Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h −0.119%

Price spread now: MEXC against GMX−0.032%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 MEXC

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 against this trade now: funding costs −$13 a day on $10k at the current rate, and MEXC is 0.032% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SKY/USD [ETH-USDC]	0.07176	L +0.0533% / S −0.0248%	pay 0.0067% / 1h	48m 07s	$85K	—	50x
Short	MEXC SKY_USDT	0.07174	0.0100	get 0.0050% / 4h	1h 48m	$1.1M	$280K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$90.85
Price spread: −0.032% → 0.000%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$110.06
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 3 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 MEXC live order book, 3 min ago	0.69 bp	11.2 bp −$11	69.8 bp −$698	283.0 bp −$28.3K	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.

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
Variational Omni SKY	−0.0493%	4h	0.07181	+0.071%	$198K	$104K	—	as long as short
Bybit SKYUSDT	−0.0122%	4h	0.07163	−0.185%	$7.8M	$3.3M	25x	as long as short
Injective SKY/USDC PERP	+0.0014%	1h	0.07197	+0.288%	$393	$260K	12x	as long as short
Nado SKY-PERP	+0.0035%	1h	0.07171	−0.074%	$71K	$25K	5x	as long as short
BloFin SKY-USDT	+0.0043%	4h	0.07192	+0.219%	$606K	$321K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.07175	−0.014%	$188K	$163K	10x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07174	−0.031%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07178	+0.018%	$16.5M	$9.5M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07168	−0.116%	$860K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07175	−0.018%	$616K	$252K	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_USDTshort	+0.0100%	4h	0.07174	−0.032%	$1.1M	$280K	100x
KuCoin SKYUSDTM	+0.0100%	4h	0.07171	−0.074%	$441K	$279K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07177	+0.010%	$3.0M	$2.0M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07169	−0.102%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07197	+0.288%	$20K	$687K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07174	−0.029%	$696	$2K	10x	as long as short
Hyperliquid SKY	+0.0377%	1h	0.07182	+0.085%	$3.0M	$906K	3x	as long as short
GMX SKY/USD [ETH-USDC]long	L +0.0533% / S −0.0248%	1h	0.07176	long leg	$85K	—	50x