Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.152%

Price spread now: Bybit against GMX−0.080%7-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

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.080% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.06777	L +0.0518% / S −0.0249%	pay 0.0065% / 1h	45m 04s	$80K	—	50x
Short	Bybit SKYUSDT	0.06772	0.0004	get 0.0002% / 4h	2h 45m	$7.0M	$3.3M	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 −0.080%Rate

Funding earned: −$107.91
Price spread: −0.080% → 0.000%: −$7.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$138.88
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 6 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, 6 min ago	2.95 bp	31.8 bp −$32	210.3 bp −$2,103	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.

SKY on 18 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
Variational Omni SKY	−0.0088%	4h	0.06774	−0.049%	$181K	$94K	—	as long as short
Bybit SKYUSDTshort	+0.0004%	4h	0.06772	−0.080%	$7.0M	$3.3M	25x
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+1.706%	$376	$303K	12x	as long as short
BloFin SKY-USDT	+0.0059%	4h	0.06761	−0.242%	$574K	$32K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06777	−0.004%	$178K	$106K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06777	−0.006%	$68K	$35K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06782	+0.067%	$42K	$41K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06777	−0.013%	$15.1M	$11.2M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06772	−0.080%	$789K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06772	−0.080%	$574K	$284K	50x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06777	−0.006%	$998K	$259K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06781	+0.053%	$401K	$279K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06780	+0.038%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06775	−0.035%	—	$2.5M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06784	+0.097%	$35K	$651K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06776	−0.018%	$1K	$4K	10x	as long as short
Hyperliquid SKY	+0.0518%	1h	0.06792	+0.217%	$2.8M	$826K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0518% / S −0.0249%	1h	0.06777	long leg	$80K	—	50x