Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.038%

Price spread now: GMX against KuCoin+0.103%7-day average — · you sell dearer than you buy

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

Long on KuCoin 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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.103% dearer against KuCoin than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SKYUSDTM	0.06874	0.0100	pay 0.0050% / 4h	3h 44m	$404K	$291K	50x
Short	GMX SKY/USD [ETH-USDC]	0.06881	L +0.0522% / S −0.0248%	get 0.0031% / 1h	44m 42s	$82K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now +0.103%Rate

Funding earned: $31.01
Price spread: +0.103% → 0.000%: $10.33
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $17.34
Costs to cover: 0.240%
Break-even: 3.1 days

Slippage unknown: KuCoin: live order book, 28 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 KuCoin live order book, 28 min ago	21.11 bp	183.5 bp −$183	246.0 bp −$2,460	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
Injective SKY/USDC PERP	−0.0269%	1h	0.06893	+0.276%	$376	$303K	12x	as long as short
Variational Omni SKY	−0.0092%	4h	0.06879	+0.077%	$184K	$113K	—	as long as short
Lighter SKY	+0.0096%	1h	0.06884	+0.144%	$179K	$139K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06883	+0.135%	$76K	$31K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06891	+0.247%	$2.8M	$914K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06885	+0.166%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06885	+0.165%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06878	+0.058%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06875	+0.015%	$813K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06880	+0.087%	$595K	$269K	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	0.06884	+0.145%	$1.0M	$264K	100x	as long as short
KuCoin SKYUSDTMlong	+0.0100%	4h	0.06874	long leg	$404K	$291K	50x
Bitget SKYUSDT	+0.0100%	4h	0.06883	+0.131%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06881	+0.102%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06889	+0.218%	$27K	$652K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06885	+0.164%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0121%	4h	0.06890	+0.233%	$583K	$29K	75x	as long as short
GMX SKY/USD [ETH-USDC]short	L +0.0522% / S −0.0248%	1h	0.06881	+0.103%	$82K	—	50x