Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0651%/8h= −71.3% APRpaid last 24h −0.181%

Price spread now: GMX against Bybit+0.024%7-day average +0.095% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.543%−$54 on $10k

Price spread, last 4 days (all we have)+0.414%+$41 · spread now +0.024%, 7d avg +0.095%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.071% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ARUSDT	4.3874	0.0100	pay 0.0100% / 8h	3h 23m	$4.5M	$8.5M	75x
Short	GMX AR/USD [WBTC.b-USDC]	4.3885	L −0.0141% / S +0.0551%	pay 0.0069% / 1h	23m 43s	$564K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$136.73
Price spread: +0.024% → +0.095%: −$7.1
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$166.83
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; GMX: no order-book sample. 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 Bybit live order book, 4 min ago	1.14 bp	18.8 bp −$19	104.8 bp −$1,048	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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.

AR on 17 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
Kraken Futures PF_ARUSD	−0.1230%	1h	4.3848	−0.060%	$59K	$143K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0141% / S +0.0551%	1h	4.3885	+0.024%	$564K	—	50x
Aster ARUSDT	+0.0100%	8h	4.3874	−0.001%	$30K	$467K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.3876	+0.004%	$8.6M	$50.6M	75x	as long as short
Bybit ARUSDTlong	+0.0100%	8h	4.3874	long leg	$4.5M	$8.5M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.3870	−0.009%	$2.2M	$17.5M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.3900	+0.059%	$2.5M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.3870	−0.009%	$6.0M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.3900	+0.059%	$1.1M	$1.3M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.3880	+0.014%	$3.8M	$5.2M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDT	+0.0100%	8h	4.3890	+0.036%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.3942	+0.155%	$233K	$414K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.3910	+0.082%	$19K	$714K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.3857	−0.038%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.3850	−0.055%	$411K	$467K	20x	as long as short
Hyperliquid AR	+0.0339%	1h	4.3922	+0.109%	$3.7M	$4.4M	5x	as long as short
Injective AR/USDC PERP	+0.0433%	1h	4.4240	+0.834%	$2K	$5K	5.5x	as long as short