Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0206%/8h= +22.5% APRpaid last 24h +0.044%

Price spread now: GMX against Bybit−0.027%7-day average — · you buy dearer than you sell

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

Funding pays, the price is against you. GMX is 0.027% cheaper against Bybit than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	93.090	0	get 0.0000% / 8h	10m 43s	$27.0M	$79.4M	150x
Short	GMX WTIOIL/USD [ETH-USDC]	93.065	L +0.0259% / S −0.0206%	get 0.0026% / 1h	10m 43s	$83K	—	111x

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 −0.027%Rate

Funding earned: $43.22
Price spread: −0.027% → 0.000%: −$2.69
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $17.53
Costs to cover: 0.230%
Break-even: 4.2 days

Slippage unknown: Bybit: 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 Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	7.4 bp −$74	15.3 bp −$1,534	78.5 bp −$39.3K
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.

CL on 36 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
Deribit WTIOIL_USDC-PERPETUAL	−0.0287%	1h	93.040	−0.054%	$194K	$397K	15x	as long as short
Aster CLUSD1	−0.0267%	4h	93.140	+0.054%	$24.8M	$62.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0234%	4h	92.930	−0.172%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	93.077	−0.014%	$276K	$929K	25x	as long as short
Binance CLUSDT	−0.0147%	4h	93.070	−0.021%	$247.1M	$920.9M	100x	as long as short
Variational Omni CL	−0.0136%	4h	93.053	−0.039%	$13.5M	$10.6M	—	as long as short
Gate CL_USDT	−0.0135%	8h	93.030	−0.064%	$23.1M	$50.4M	100x	as long as short
Nado WTI-PERP	−0.0112%	1h	93.092	+0.003%	$953K	$614K	10x	as long as short
Bitget CLUSDT	−0.0112%	4h	93.079	−0.012%	$42.3M	$41.4M	100x	as long as short
Aftermath Perps WTIUSD	−0.0100%	1h	93.008	−0.088%	$1K	$26K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0079%	4h	93.070	−0.021%	$42.7M	$102.8M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	93.060	−0.032%	$2.3M	$2.4M	10x	as long as short
edgeX CLUSDC	−0.0021%	4h	93.014	−0.081%	$523K	$306K	30x	as long as short
tradeXYZ xyz:CL	−0.0018%	1h	93.084	−0.006%	$184.3M	$198.1M	20x	as long as short
Lighter WTI	−0.0016%	1h	93.062	−0.030%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	+0.483%	$405K	$810K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0008%	1h	93.040	−0.054%	$3.6M	$5.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.077	−0.014%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	93.090	long leg	$27.0M	$79.4M	150x
RISEx CL/USDC	0.0000%	1h	93.103	+0.014%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	−0.150%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.059	−0.033%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.604	−0.522%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0007%	8h	93.053	−0.040%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.140	+0.054%	$1.7M	$15.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.050	−0.043%	$737K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.040	−0.054%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.051	−0.042%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.060	−0.032%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.083	−0.008%	$347K	$591K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.101	+0.012%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.950	−0.150%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.037	−0.057%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0160%	4h	93.040	−0.054%	$4.1M	$983K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.715%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]short	L +0.0259% / S −0.0206%	1h	93.065	−0.027%	$83K	—	111x