Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.002%

Price spread now: Bybit against GMX−0.005%7-day average +0.004% · 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)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.223%+$22 · spread now −0.005%, 7d avg +0.004%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.019% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BRENTOIL/USD [ETH-USDC]	97.295	L +0.0328% / S −0.2771%	pay 0.0041% / 1h	47m 06s	$115K	—	111x
Short	Bybit BZUSDT	97.290	0	get 0.0000% / 8h	7h 47m	$10.3M	$13.3M	100x

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 −0.005%Rate

Funding earned: −$68.84
Price spread: −0.005% → +0.004%: −$0.96
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$92.8
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 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, 1 min ago	0.51 bp	7.6 bp −$8	11.3 bp −$113	74.2 bp −$7,417	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.

BZ 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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0264%	1h	97.290	−0.005%	$100K	$259K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−0.979%	$8K	$7K	30x	as long as short
Ondo Perps BRENT-USD.P	−0.0078%	1h	97.230	−0.067%	$3.1M	$990K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.190%	$237K	$402K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	97.283	−0.013%	$2.4M	$1.7M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0034%	4h	97.302	+0.007%	$14K	$332K	25x	as long as short
Hotstuff BRENTOIL-PERP	−0.0024%	1h	97.320	+0.026%	$34K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	97.311	+0.016%	$82K	$200K	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.331	+0.037%	$338K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.310	+0.015%	$148.7M	$352.6M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BZUSDTshort	0.0000%	8h	97.290	−0.005%	$10.3M	$13.3M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.270	−0.026%	$16.1M	$19.8M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	97.260	−0.036%	$9.2M	$10.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.300	+0.005%	$27.9M	$18.7M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.269	−0.027%	$9.4M	$6.2M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.300	+0.005%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.270	−0.026%	$279K	$251K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.440	+0.149%	$1.2M	$85K	100x	as long as short
edgeX BZUSDC	+0.0009%	4h	97.270	−0.025%	$223K	$229K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.27	+4.086%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.852	+0.572%	—	—	—	as long as short
BloFin BZ-USDT	+0.0028%	4h	97.270	−0.026%	$1.5M	$99K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.300	+0.005%	$3.3M	$4.1M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.327	+0.033%	$747K	$2.8M	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	97.316	+0.022%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.340	+0.046%	$155.3M	$115.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.310	+0.015%	$1.6M	$370K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0076%	1h	97.329	+0.035%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.280	−0.015%	$3.8M	$798K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.330	+0.036%	$26K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0328% / S −0.2771%	1h	97.295	long leg	$115K	—	111x