Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0231%/8h= −25.2% APRpaid last 24h −0.077%

Price spread now: Bybit against GMX+0.197%51s7-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 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

The price spread pays, funding is against you. Bybit is 0.197% dearer against GMX than usual: you sell high and buy low (spread +0.197% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.8 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SYRUP/USD [ETH-USDC]	0.2299	L +0.0331% / S −0.1447%	pay 0.0041% / 1h	36m 36s	$3K	—	50x
Short	Bybit SYRUPUSDT	0.2303	0.0100	get 0.0050% / 4h	2h 36m	$2.3M	$1.8M	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 +0.197%Rate

Funding earned: −$48.42
Price spread: +0.197% → 0.000%: $19.7
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.71
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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, 5 min ago	2.17 bp	48.7 bp −$49	183.2 bp −$1,832	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.

SYRUP on 16 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
BloFin SYRUP-USDT	+0.0060%	4h	0.2301	+0.071%	$469K	$132K	50x	as long as short
Lighter SYRUP	+0.0096%	1h	0.2306	+0.323%	$209K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2301	+0.110%	$11K	$60K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2301	+0.110%	$9.7M	$6.2M	25x	as long as short
Bybit SYRUPUSDTshort	+0.0100%	4h	0.2303	+0.197%	$2.3M	$1.8M	25x
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2301	+0.088%	$1.2M	$963K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2298	−0.020%	$430K	$65K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2303	+0.175%	$3.1M	$566K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2309	+0.436%	$2.0M	$107K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2304	+0.219%	$672K	$410K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SYRUP-USDT	+0.0100%	4h	0.2302	+0.149%	—	$6.5M	—	as long as short
Variational Omni SYRUP	+0.0100%	4h	0.2303	+0.178%	$165K	$48K	—	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2301	+0.084%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]long	L +0.0331% / S −0.1447%	1h	0.2299	long leg	$3K	—	50x
Kraken Futures PF_SYRUPUSD	+0.0981%	1h	0.2304	+0.207%	$41K	$24K	10x	as long as short
Hyperliquid SYRUP	+0.1319%	1h	0.2307	+0.358%	$5.7M	$1.3M	3x	as long as short