Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.327%

Price spread now: Bybit against GMX−0.144%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 3 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

Funding pays, the price is against you. Bybit is 0.144% cheaper against GMX than usual: you would sell low and buy high (spread −0.144% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 10 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1270	L −0.1065% / S +0.0229%	get 0.0133% / 1h	28m 55s	$13K	—	100x
Short	Bybit OPUSDT	0.1268	0.0100	get 0.0100% / 8h	3h 28m	$18.7M	$24.9M	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 −0.144%Rate

Funding earned: $244.68
Price spread: −0.144% → 0.000%: −$14.41
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $207.27
Costs to cover: 0.230%
Break-even: 1.1 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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, 5 min ago	0.39 bp	10.0 bp −$10	30.9 bp −$309	108.8 bp −$10.9K	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.

OP on 30 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
Injective OP/USDC PERP	−0.1568%	1h	0.1264	−0.467%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1270	long leg	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1271	+0.072%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1270	+0.006%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1270	+0.006%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.006%	$25K	$58K	50x	as long as short
Variational Omni OP	+0.0047%	8h	0.1274	+0.338%	$225K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1269	−0.073%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1271	+0.085%	$780K	$555K	20x	as long as short
OKX OP-USDT-SWAP	+0.0088%	8h	0.1269	−0.089%	$6.2M	$28.6M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1270	+0.006%	$276K	$945K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1270	+0.045%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1270	+0.032%	$212K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1269	−0.099%	$20.6M	$61.0M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1268	−0.144%	$18.7M	$24.9M	75x
Gate OP_USDT	+0.0100%	8h	0.1270	+0.029%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1269	−0.081%	$21.3M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1269	−0.073%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1269	−0.073%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1269	−0.057%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1269	−0.105%	$118K	$207K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	+0.156%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1273	+0.265%	$318K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1272	+0.163%	$44K	$708K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1270	−0.026%	$188	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1270	−0.002%	$172K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1268	−0.144%	$102K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	−0.034%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1270	−0.018%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1269	−0.045%	$706	—	20x	as long as short