Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0423%/8h= −46.4% APRpaid last 24h −0.118%

Price spread now: BingX against GMX+0.078%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on BingX

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

The price spread pays, funding is against you. BingX is 0.078% dearer against GMX than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.06922	L +0.0523% / S −0.0248%	pay 0.0065% / 1h	56m 55s	$82K	—	50x
Short	BingX SKY-USDT	0.06927	0.0100	get 0.0050% / 4h	1h 56m	—	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$88.92
Price spread: +0.078% → 0.000%: $7.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$103.12
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 7 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 BingX live order book, 7 min ago	3.62 bp	16.7 bp −$17	53.6 bp −$536	237.0 bp −$23.7K	772.6 bp −$386.3K

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 17 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
Variational Omni SKY	−0.0412%	4h	0.06912	−0.135%	$184K	$126K	—	as long as short
Bybit SKYUSDT	−0.0044%	4h	0.06930	+0.121%	$7.3M	$3.3M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07172	+3.618%	$392	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06920	−0.020%	$180K	$177K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06918	−0.056%	$69K	$28K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06929	+0.104%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06934	+0.178%	$15.8M	$11.0M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06933	+0.165%	$827K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06923	+0.020%	$595K	$275K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06932	+0.150%	$1.0M	$267K	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06929	+0.107%	$415K	$295K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06933	+0.165%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDTshort	+0.0100%	4h	0.06927	+0.078%	—	$2.4M	—
ApeX Omni SKYUSDT	+0.0100%	1h	0.06933	+0.165%	$28K	$666K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06926	+0.068%	$1K	$3K	10x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0523% / S −0.0248%	1h	0.06922	long leg	$82K	—	50x
Hyperliquid SKY	+0.1141%	1h	0.06956	+0.490%	$2.9M	$940K	3x	as long as short