Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0165%/8h= +18.0% APRpaid last 24h +0.042%

Price spread now: GMX against BloFin−0.138%51s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin 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

Funding pays, the price is against you. GMX is 0.138% cheaper against BloFin than usual: you would sell low and buy high (spread −0.138% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 2.8 days of funding at the current rate (+$5 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	BloFin SKY-USDT	0.06888	0.0083	pay 0.0042% / 4h	40m 09s	$583K	$29K	75x
Short	GMX SKY/USD [ETH-USDC]	0.06878	L +0.0523% / S −0.0248%	get 0.0031% / 1h	40m 09s	$81K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.138%Rate

Funding earned: $34.55
Price spread: −0.138% → 0.000%: −$13.79
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$3.24
Costs to cover: 0.240%
Break-even: 7.7 days

Slippage unknown: BloFin: live order book, 61 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 BloFin live order book, 61 min ago	2.89 bp	14.0 bp −$14	34.9 bp −$349	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.

SKY on 18 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
Variational Omni SKY	−0.0185%	4h	0.06865	−0.338%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.073%	$376	$303K	12x	as long as short
BloFin SKY-USDTlong	+0.0083%	4h	0.06888	long leg	$583K	$29K	75x
Lighter SKY	+0.0096%	1h	0.06879	−0.136%	$179K	$177K	10x	as long as short
Nado SKY-PERP	+0.0098%	1h	0.06881	−0.102%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06882	−0.092%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06877	−0.161%	$15.7M	$10.9M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06870	−0.261%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06873	−0.218%	$822K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06874	−0.203%	$597K	$271K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06880	−0.116%	$1.0M	$262K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06880	−0.116%	$405K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06880	−0.116%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06877	−0.160%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06875	−0.189%	$27K	$661K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06882	−0.091%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0344%	1h	0.06889	+0.016%	$2.8M	$929K	3x	as long as short
GMX SKY/USD [ETH-USDC]short	L +0.0523% / S −0.0248%	1h	0.06878	−0.138%	$81K	—	50x