Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0431%/8h= −47.2% APRpaid last 24h −0.119%

Price spread now: Orderly against GMX+0.031%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 Orderly

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. Orderly is 0.031% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.07169	L +0.0531% / S −0.0248%	pay 0.0066% / 1h	38m 02s	$85K	—	50x
Short	Orderly PERP_SKY_USDC_mythos	0.07171	0.0100	get 0.0050% / 4h	1h 38m	$695	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.031%Rate

Funding earned: −$90.54
Price spread: +0.031% → 0.000%: $3.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$105.47
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.0491%	4h	0.07179	+0.143%	$197K	$104K	—	as long as short
Bybit SKYUSDT	−0.0188%	4h	0.07150	−0.264%	$7.8M	$3.3M	25x	as long as short
Injective SKY/USDC PERP	+0.0014%	1h	0.07197	+0.392%	$393	$260K	12x	as long as short
Nado SKY-PERP	+0.0043%	1h	0.07170	+0.015%	$71K	$25K	5x	as long as short
Lighter SKY	+0.0096%	1h	0.07171	+0.028%	$188K	$163K	10x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07173	+0.060%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07162	−0.096%	$16.5M	$9.6M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07156	−0.180%	$857K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07163	−0.082%	$615K	$252K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07170	+0.015%	$1.1M	$280K	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	0.07166	−0.040%	$440K	$282K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07167	−0.027%	$3.0M	$2.0M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07165	−0.054%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07188	+0.266%	$20K	$685K	50x	as long as short
Orderly PERP_SKY_USDC_mythosshort	+0.0100%	4h	0.07171	+0.031%	$695	$2K	10x
BloFin SKY-USDT	+0.0114%	4h	0.07189	+0.280%	$606K	$32K	75x	as long as short
Hyperliquid SKY	+0.0332%	1h	0.07175	+0.085%	$3.0M	$906K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0531% / S −0.0248%	1h	0.07169	long leg	$85K	—	50x