Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.009%

Price spread now: GMX against BingX+0.013%7-day average +0.060% · you sell dearer than you buy

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.031%+$3 on $10k

Price spread, last 3 days (all we have)+0.098%+$10 · spread now +0.013%, 7d avg +0.060%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.046% cheaper against BingX than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.060%). If the spread goes back, that is −$5 on $10k: about 3.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX GMX-USDT	8.0370	0.0100	pay 0.0100% / 8h	6h 05m	—	$2.3M	—
Short	GMX GMX/USD [GMX-USDC]	8.0381	L +0.0417% / S −0.0141%	get 0.0018% / 1h	5m 47s	$394K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now +0.013%Rate

Funding earned: $8.69
Price spread: +0.013% → +0.060%: −$4.62
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$17.93
Costs to cover: 0.220%
Break-even: 21.4 days

Slippage unknown: BingX: live order book, 13 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 BingX live order book, 13 min ago	6.20 bp	28.2 bp −$28	59.1 bp −$591	379.1 bp −$37.9K	434.7 bp −$217.3K
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.

GMX on 14 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	7.5700	−5.811%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0548%	1h	8.0421	+0.064%	$33K	$569	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0427	+0.071%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0400	+0.037%	$839K	$252K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0400	+0.037%	$296K	$511K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0500	+0.162%	$198K	$78K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0410	+0.050%	$378K	$181K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0540	+0.212%	$181K	$31K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0330	−0.050%	$404K	$206K	50x	as long as short
BingX GMX-USDTlong	+0.0100%	8h	8.0370	long leg	—	$2.3M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GMX	+0.0100%	8h	8.0431	+0.076%	$21K	$54K	—	as long as short
GMX GMX/USD [GMX-USDC]short	L +0.0417% / S −0.0141%	1h	8.0381	+0.013%	$394K	—	100x
Hyperliquid GMX	+0.0571%	1h	8.0531	+0.200%	$902K	$158K	3x	as long as short
Lighter GMX	+0.0576%	1h	8.0583	+0.265%	$76K	$92K	5x	as long as short