Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 13:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.031%

Price spread now: GMX against Bybit−0.019%7-day average +0.024% · you buy dearer than you sell

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 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.019%, 7d avg +0.024%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GMX is 0.043% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,747	0.0050	pay 0.0050% / 8h	3h 23m	$2.37B	$3.71B	150x
Short	GMX ETH/USD [ETH-USDC]	2,746.5	L −0.0009% / S +0.0043%	pay 0.0005% / 1h	23m 59s	$12.2M	—	200x

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 −0.019%Rate

Funding earned: −$19.61
Price spread: −0.019% → +0.024%: −$4.33
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$46.94
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 8 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, 8 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.5 bp −$752	10.1 bp −$5,043
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.

ETH on 54 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
Hibachi ETH/USDT-P	−0.0136%	1h	2,750.8	+0.138%	$231K	$1.1M	20x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0009% / S +0.0043%	1h	2,746.5	−0.019%	$12.2M	—	200x
Phoenix ETH	−0.0009%	1h	2,747.6	+0.022%	$814K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,747	0.000%	$7.3M	$654.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,746.3	−0.027%	$276K	$4.8M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,746.5	−0.020%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,747.1	+0.004%	$181K	$920K	50x	as long as short
Injective ETH/USDC PERP	+0.0033%	1h	2,739.7	−0.266%	$118K	$21.5M	52x	as long as short
Deribit ETH-PERPETUAL	+0.0038%	1h	2,747.4	+0.013%	$267.6M	$175.7M	50x	as long as short
Bybit ETHUSDTlong	+0.0050%	8h	2,747	long leg	$2.37B	$3.71B	150x

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0061%	8h	2,746	−0.036%	$263.1M	$55.7M	150x	as long as short
dYdX ETH-USD	+0.0081%	1h	2,747.1	+0.003%	$15.2M	$41.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0082%	8h	2,746.7	−0.009%	$1.67B	$8.83B	100x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,746.5	−0.019%	$1.66B	$2.32B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.7	−0.119%	$4.9M	$271K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,746.7	−0.012%	$6.43B	$13.28B	150x	as long as short
KuCoin ETHUSDTM	+0.0091%	8h	2,747	−0.001%	$367.0M	$419.3M	100x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,745.5	−0.056%	$1.05B	$933.8M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,747	+0.001%	$113.0M	$379.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.3	+0.046%	$23.8M	$91.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.5	−0.017%	—	$23.2M	500x	as long as short
Bitget ETHUSDT	+0.0099%	8h	2,746.3	−0.027%	$2.11B	$2.22B	150x	as long as short
BingX ETH-USDT	+0.0099%	8h	2,746.9	−0.005%	—	$937.7M	—	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.2	−0.029%	$463K	$3.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746	−0.035%	$14.1M	$92.2M	50x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,747	−0.001%	$253.0M	$678.5M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.1	+0.040%	$32.1M	$319.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.6	+0.095%	$2.8M	$14.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748	+0.037%	$1.5M	$14.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.8	−0.009%	$3.27B	$7.48B	200x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.6	−0.014%	$15.0M	$34.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,749.4	+0.088%	$136.8M	$270.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749.3	+0.085%	$185.0M	$542.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,750.6	+0.132%	$159.9M	$69.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,750.7	+0.134%	$8.2M	$24.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.6	+0.095%	$21.1M	$81.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.9	+0.033%	—	$320K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.1	+0.040%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.1	−0.033%	$179K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.9	−0.004%	$21K	$8K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.5	+0.016%	$40.8M	$23.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.5	−0.017%	$947K	$7.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.1	−0.033%	$61.8M	$121.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.1	−0.031%	$166.7M	$315.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,747.4	+0.016%	$30K	$8K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.2	−0.067%	$30.3M	$61.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,747.6	+0.023%	$48.7M	$3.85B	50x	as long as short
Hyperliquid ETH	+0.0126%	1h	2,749.2	+0.080%	$3.16B	$1.59B	25x	as long as short
Reya ETHRUSDPERP	+0.0131%	1h	2,745.2	−0.064%	$7.3M	$857K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0156%	1h	2,747.1	+0.003%	$82.6M	$253.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,748.2	+0.042%	$32.5M	$9.5M	100x	as long as short
RISEx ETH/USDC	+0.0279%	1h	2,747.5	+0.018%	$5.6M	$10.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0341%	8h	2,750.5	+0.126%	$15.9M	$5.9M	50x	as long as short
BloFin ETH-USDT	+0.0352%	8h	2,747	+0.001%	$285.3M	$141.0M	150x	as long as short