Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.070%

Price spread now: Bybit against GMX+0.311%7-day average −0.073% · 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)−0.195%−$19 on $10k

Price spread, last 3 days (all we have)−0.524%−$52 · spread now +0.311%, 7d avg −0.073%

Together, before fees−0.719%−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.384% dearer against GMX than usual: you sell high and buy low (spread +0.311% now, against its 7-day average of −0.073%): +$38 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ARB/USD [ARB-USDC]	0.2222	L +0.0273% / S −0.0155%	pay 0.0034% / 1h	56m 37s	$828K	—	150x
Short	Bybit ARBUSDT	0.2229	−0.0054	pay 0.0054% / 8h	5h 56m	$56.7M	$127.2M	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

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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 +0.311%Rate

Funding earned: −$68.67
Price spread: +0.311% → −0.073%: $38.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.28
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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, 2 min ago	0.22 bp	11.1 bp −$11	31.8 bp −$318	61.6 bp −$6,161	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.

ARB on 35 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
Injective ARB/USDC PERP	−0.1577%	1h	0.2218	−0.193%	$40K	$372K	12x	as long as short
Polymarket Perps ARB-USD	−0.0335%	1h	0.2219	−0.161%	$86K	$2.1M	10x	as long as short
Variational Omni ARB	−0.0151%	8h	0.2224	+0.058%	$1.9M	$2.9M	—	as long as short
OKX ARB-USDT-SWAP	−0.0138%	8h	0.2229	+0.316%	$22.4M	$154.1M	50x	as long as short
MEXC ARB_USDT	−0.0138%	8h	0.2230	+0.329%	$38.9M	$58.9M	200x	as long as short
01 Exchange ARBUSD	−0.0136%	1h	0.2230	+0.334%	$7K	$2K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0110%	1h	0.2221	−0.035%	$24K	$34K	25x	as long as short
Kraken Futures PF_ARBUSD	−0.0098%	1h	0.2222	−0.023%	$1.1M	$4.6M	50x	as long as short
SoDEX ARB-USD	−0.0094%	1h	0.2221	−0.067%	$10K	$2.4M	5x	as long as short
Orderly PERP_ARB_USDC	−0.0070%	8h	0.2222	−0.013%	$13K	$382K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ARB_USDT	−0.0054%	8h	0.2230	+0.343%	$5.4M	$18.9M	60x	as long as short
Bybit ARBUSDTshort	−0.0054%	8h	0.2229	+0.311%	$56.7M	$127.2M	50x
dYdX ARB-USD	0.0000%	1h	0.2227	+0.231%	$66K	$5K	10x	as long as short
Binance ARBUSDT	+0.0002%	8h	0.2228	+0.254%	$64.9M	$311.5M	75x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0012%	1h	0.2222	−0.008%	$10K	—	150x	as long as short
Extended ARB-USD	+0.0008%	1h	0.2229	+0.302%	$353K	$2.5M	25x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2223	+0.010%	$141K	$7K	3x	as long as short
Lighter ARB	+0.0096%	1h	0.2227	+0.217%	$1.2M	$6.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2226	+0.185%	$38.7M	$51.4M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2225	+0.139%	$661K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2228	+0.271%	$42K	$179K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2226	+0.172%	$19.6M	$15.6M	75x	as long as short
Bitget ARBUSDT	+0.0100%	8h	0.2229	+0.302%	$21.3M	$35.4M	50x	as long as short
BingX ARB-USDC	+0.0100%	8h	0.2228	+0.266%	—	$6.5M	—	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2223	+0.051%	$40K	$464K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2229	+0.308%	$482K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2228	+0.257%	$120K	$285K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2223	+0.032%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2221	−0.044%	$298K	$973K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2220	−0.103%	$5.0M	$13.0M	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0224%	1h	0.2227	+0.212%	$509K	$2.1M	50x	as long as short
RISEx ARB/USDC	+0.0232%	1h	0.2231	+0.401%	$491K	$2.7M	10x	as long as short
GMX ARB/USD [ARB-USDC]long	L +0.0273% / S −0.0155%	1h	0.2222	long leg	$828K	—	150x
Reya ARBRUSDPERP	+0.0290%	1h	0.2218	−0.176%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERP	+0.0386%	1h	0.2225	+0.104%	$1.0M	$2.8M	20x	as long as short