Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.041%

Price spread now: GMX against OKX−0.038%122s7-day average — · you buy dearer than you sell

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

Long on OKX 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

Funding pays, the price is against you. GMX is 0.038% cheaper against OKX than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 21 hours of funding at the current rate (+$4 a day). The two prices were read 122 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	OKX SKY-USDT-SWAP	0.06798	0.0100	pay 0.0050% / 4h	13m 21s	$795K	$1.2M	20x
Short	GMX SKY/USD [ETH-USDC]	0.06795	L +0.0520% / S −0.0248%	get 0.0031% / 1h	13m 21s	$81K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $31.06
Price spread: −0.038% → 0.000%: −$3.82
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $5.24
Costs to cover: 0.220%
Break-even: 5.8 days

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	2.94 bp	26.6 bp −$27	1035.0 bp −$10.3K	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	+1.397%	$376	$303K	12x	as long as short
BloFin SKY-USDT	+0.0045%	4h	0.06793	−0.074%	$576K	$28K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06802	+0.053%	$179K	$107K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06800	+0.026%	$69K	$31K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06801	+0.041%	$41K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06800	+0.035%	$15.4M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06795	−0.044%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAPlong	+0.0100%	4h	0.06798	long leg	$795K	$1.2M	20x
Gate SKY_USDT	+0.0100%	4h	0.06791	−0.103%	$576K	$291K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06800	+0.029%	$1.0M	$274K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06802	+0.059%	$399K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06802	+0.059%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06799	+0.015%	—	$2.5M	—	as long as short
Variational Omni SKY	+0.0100%	4h	0.06790	−0.111%	$181K	$98K	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06799	+0.015%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06801	+0.041%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0138%	1h	0.06812	+0.200%	$2.8M	$862K	3x	as long as short
GMX SKY/USD [ETH-USDC]short	L +0.0520% / S −0.0248%	1h	0.06795	−0.038%	$81K	—	50x