Bybit vs GMTrade Funding Arbitrage
21 shared markets · net of estimated fees · updated every few minutes
Bybit and GMTrade both quote 21 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is VVV — long GMTrade / short Bybit at 29.5% net APR — but the median across all shared markets is 5.6%, which is the number worth planning around.
Bybit / GMTrade spreads by market
top 21 by net APR| Market | Long | Short | Gross APR | Net APR | 7d avg | 24h vol · lower leg |
|---|---|---|---|---|---|---|
| VVV | GMTrade | Bybit | 33.9% | 29.5% | +15.6% | $7.2M |
| MSTR | Bybit | GMTrade | 23.0% | 18.6% | +5.8% | $14.4M |
| WLFI | Bybit | GMTrade | 12.7% | 7.9% | +0.3% | $6.6M |
| TRX | Bybit | GMTrade | 12.4% | 7.6% | +44.6% | $5.5M |
| TAO | GMTrade | Bybit | 10.9% | 6.8% | +8.8% | $34.5M |
| BNB | GMTrade | Bybit | 10.9% | 6.5% | +3.7% | $65.8M |
| ZEC | GMTrade | Bybit | 10.9% | 6.5% | +9.8% | $131.1M |
| AVAX | GMTrade | Bybit | 10.9% | 6.2% | +3.9% | $744K |
| DOT | GMTrade | Bybit | 10.8% | 6.1% | -0.9% | $8.1M |
| TRUMP | GMTrade | Bybit | 10.9% | 5.9% | -6.5% | $42.2M |
| GMX | GMTrade | Bybit | 10.9% | 5.6% | +3.8% | $173K |
| BOME | GMTrade | Bybit | 10.2% | 5.6% | +6.6% | $1.5M |
| WLD | GMTrade | Bybit | 10.2% | 5.6% | -0.7% | $26.2M |
| SUI | GMTrade | Bybit | 10.0% | 5.3% | +5.0% | $70.3M |
| XLM | GMTrade | Bybit | 10.9% | 5.2% | +4.2% | $3.6M |
| UNI | GMTrade | Bybit | 9.6% | 5.2% | +1.7% | $49.6M |
| XAU | GMTrade | Bybit | 9.1% | 5.1% | +21.3% | $46.9M |
| ENA | Bybit | GMTrade | 8.5% | 4.0% | +3.5% | $38.5M |
| LIT | GMTrade | Bybit | 8.1% | 3.5% | +2.4% | $50.1M |
| NEAR | GMTrade | Bybit | 8.5% | 3.3% | +3.8% | $143.6M |
| HYPE | GMTrade | Bybit | 6.6% | 1.9% | +5.5% | $76K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Which venue is the long leg
The long leg is whichever venue currently prices funding lower for that market — it is a property of the market, not of the exchange, and it flips as rates move.
Bybit vs GMTrade — FAQ
How many markets can you arbitrage between Bybit and GMTrade?
21 perpetual markets are quoted on both Bybit and GMTrade right now. 17 of them show a net spread of at least 5% APR after estimated fees, and 18 have at least $1M of 24h volume on the smaller leg.
What is the best Bybit / GMTrade funding spread right now?
VVV: long GMTrade and short Bybit for about 29.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 21 shared markets is 5.6%, so the top of the list is not typical.
Which side pays on the Bybit / GMTrade pair?
It varies by market: Bybit is the long (funding-receiving) leg in 4 of the shared markets and GMTrade in the other 17. The direction is set per market by which venue currently prices funding lower.
Trading the Bybit / GMTrade spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. Direction risk is largely offset, and the position earns the funding difference each interval. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Per-market detail, including a backtest, is on each market's funding page; the full calculation is in the methodology.
Venue detail: Bybit funding rates · GMTrade funding rates