Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0152%/8h= +16.7% APRpaid last 24h +0.318%

Price spread now: GMX against Bybit−0.181%51s7-day average +0.056% · you buy dearer than you sell

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)+1.304%+$130 on $10k

Price spread, last 4 days (all we have)+0.235%+$24 · spread now −0.181%, 7d avg +0.056%

Together, before fees+1.540%+$154 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.237% cheaper against Bybit than usual: you would sell low and buy high (spread −0.181% now, against its 7-day average of +0.056%). If the spread goes back, that is −$24 on $10k: about 5.2 days of funding at the current rate (+$5 a day). At the pace of the last 3 days (+1.304% in total) that is about 15 hours. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit FILUSDT	0.9951	0.0100	pay 0.0100% / 8h	3h 21m	$15.8M	$20.4M	25x
Short	GMX FIL/USD [WBTC.b-USDC]	0.9933	L +0.0581% / S −0.0252%	get 0.0032% / 1h	21m 28s	$265K	—	100x

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 −0.181%Rate

Funding earned: $31.99
Price spread: −0.181% → +0.056%: −$23.69
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$14.7
Costs to cover: 0.230%
Break-even: 10.2 days

Slippage unknown: Bybit: live order book, 2 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, 2 min ago	0.50 bp	10.4 bp −$10	33.9 bp −$339	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.

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.0756%	1h	0.9935	−0.161%	$171K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTX	−0.0240%	1h	0.9933	−0.181%	$361K	$2.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9932	−0.187%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9957	+0.057%	$58K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0008%	8h	0.9954	+0.030%	$18.4M	$106.2M	50x	as long as short
KuCoin FILUSDTM	+0.0024%	8h	0.9949	−0.020%	$7.3M	$7.7M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.965%	$2K	$240K	12x	as long as short
Kraken Futures PF_FILUSD	+0.0067%	1h	0.9940	−0.112%	$1.4M	$2.3M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9946	−0.053%	$148K	$370K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9955	+0.039%	$8.4M	$9.4M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster FILUSDT	+0.0100%	8h	0.9950	−0.005%	$508K	$613K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9954	+0.030%	$57.2M	$185.3M	75x	as long as short
Bybit FILUSDTlong	+0.0100%	8h	0.9951	long leg	$15.8M	$20.4M	25x
Gate FIL_USDT	+0.0100%	8h	0.9953	+0.020%	$8.4M	$16.8M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9950	−0.010%	$240K	$104K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9951	0.000%	$11.3M	$20.5M	75x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9949	−0.020%	—	$11.8M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9956	+0.047%	$450K	$266K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9939	−0.121%	$45K	$296K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9965	+0.142%	$294K	$1.1M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9950	−0.010%	$30K	$182K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9940	−0.107%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9930	−0.211%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9931	−0.201%	$472	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9922	−0.291%	$615K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9930	−0.211%	$1.2M	$2.6M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9950	−0.010%	$696K	$2.4M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9940	−0.111%	$2.7M	$712K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]short	L +0.0581% / S −0.0252%	1h	0.9933	−0.181%	$265K	—	100x