Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.061%

Price spread now: Bybit against GMX+0.018%7-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 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WTIOIL/USD [ETH-USDC]	89.965	L +0.0134% / S +0.0045%	pay 0.0017% / 1h	11m 15s	$71K	—	111x
Short	Bybit CLUSDT	89.981	0	get 0.0000% / 8h	4h 11m	$29.4M	$114.5M	150x

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 +0.018%Rate

Funding earned: −$28.15
Price spread: +0.018% → 0.000%: $1.78
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$49.37
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	0.56 bp	6.4 bp −$6	9.4 bp −$94	23.8 bp −$2,384	151.1 bp −$75.6K

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.

CL on 36 exchanges

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_WTIOILUSD	−0.0231%	1h	89.969	+0.005%	$309K	$2.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0140%	4h	90.056	+0.101%	$67K	$662K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0107%	1h	89.930	−0.039%	$3.4M	$6.9M	20x	as long as short
Aftermath Perps WTIUSD	−0.0106%	1h	90.040	+0.084%	$1K	$26K	5x	as long as short
Bitget CLUSDT	−0.0098%	4h	89.948	−0.019%	$40.8M	$60.8M	100x	as long as short
tradeXYZ xyz:CL	−0.0084%	1h	89.947	−0.020%	$169.8M	$259.0M	20x	as long as short
Aster CLUSD1	−0.0072%	4h	90.000	+0.039%	$24.4M	$74.9M	20x	as long as short
Extended WTI-USD	−0.0072%	1h	89.950	−0.017%	$1.2M	$14.3M	10x	as long as short
Gate CL_USDT	−0.0059%	8h	89.910	−0.061%	$24.1M	$58.4M	100x	as long as short
Nado WTI-PERP	−0.0057%	1h	90.018	+0.059%	$888K	$708K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CLUSDT	−0.0039%	4h	89.972	+0.007%	$246.2M	$1.26B	100x	as long as short
edgeX CLUSDC	−0.0032%	4h	90.005	+0.044%	$503K	$355K	30x	as long as short
Variational Omni CL	−0.0027%	4h	90.049	+0.094%	$12.6M	$11.4M	—	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0024%	1h	89.910	−0.061%	$442K	$1.9M	15x	as long as short
QFEX CL-USD	−0.0017%	1h	89.960	−0.006%	$2.3M	$3.2M	10x	as long as short
OKX CL-USDT-SWAP	−0.0011%	4h	89.970	+0.006%	$40.3M	$142.3M	50x	as long as short
Phoenix WTIOIL	−0.0009%	1h	89.980	+0.017%	$33K	$38K	20x	as long as short
Lighter WTI	−0.0008%	1h	89.935	−0.033%	$10.5M	$11.4M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.552	−0.459%	$609	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.026	+0.067%	$9K	$4K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	89.981	+0.018%	$29.4M	$114.5M	150x
RISEx CL/USDC	0.0000%	1h	90.058	+0.103%	$2.8M	$3.1M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.951	−0.016%	$18K	$231K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.950	−0.017%	$38K	$626K	15x	as long as short
Paradex CL-USD-PERP	+0.0016%	8h	89.953	−0.013%	$15K	$458	5x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	90.137	+0.191%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.100	+0.150%	$695K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.970	+0.006%	—	$320K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.969	+0.004%	$1.7M	$1.6M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.950	−0.017%	$2.0M	$92K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.970	+0.006%	$313K	$766K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.961	−0.004%	$6.8M	$3.3M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.150	+0.206%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.925	−0.045%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]long	L +0.0134% / S +0.0045%	1h	89.965	long leg	$71K	—	111x
BloFin CL-USDT	+0.0225%	4h	89.980	+0.017%	$3.9M	$1.0M	50x	as long as short