Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0651%/8h= −71.2% APRpaid last 24h −0.181%

Price spread now: GMX against Bybit+0.157%7-day average +0.102% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.485%−$49 on $10k

Price spread, last 3 days (all we have)+0.413%+$41 · spread now +0.157%, 7d avg +0.102%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.055% dearer against Bybit than usual: you sell high and buy low (spread +0.157% now, against its 7-day average of +0.102%): +$5 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ARUSDT	4.4558	0.0100	pay 0.0100% / 8h	2h 07m	$4.6M	$9.0M	75x
Short	GMX AR/USD [WBTC.b-USDC]	4.4628	L −0.0140% / S +0.0551%	pay 0.0069% / 1h	7m 09s	$573K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee GMXbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$136.63
Price spread: +0.157% → +0.102%: $5.49
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$154.14
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.12 bp	45.0 bp −$45	158.3 bp −$1,583	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.

AR on 17 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
Kraken Futures PF_ARUSD	−0.2012%	1h	4.4591	+0.074%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]short	L −0.0140% / S +0.0551%	1h	4.4628	+0.157%	$573K	—	50x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.608%	$3K	$363	5.5x	as long as short
Hyperliquid AR	+0.0100%	1h	4.4657	+0.222%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4646	+0.197%	$20K	$621K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4582	+0.054%	$8.7M	$55.9M	75x	as long as short
Bybit ARUSDTlong	+0.0100%	8h	4.4558	long leg	$4.6M	$9.0M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.4550	−0.018%	$2.2M	$20.5M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4600	+0.094%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4600	+0.094%	$6.8M	$4.8M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4630	+0.162%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4550	−0.018%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4570	+0.027%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4619	+0.137%	$135K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4610	+0.117%	$56K	$748K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4607	+0.109%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4600	+0.094%	$419K	$666K	20x	as long as short