Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0469%/8h= +51.3% APRpaid last 24h +3.790%

Price spread now: Bybit against GMX−0.231%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 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

Funding pays, the price is against you. Bybit is 0.231% cheaper against GMX than usual: you would sell low and buy high (spread −0.231% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 39 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WIF/USD [WBTC.b-USDC]	0.2496	L −0.0369% / S +0.0314%	get 0.0046% / 1h	39m 22s	$19K	—	100x
Short	Bybit WIFUSDT	0.2490	0.0100	get 0.0050% / 4h	3h 39m	$17.4M	$55.8M	50x

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 −0.231%Rate

Funding earned: $98.45
Price spread: −0.231% → 0.000%: −$23.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $52.37
Costs to cover: 0.230%
Break-even: 3.3 days

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	2.00 bp	10.9 bp −$11	25.5 bp −$255	90.4 bp −$9,038	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.

WIF on 32 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
Gate WIF_USDT	−0.0484%	4h	0.2494	−0.071%	$1.4M	$11.4M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]long	L −0.0369% / S +0.0314%	1h	0.2496	long leg	$19K	—	100x
BloFin WIF-USDT	−0.0140%	4h	0.2494	−0.071%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2499	+0.130%	$14K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2491	−0.191%	$33K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2491	−0.174%	$4K	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2492	−0.159%	$144K	$826K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2499	+0.130%	$54K	$580K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2490	−0.231%	$6K	$1.1M	10x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2498	+0.090%	$10.0M	$9.1M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2498	+0.081%	$40K	$411K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2498	+0.087%	$77K	$88K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2492	−0.141%	$19.7M	$165.8M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2490	−0.231%	$17.4M	$55.8M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2488	−0.311%	$5.8M	$48.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2497	+0.050%	$24.4M	$15.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2496	+0.010%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2489	−0.271%	$7.6M	$18.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2493	−0.111%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2492	−0.167%	$85K	$334K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2493	−0.107%	$76K	$366K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2494	−0.071%	$281K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2497	+0.050%	$35K	$652K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2487	−0.351%	$1K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2490	−0.247%	$576	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2486	−0.391%	$153K	$945K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2488	−0.317%	$12K	$216K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2489	−0.267%	$83K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2502	+0.250%	$341K	$3.8M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	+0.530%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2497	+0.054%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0743%	1h	0.2491	−0.210%	$640K	$3.0M	50x	as long as short