Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2722%/8h= +298.1% APRpaid last 24h +0.843%

Price spread now: Bybit against GMX−0.041%51s7-day average — · 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 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.041% cheaper against GMX than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 1 hour of funding at the current rate (+$82 a day). 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	GMX MNT/USD [ETH-USDC]	0.6424	L −0.2622% / S +0.0192%	get 0.0328% / 1h	35m 26s	$19	—	100x
Short	Bybit MNTUSDT	0.6421	0.0100	get 0.0100% / 8h	7h 35m	$42.3M	$15.2M	25x

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

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 GMXbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $571.65
Price spread: −0.041% → 0.000%: −$4.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $544.57
Costs to cover: 0.230%
Break-even: 0.3 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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, 3 min ago	1.56 bp	21.4 bp −$21	82.1 bp −$821	doesn't fit	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.

MNT on 15 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 MNT/USD [ETH-USDC]long	L −0.2622% / S +0.0192%	1h	0.6424	long leg	$19	—	100x
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6424	+0.003%	$771	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.592%	$3K	$210K	12x	as long as short
Lighter MNT	+0.0096%	1h	0.6437	+0.204%	$144K	$90K	5x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6429	+0.088%	$6.4M	$915K	5x	as long as short
Bybit MNTUSDTshort	+0.0100%	8h	0.6421	−0.041%	$42.3M	$15.2M	25x
Gate MNT_USDT	+0.0100%	4h	0.6419	−0.073%	$451K	$176K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6422	−0.027%	$2.4M	$104K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6422	−0.027%	—	$2.6M	—	as long as short
Backpack MNT_USDC_PERP	+0.0100%	1h	0.6420	−0.058%	$39K	$61K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNT	+0.0100%	8h	0.6421	−0.035%	$287K	$111K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6428	+0.067%	$11K	$640K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6438	+0.222%	$1K	$74	10x	as long as short
BloFin MNT-USDT	+0.0302%	8h	0.6417	−0.105%	$91K	$188K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.1534%	1h	0.6422	−0.024%	$16K	$40K	20x	as long as short