Funding arb · Price arb /

STX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.026%

Price spread now: Bybit against GMX−0.334%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 −$3 a day on $10k at the current rate, and Bybit is 0.334% cheaper against GMX than usual: you would sell low and buy high (−$33 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 STX/USD [WBTC.b-USDC]	0.3457	L +0.0191% / S −0.0313%	pay 0.0024% / 1h	55m 04s	$5K	—	100x
Short	Bybit STXUSDT	0.3445	0.0100	get 0.0100% / 8h	2h 55m	$8.8M	$7.5M	75x

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 −0.334%Rate

Funding earned: −$19.06
Price spread: −0.334% → 0.000%: −$33.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$75.44
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	2.88 bp	19.3 bp −$19	48.3 bp −$483	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.

STX 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
Kraken Futures PF_STXUSD	−0.1349%	1h	0.3458	+0.034%	$77K	$158K	20x	as long as short
Variational Omni STX	−0.0643%	8h	0.3465	+0.259%	$826K	$321K	—	as long as short
ApeX Omni STXUSDT	−0.0586%	1h	0.3475	+0.534%	$58K	$678K	50x	as long as short
gTrade (Gains Network) STX/USD	L −0.0002% / S +0.0003%	1h	0.3454	−0.084%	—	—	150x	as long as short
Injective STX/USDC PERP	+0.0033%	1h	0.3349	−3.111%	$4K	$111K	12x	as long as short
Aster STXUSDT	+0.0100%	8h	0.3455	−0.032%	$129K	$67K	10x	as long as short
Binance STXUSDT	+0.0100%	8h	0.3453	−0.102%	$8.1M	$20.3M	75x	as long as short
Bybit STXUSDTshort	+0.0100%	8h	0.3445	−0.334%	$8.8M	$7.5M	75x
OKX STX-USDT-SWAP	+0.0100%	8h	0.3449	−0.218%	$2.4M	$6.7M	20x	as long as short
Gate STX_USDT	+0.0100%	8h	0.3451	−0.160%	$612K	$433K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC STX_USDT	+0.0100%	8h	0.3453	−0.102%	$6.4M	$1.5M	50x	as long as short
KuCoin STXUSDTM	+0.0100%	8h	0.3451	−0.160%	$2.5M	$1.8M	50x	as long as short
Bitget STXUSDT	+0.0100%	8h	0.3449	−0.218%	$5.0M	$1.9M	50x	as long as short
BingX STX-USDT	+0.0100%	8h	0.3450	−0.189%	—	$15.8M	—	as long as short
Extended STX-USD	+0.0104%	1h	0.3453	−0.114%	$182K	$585K	10x	as long as short
BloFin STX-USDT	+0.0123%	8h	0.3453	−0.102%	$436K	$247K	20x	as long as short
GMX STX/USD [WBTC.b-USDC]long	L +0.0191% / S −0.0313%	1h	0.3457	long leg	$5K	—	100x
Hyperliquid STX	+0.0272%	1h	0.3461	+0.115%	$1.5M	$1.0M	5x	as long as short