3,492	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
Bybit SKYUSDT	−0.0370%	4h	0.06786	−0.109%	$7.1M	$3.2M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+1.466%	$376	$303K	12x	as long as short
BloFin SKY-USDT	+0.0049%	4h	0.06785	−0.124%	$581K	$28K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06790	−0.054%	$178K	$105K	10x	as long as short
Variational Omni SKY	+0.0099%	4h	0.06778	−0.225%	$181K	$98K	—	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06781	−0.186%	$69K	$31K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06801	+0.113%	$2.8M	$864K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06788	−0.081%	$41K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06788	−0.074%	$15.3M	$11.1M	75x	as long as short
OKX SKY-USDT-SWAPshort	+0.0100%	4h	0.06787	−0.094%	$794K	$1.2M	20x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SKY_USDT	+0.0100%	4h	0.06779	−0.212%	$575K	$284K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06790	−0.050%	$1.0M	$265K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06791	−0.035%	$398K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06785	−0.124%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06788	−0.079%	—	$2.5M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06780	−0.197%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06794	+0.006%	$1K	$3K	10x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0519% / S −0.0248%	1h	0.06793	long leg	$80K	—	50x