Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.034%

Price spread now: Bybit against GMX+0.079%51s7-day average −0.053% · you sell dearer than you buy

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 3 days (all we have)+0.147%+$15 on $10k

Price spread, last 3 days (all we have)−0.215%−$22 · spread now +0.079%, 7d avg −0.053%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.132% dearer against GMX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.053%. 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	GMX LINK/USD [LINK-USDC]	13.147	L −0.0092% / S +0.0166%	get 0.0011% / 1h	22m 35s	$1.8M	—	200x
Short	Bybit LINKUSDT	13.157	0.0100	get 0.0100% / 8h	2h 22m	$84.7M	$69.3M	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 +0.079%Rate

Funding earned: $40.26
Price spread: +0.079% → −0.053%: $13.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $30.5
Costs to cover: 0.230%
Break-even: 1.7 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 1 min ago. 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, 1 min ago	0.38 bp	6.5 bp −$7	14.2 bp −$142	40.8 bp −$4,085	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.

LINK on 40 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]long	L −0.0092% / S +0.0166%	1h	13.147	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.154	+0.056%	$467K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.148	+0.008%	$713K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.148	+0.011%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.152	+0.037%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0019%	1h	13.151	+0.035%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.679%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.141	−0.042%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0076%	8h	13.148	+0.011%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.156	+0.070%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.148	+0.012%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.158	+0.087%	$400K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.167	+0.155%	$77.8M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.154	+0.055%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.153	+0.049%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.152	+0.042%	$121.6M	$300.5M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.157	+0.079%	$84.7M	$69.3M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.160	+0.102%	$27.8M	$85.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.168	+0.163%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.150	+0.026%	$130.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.155	+0.064%	$36.8M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.153	+0.049%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	+0.056%	$54.4M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.156	+0.072%	—	$6.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.144	−0.016%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.146	−0.001%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.147	+0.003%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.152	+0.041%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.143	−0.028%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.160	+0.105%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.146	−0.004%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.139	−0.058%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.153	+0.053%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.148	+0.014%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.153	+0.049%	$989K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0118%	1h	13.154	+0.056%	$365K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.149	+0.018%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.144	−0.020%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0470%	8h	13.156	+0.072%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.154	+0.059%	$7.0M	$7.8M	50x	as long as short