Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0423%/8h= −46.4% APRpaid last 24h −0.115%

Price spread now: Orderly against GMX+0.061%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

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. Orderly is 0.061% dearer against GMX than usual: you sell high and buy low (spread +0.061% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.06882	L +0.0523% / S −0.0248%	pay 0.0065% / 1h	49m 02s	$82K	—	50x
Short	Orderly PERP_SKY_USDC_mythos	0.06886	0.0100	get 0.0050% / 4h	2h 49m	$1K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.061%Rate

Funding earned: −$88.92
Price spread: +0.061% → 0.000%: $6.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$100.82
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.167%	$376	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06882	+0.013%	$179K	$118K	10x	as long as short
Variational Omni SKY	+0.0098%	4h	0.06879	−0.032%	$183K	$113K	—	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06880	−0.025%	$75K	$32K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06893	+0.173%	$2.8M	$908K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06885	+0.048%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06883	+0.022%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06881	−0.007%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06878	−0.051%	$817K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06876	−0.080%	$584K	$286K	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	0.06881	−0.007%	$1.0M	$261K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06885	+0.051%	$404K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06880	−0.022%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06883	+0.022%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06887	+0.080%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythosshort	+0.0100%	4h	0.06886	+0.061%	$1K	$3K	10x
BloFin SKY-USDT	+0.0127%	4h	0.06883	+0.022%	$583K	$29K	75x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0523% / S −0.0248%	1h	0.06882	long leg	$82K	—	50x