Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.088%

Price spread now: GMX against Bybit+0.253%7-day average — · you sell dearer than you buy

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)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. GMX is 0.253% dearer against Bybit than usual: you sell high and buy low (spread +0.253% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.04104	0.0100	pay 0.0050% / 4h	1h 05m	$5.9M	$4.5M	50x
Short	GMX S/USD [WBTC.b-USDC]	0.04114	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	5m 59s	$1K	—	100x

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 +0.253%Rate

Funding earned: −$62.59
Price spread: +0.253% → 0.000%: $25.34
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$60.25
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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, 2 min ago	4.88 bp	25.6 bp −$26	67.9 bp −$679	doesn't fit	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.

S on 25 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
01 Exchange SUSD	−1.1632%	1h	0.03970	−3.265%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1672%	1h	0.04108	+0.107%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.998%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04114	+0.253%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04109	+0.128%	$4	—	15x	as long as short
Variational Omni S	−0.0073%	4h	0.04105	+0.029%	$637K	$31K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04114	+0.242%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.097%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04113	+0.219%	$102K	$319K	10x	as long as short
Lighter S	+0.0096%	1h	0.04117	+0.317%	$172K	$157K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04114	+0.249%	$1.0M	$556K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04113	+0.208%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04109	+0.127%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04104	long leg	$5.9M	$4.5M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04108	+0.097%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04109	+0.122%	$338K	$201K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04113	+0.219%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04110	+0.146%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04114	+0.244%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04112	+0.195%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04100	−0.097%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04109	+0.132%	$231K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0236%	1h	0.04116	+0.292%	$69K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04104	0.000%	$282K	$101K	75x	as long as short
Backpack S_USDC_PERP	+0.1515%	1h	0.04120	+0.390%	$122K	$374K	5x	as long as short