Funding arb · Price arb /

ATOM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.058%

Price spread now: Bybit against GMX−0.172%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 −$3 a day on $10k at the current rate, and Bybit is 0.172% cheaper against GMX than usual: you would sell low and buy high (−$17 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 ATOM/USD [ETH-USDC]	1.7741	L +0.0197% / S −0.1340%	pay 0.0025% / 1h	58m 01s	$2K	—	120x
Short	Bybit ATOMUSDT	1.7710	0.0100	get 0.0100% / 8h	7h 58m	$14.9M	$10.5M	75x

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 −0.172%Rate

Funding earned: −$20.38
Price spread: −0.172% → 0.000%: −$17.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.62
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, just now. 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, just now	2.83 bp	15.2 bp −$15	28.6 bp −$286	96.2 bp −$9,620	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.

ATOM on 25 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_ATOMUSD	−0.0266%	1h	1.7730	−0.058%	$2.9M	$831K	50x	as long as short
Deribit ATOM_USDC-PERPETUAL	−0.0088%	1h	1.7738	−0.015%	$488	$10K	25x	as long as short
dYdX ATOM-USD	0.0000%	1h	1.7737	−0.018%	$62K	$5K	10x	as long as short
gTrade (Gains Network) ATOM/USD	L 0.0000% / S +0.0001%	1h	1.7746	+0.029%	$9K	—	150x	as long as short
Coinbase International ATOM-PERP-INTX	+0.0016%	1h	1.7700	−0.229%	$24K	$4K	25x	as long as short
Phemex ATOMUSDT	+0.0038%	8h	1.7720	−0.116%	$1.5M	$2.0M	50x	as long as short
BloFin ATOM-USDT	+0.0083%	8h	1.7710	−0.172%	$930K	$355K	75x	as long as short
Hyperliquid ATOM	+0.0100%	1h	1.7700	−0.229%	$3.1M	$937K	5x	as long as short
Aster ATOMUSDT	+0.0100%	8h	1.7728	−0.074%	$964K	$146K	20x	as long as short
Binance ATOMUSDT	+0.0100%	8h	1.7730	−0.060%	$21.2M	$32.8M	75x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ATOMUSDTshort	+0.0100%	8h	1.7710	−0.172%	$14.9M	$10.5M	75x
OKX ATOM-USDT-SWAP	+0.0100%	8h	1.7710	−0.172%	$5.0M	$6.1M	50x	as long as short
Gate ATOM_USDT	+0.0100%	8h	1.7720	−0.116%	$2.4M	$778K	75x	as long as short
MEXC ATOM_USDT	+0.0100%	8h	1.7700	−0.229%	$8.2M	$5.2M	200x	as long as short
KuCoin ATOMUSDTM	+0.0100%	8h	1.7720	−0.116%	$1.5M	$718K	50x	as long as short
Bitget ATOMUSDT	+0.0100%	8h	1.7714	−0.150%	$6.6M	$3.2M	75x	as long as short
BingX ATOM-USDT	+0.0100%	8h	1.7700	−0.229%	—	$3.8M	—	as long as short
Variational Omni ATOM	+0.0100%	8h	1.7703	−0.214%	$562K	$84K	—	as long as short
edgeX ATOMUSDC	+0.0100%	4h	1.7716	−0.140%	$436K	$297K	10x	as long as short
GRVT ATOM_USDT_Perp	+0.0100%	8h	1.7710	−0.170%	$754K	$2.6M	10x	as long as short
HTX ATOM-USDT	+0.0100%	8h	1.7735	−0.032%	$309K	$156K	75x	as long as short
Extended ATOM-USD	+0.0104%	1h	1.7715	−0.143%	$8K	$276K	10x	as long as short
Injective ATOM/USDC PERP	+0.0171%	1h	1.7740	−0.003%	$647	$290K	12x	as long as short
GMX ATOM/USD [ETH-USDC]long	L +0.0197% / S −0.1340%	1h	1.7741	long leg	$2K	—	120x
Reya ATOMRUSDPERP	+0.0228%	1h	1.7733	−0.046%	$2K	—	25x	as long as short