Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0434%/8h= −47.5% APRpaid last 24h −0.119%

Price spread now: Gate against GMX−0.026%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 Gate

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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Gate is 0.026% cheaper against GMX than usual: you would sell low and buy high (−$3 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]	0.07197	L +0.0534% / S −0.0248%	pay 0.0067% / 1h	4m 50s	$85K	—	50x
Short	Gate SKY_USDT	0.07195	0.0100	get 0.0050% / 4h	2h 04m	$618K	$254K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.026%Rate

Funding earned: −$91.11
Price spread: −0.026% → 0.000%: −$2.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$120.75
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 16 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 Gate live order book, 16 min ago	8.34 bp	105.6 bp −$106	doesn't fit	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 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	−0.0521%	4h	0.07189	−0.107%	$207K	$94K	—	as long as short
Bybit SKYUSDT	−0.0105%	4h	0.07186	−0.151%	$7.9M	$3.4M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07197	+0.001%	$393	$260K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.07195	−0.022%	$189K	$163K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.07196	−0.006%	$71K	$26K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07201	+0.051%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07193	−0.054%	$16.6M	$9.5M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07188	−0.124%	$870K	$1.3M	20x	as long as short
Gate SKY_USDTshort	+0.0100%	4h	0.07195	−0.026%	$618K	$254K	50x
MEXC SKY_USDT	+0.0100%	4h	0.07194	−0.040%	$1.1M	$284K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07184	−0.179%	$442K	$287K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07193	−0.054%	$3.0M	$2.0M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07190	−0.096%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07203	+0.085%	$20K	$689K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07201	+0.053%	$698	$2K	10x	as long as short
BloFin SKY-USDT	+0.0101%	4h	0.07199	+0.029%	$607K	$609K	75x	as long as short
Hyperliquid SKY	+0.0353%	1h	0.07204	+0.103%	$3.0M	$905K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0534% / S −0.0248%	1h	0.07197	long leg	$85K	—	50x