Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.059%

Price spread now: GMX against Bybit−0.111%51s7-day average +0.046% · 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 3 days (all we have)−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.175%+$17 · spread now −0.111%, 7d avg +0.046%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.157% cheaper against Bybit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.046%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.859	0.0100	pay 0.0100% / 8h	19m 31s	$83.2M	$73.2M	75x
Short	GMX LINK/USD [LINK-USDC]	12.845	L −0.0087% / S +0.0165%	pay 0.0021% / 1h	19m 31s	$1.7M	—	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 −0.111%Rate

Funding earned: −$55.7
Price spread: −0.111% → +0.046%: −$15.73
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$94.43
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	0.39 bp	8.3 bp −$8	13.9 bp −$139	36.1 bp −$3,607	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.

LINK on 40 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
GMX LINK/USD [LINK-USDC]short	L −0.0087% / S +0.0165%	1h	12.845	−0.111%	$1.7M	—	200x
Orderly PERP_LINK_USDC	−0.0084%	8h	12.834	−0.194%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.848	−0.087%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.866	+0.054%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.569%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.842	−0.128%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.849	−0.079%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.858	−0.011%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.861	+0.012%	$346K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.877	+0.140%	$80.4M	$28.1M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.866	+0.052%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.851	−0.062%	$273K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.868	+0.069%	$119.0M	$299.3M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.859	long leg	$83.2M	$73.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.866	+0.054%	$27.0M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.877	+0.140%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.850	−0.070%	$132.2M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.868	+0.070%	$34.6M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.865	+0.047%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.863	+0.031%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.863	+0.031%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.854	−0.039%	$334K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.823	−0.278%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.838	−0.162%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.830	−0.225%	$575K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	−0.109%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.870	+0.086%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	−0.201%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.861	+0.016%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.846	−0.101%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.821	−0.297%	$626K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.849	−0.075%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.853	−0.046%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.846	−0.101%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.210%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.838	−0.163%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0272%	1h	12.852	−0.058%	$804K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.863	+0.032%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0549%	8h	12.860	+0.008%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0657%	1h	12.851	−0.059%	$342K	$45K	10x	as long as short