Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.019%

Price spread now: Bybit against GMX−0.013%7-day average −0.042% · 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 3 days (all we have)−0.080%−$8 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.013%, 7d avg −0.042%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.029% dearer against GMX than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.042%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,573	L +0.0180% / S −0.0209%	pay 0.0023% / 1h	4m 13s	$15.0M	—	200x
Short	Bybit BTCUSDT	86,561.8	0.0083	get 0.0083% / 8h	2h 04m	$5.27B	$9.73B	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

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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 −0.013%Rate

Funding earned: −$20.32
Price spread: −0.013% → −0.042%: $2.91
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.42
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.8 bp −$584	7.4 bp −$3,698

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.

BTC on 56 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
Aftermath Perps BTCUSD	−0.0255%	1h	86,618	+0.052%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,582.2	+0.011%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.022%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.024%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	+0.021%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,534.8	−0.044%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	+0.008%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,586.7	+0.016%	$927.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	+0.009%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,545.8	−0.031%	$850.6M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.019%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,554.6	−0.021%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,559.8	−0.015%	$149.5M	$472.1M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,552.1	−0.024%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.228%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,553	−0.023%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,558.8	−0.016%	$5.18B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558	−0.017%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	+0.015%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,556.3	−0.019%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDTshort	+0.0083%	8h	86,561.8	−0.013%	$5.27B	$9.73B	150x
Lighter BTC	+0.0096%	1h	86,560	−0.015%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573	0.000%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	−0.015%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,567.7	−0.006%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.028%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	+0.044%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.5	−0.017%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,631	+0.067%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	+0.024%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	+0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.070%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.126%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	−0.012%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.031%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.056%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.047%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.024%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.020%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.3	+0.045%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.015%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559	−0.016%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,564.2	−0.010%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,579.4	+0.007%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,557.6	−0.018%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	−0.012%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,549	−0.028%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.2	−0.023%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,538.5	−0.040%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	+0.014%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,584.8	+0.014%	$186.9M	$934.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,598	+0.029%	$131.8M	$5.82B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,597	+0.028%	$9.5M	$727.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	+0.025%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	−0.017%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0180% / S −0.0209%	1h	86,573	long leg	$15.0M	—	200x