Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.054%

Price spread now: GMX against Bybit−0.161%7-day average +0.055% · 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)−0.228%−$23 on $10k

Price spread, last 3 days (all we have)+0.225%+$22 · spread now −0.161%, 7d avg +0.055%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.215% cheaper against Bybit than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.025	0.0100	pay 0.0100% / 8h	6h 04m	$84.1M	$71.7M	75x
Short	GMX LINK/USD [LINK-USDC]	13.004	L −0.0090% / S +0.0167%	pay 0.0021% / 1h	4m 34s	$1.8M	—	200x

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

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 BybitbpFee GMXbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$56.07
Price spread: −0.161% → +0.055%: −$21.54
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$100.62
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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, 4 min ago	0.39 bp	7.8 bp −$8	13.4 bp −$134	35.2 bp −$3,523	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.

LINK on 39 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
GMX LINK/USD [LINK-USDC]short	L −0.0090% / S +0.0167%	1h	13.004	−0.161%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.000	−0.194%	$468K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.003	−0.169%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.798%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.992	−0.252%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.002	−0.177%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.004	−0.161%	$951K	$2.6M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.030	+0.040%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.027	+0.017%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.993	−0.246%	$395K	$318K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.017	−0.058%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.030	+0.036%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.031	+0.046%	$119.8M	$299.8M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.025	long leg	$84.1M	$71.7M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.032	+0.054%	$27.4M	$82.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.045	+0.154%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.023	−0.015%	$128.4M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.029	+0.031%	$33.0M	$59.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.027	+0.015%	$23.1M	$14.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.033	+0.061%	$54.2M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.032	+0.054%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.988	−0.282%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.974	−0.392%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.959	−0.507%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.976	−0.376%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.010	−0.115%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.002	−0.174%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.005	−0.156%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.006	−0.146%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.971	−0.413%	$640K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.030	+0.035%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.007	−0.142%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0138%	1h	13.013	−0.092%	$338K	$379K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0142%	1h	13.008	−0.129%	$773K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.004	−0.162%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0426%	1h	13.025	−0.002%	$345K	$31K	10x	as long as short
Hyperliquid LINK	+0.0476%	1h	13.036	+0.084%	$81.2M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.010	−0.115%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0639%	8h	13.020	−0.038%	$20.1M	$11.6M	50x	as long as short