Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0205%/8h= +22.4% APRpaid last 24h −0.217%

Price spread now: Kraken Futures against BingX−0.135%7-day average — · you buy dearer than you sell

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

Long on BingX 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 0.135% cheaper against BingX than usual: you would sell low and buy high (spread −0.135% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 2.2 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX GMX-USDT	8.0760	0.0100	pay 0.0100% / 8h	5h 13m	—	$2.3M	—
Short	Kraken Futures PF_GMXUSD	8.0651	0.0305	get 0.0038% / 1h	13m 45s	$33K	$463	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.135%Rate

Funding earned: $43.01
Price spread: −0.135% → 0.000%: −$13.53
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $9.49
Costs to cover: 0.200%
Break-even: 5.5 days

Slippage unknown: BingX: live order book, 10 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 BingX live order book, 10 min ago	3.72 bp	20.0 bp −$20	53.3 bp −$533	378.0 bp −$37.8K	429.3 bp −$214.6K
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	7.6100	−5.770%	$4K	$4K	5.5x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0782	+0.028%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0780	+0.025%	$839K	$245K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0670	−0.111%	$298K	$502K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0600	−0.198%	$199K	$77K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0790	+0.037%	$380K	$178K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0700	−0.074%	$161K	$54K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0700	−0.074%	$419K	$203K	50x	as long as short
BingX GMX-USDTlong	+0.0100%	8h	8.0760	long leg	—	$2.3M	—
Variational Omni GMX	+0.0100%	8h	8.0789	+0.036%	$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	+0.0112%	8h	8.0860	+0.124%	$110K	$26K	50x	as long as short
Hyperliquid GMX	+0.0171%	1h	8.0875	+0.142%	$903K	$154K	3x	as long as short
Kraken Futures PF_GMXUSDshort	+0.0305%	1h	8.0651	−0.135%	$33K	$463	10x
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0678	−0.102%	$396K	—	100x	as long as short
Lighter GMX	+0.0544%	1h	8.0906	+0.181%	$77K	$90K	5x	as long as short