Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.061%

Price spread now: GMX against Bybit+0.043%7-day average — · you sell dearer than you buy

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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.043% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKYUSDT	0.06791	0.0100	pay 0.0050% / 4h	2h 28m	$7.1M	$3.1M	25x
Short	GMX SKY/USD [ETH-USDC]	0.06794	L +0.0521% / S −0.0248%	get 0.0031% / 1h	28m 18s	$80K	—	50x

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 +0.043%Rate

Funding earned: $31.01
Price spread: +0.043% → 0.000%: $4.27
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $12.28
Costs to cover: 0.230%
Break-even: 4.2 days

Slippage unknown: Bybit: live order book, 5 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, 5 min ago	1.47 bp	30.4 bp −$30	310.3 bp −$3,103	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.

SKY on 18 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 SKY/USDC PERP	+0.0033%	1h	0.06893	+1.502%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0064%	4h	0.06788	−0.045%	$181K	$113K	—	as long as short
Lighter SKY	+0.0096%	1h	0.06797	+0.093%	$178K	$119K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06791	+0.004%	$71K	$34K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06802	+0.168%	$2.8M	$903K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06800	+0.133%	$41K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06795	+0.059%	$15.4M	$11.1M	75x	as long as short
Bybit SKYUSDTlong	+0.0100%	4h	0.06791	long leg	$7.1M	$3.1M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06787	−0.059%	$799K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06790	−0.015%	$577K	$287K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06795	+0.059%	$995K	$267K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06799	+0.118%	$399K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06790	−0.015%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06792	+0.015%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06800	+0.133%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06796	+0.075%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0121%	4h	0.06805	+0.206%	$577K	$29K	75x	as long as short
GMX SKY/USD [ETH-USDC]short	L +0.0521% / S −0.0248%	1h	0.06794	+0.043%	$80K	—	50x