Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h −0.085%

Price spread now: Bybit against GMX+0.068%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 Bybit

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. Bybit is 0.068% dearer against GMX than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WTIOIL/USD [ETH-USDC]	92.035	L +0.0203% / S −0.0127%	pay 0.0025% / 1h	45m 07s	$76K	—	111x
Short	Bybit CLUSDT	92.098	0	get 0.0000% / 8h	45m 07s	$25.6M	$94.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$42.61
Price spread: +0.068% → 0.000%: $6.85
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.76
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.6 bp −$76	17.7 bp −$1,770	114.5 bp −$57.3K

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.

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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.067	+0.035%	$275K	$1.2M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.070	+0.038%	$96K	$189K	15x	as long as short
GRVT CL_USDT_Perp	−0.0290%	4h	91.994	−0.045%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0221%	4h	92.080	+0.049%	$24.0M	$77.6M	20x	as long as short
Nado WTI-PERP	−0.0175%	1h	92.096	+0.066%	$923K	$743K	10x	as long as short
Binance CLUSDT	−0.0140%	4h	92.070	+0.038%	$245.4M	$1.10B	100x	as long as short
Ondo Perps WTI-USD.P	−0.0131%	1h	92.000	−0.038%	$3.5M	$6.4M	20x	as long as short
Lighter WTI	−0.0128%	1h	92.058	+0.025%	$11.1M	$10.9M	20x	as long as short
Variational Omni CL	−0.0123%	4h	91.994	−0.045%	$13.4M	$12.7M	—	as long as short
tradeXYZ xyz:CL	−0.0111%	1h	92.099	+0.070%	$185.8M	$275.8M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CL-USD-PERP	−0.0108%	8h	92.012	−0.025%	$15K	$367	5x	as long as short
Bullet WTIOIL-USD	−0.0078%	1h	92.038	+0.003%	$19K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	92.030	−0.005%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0022%	8h	92.010	−0.027%	$21.3M	$57.5M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.030	−0.005%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.079%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.098	+0.068%	$25.6M	$94.8M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.060	+0.027%	$43.1M	$113.0M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.152	+0.127%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.044	+0.010%	$41.9M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.070	+0.038%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.005%	$399K	$984K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.641	−0.428%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0024%	1h	92.120	+0.092%	$2.0M	$27.5M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0025%	1h	92.032	−0.003%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	91.990	−0.049%	$723K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.090	+0.060%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.055	+0.022%	$2.0M	$39K	20x	as long as short
Aftermath Perps WTIUSD	+0.0053%	1h	92.027	−0.009%	$2K	$29K	5x	as long as short
edgeX CLUSDC	+0.0068%	4h	92.022	−0.014%	$529K	$335K	30x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.053	+0.020%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.050	+0.016%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.020	−0.016%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]long	L +0.0203% / S −0.0127%	1h	92.035	long leg	$76K	—	111x
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+10.040%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.010	−0.027%	$4.0M	$1.4M	50x	as long as short