Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h −0.201%

Price spread now: Kraken Futures against Binance−0.087%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 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. Kraken Futures is 0.087% cheaper against Binance than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance GMXUSDT	8.0563	0.0100	pay 0.0100% / 8h	4h 25m	$2.3M	$1.9M	50x
Short	Kraken Futures PF_GMXUSD	8.0493	0.0194	get 0.0024% / 1h	25m 16s	$33K	$463	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.087%Rate

Funding earned: $19.78
Price spread: −0.087% → 0.000%: −$8.69
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$8.91
Costs to cover: 0.200%
Break-even: 10.2 days

Slippage unknown: Binance: live order book, 9 min ago; Kraken Futures: 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 Binance live order book, 9 min ago	3.11 bp	22.5 bp −$22	94.2 bp −$942	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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.

GMX on 15 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 GMX/USDC PERP	−0.5000%	1h	7.5800	−5.912%	$4K	$4K	5.5x	as long as short
Binance GMXUSDTlong	+0.0100%	8h	8.0563	long leg	$2.3M	$1.9M	50x
Bybit GMXUSDT	+0.0100%	8h	8.0490	−0.091%	$829K	$246K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0470	−0.115%	$296K	$493K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0400	−0.202%	$198K	$73K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0540	−0.028%	$378K	$178K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0420	−0.177%	$160K	$54K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0500	−0.078%	$418K	$207K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0480	−0.103%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0470	−0.115%	$21K	$54K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin GMX-USDT	+0.0106%	8h	8.0650	+0.108%	$109K	$26K	50x	as long as short
Kraken Futures PF_GMXUSDshort	+0.0194%	1h	8.0493	−0.087%	$33K	$463	10x
Lighter GMX	+0.0320%	1h	8.0702	+0.173%	$77K	$90K	5x	as long as short
Hyperliquid GMX	+0.0376%	1h	8.0670	+0.133%	$896K	$149K	3x	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0488	−0.093%	$395K	—	100x	as long as short