Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0788%/8h= −86.3% APRpaid last 24h −0.118%

Price spread now: Bybit against GMX+0.256%51s7-day average +0.171% · 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)−0.390%−$39 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.256%, 7d avg +0.171%

Together, before fees−0.460%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.085% dearer against GMX than usual: you sell high and buy low (spread +0.256% now, against its 7-day average of +0.171%): +$8 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 9 hours. 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 XMR/USD [WBTC.b-USDC]	600.95	L +0.0888% / S −0.2391%	pay 0.0111% / 1h	55m 30s	$547K	—	100x
Short	Bybit XMRUSDT	602.49	0.0100	get 0.0100% / 8h	55m 30s	$49.0M	$62.5M	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 +0.256%Rate

Funding earned: −$165.48
Price spread: +0.256% → +0.171%: $8.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$180
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	0.08 bp	13.9 bp −$14	23.0 bp −$230	88.7 bp −$8,865	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.

XMR on 31 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
gTrade (Gains Network) XMR/USD	L +0.0010% / S −0.0009%	1h	601.16	+0.034%	$45K	—	150x	as long as short
Bybit XMRUSDTshort	+0.0100%	8h	602.49	+0.256%	$49.0M	$62.5M	75x
edgeX XMRUSDC	+0.0100%	4h	600.58	−0.062%	$1.1M	$664K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	601.44	+0.081%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0160%	1h	601.89	+0.155%	$12K	—	3x	as long as short
Lighter XMR	+0.0288%	1h	601.98	+0.171%	$3.4M	$6.9M	10x	as long as short
MEXC XMR_USDT	+0.0326%	8h	602.04	+0.181%	$22.5M	$14.9M	100x	as long as short
Binance XMRUSDT	+0.0327%	8h	602.14	+0.197%	$55.1M	$163.7M	75x	as long as short
Variational Omni XMR	+0.0347%	8h	599.64	−0.218%	$6.9M	$2.5M	—	as long as short
BingX XMR-USDT	+0.0401%	8h	602.13	+0.196%	—	$5.7M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XMRUSDT	+0.0427%	8h	602.20	+0.207%	$10.1M	$14.3M	50x	as long as short
Kraken Futures PF_XMRUSD	+0.0457%	1h	601.20	+0.041%	$5.7M	$20.5M	50x	as long as short
BloFin XMR-USDT	+0.0460%	8h	600.02	−0.155%	$2.8M	$11.6M	75x	as long as short
Gate XMR_USDT	+0.0546%	8h	601.52	+0.094%	$1.7M	$4.6M	50x	as long as short
Pacifica XMR	+0.0565%	1h	602.15	+0.199%	$283K	$1.0M	10x	as long as short
KuCoin XMRUSDTM	+0.0582%	8h	601.76	+0.134%	$49.2M	$25.9M	50x	as long as short
Aster XMRUSDT	+0.0585%	8h	602.00	+0.174%	$694K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0610%	8h	601.80	+0.141%	$351K	$797K	10x	as long as short
Backpack XMR_USDC_PERP	+0.0723%	1h	601.64	+0.114%	$205K	$575K	20x	as long as short
Polymarket Perps XMR-USD	+0.0746%	1h	602.18	+0.204%	$23K	$1.8M	5x	as long as short
SoDEX XMR-USD	+0.0773%	1h	602.06	+0.184%	$458K	$3K	5x	as long as short
Paradex XMR-USD-PERP	+0.0873%	8h	601.95	+0.167%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]long	L +0.0888% / S −0.2391%	1h	600.95	long leg	$547K	—	100x
Orderly PERP_XMR_USDC	+0.0958%	8h	601.74	+0.131%	$44K	$729K	10x	as long as short
Nado XMR-PERP	+0.1140%	1h	602.20	+0.207%	$1.3M	$475K	10x	as long as short
Injective XMR/USDC PERP	+0.1312%	1h	596.76	−0.698%	$3K	$6K	12x	as long as short
Hyperliquid XMR	+0.1662%	1h	602.49	+0.256%	$90.7M	$69.9M	5x	as long as short
Extended XMR-USD	+0.1808%	1h	602.02	+0.178%	$3.2M	$6.9M	25x	as long as short
HTX XMR-USDT	+0.1957%	8h	599.37	−0.263%	$1.1M	$1.5M	20x	as long as short
Aftermath Perps XMRUSD	+0.2328%	1h	599.96	−0.164%	$2K	$47K	10x	as long as short
dYdX XMR-USD	+0.2990%	1h	600.61	−0.057%	$109K	$50K	5x	as long as short