Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: GMX against Bitget+0.099%54s7-day average +0.020% · you sell dearer than you buy

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.038%+$4 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.099%, 7d avg +0.020%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and GMX is 0.079% dearer against Bitget than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.020%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget GMXUSDT	8.0810	0.0100	pay 0.0100% / 8h	31m 28s	$405K	$203K	50x
Short	GMX GMX/USD [GMX-USDC]	8.0890	L +0.0416% / S −0.0141%	get 0.0018% / 1h	31m 28s	$397K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now +0.099%Rate

Funding earned: $8.62
Price spread: +0.099% → +0.020%: $7.93
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$7.45
Costs to cover: 0.240%
Break-even: 13.0 days

Slippage unknown: Bitget: live order book, 39 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 Bitget live order book, 39 min ago	7.45 bp	32.0 bp −$32	173.7 bp −$1,737	doesn't fit	doesn't fit
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 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	7.6300	−5.581%	$4K	$5K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.1106%	1h	8.0994	+0.227%	$33K	$581	10x	as long as short
Lighter GMX	+0.0096%	1h	8.1106	+0.366%	$77K	$93K	5x	as long as short
Hyperliquid GMX	+0.0100%	1h	8.1095	+0.353%	$927K	$170K	3x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0940	+0.161%	$2.3M	$2.0M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0860	+0.062%	$841K	$268K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0920	+0.136%	$295K	$547K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0870	+0.074%	$201K	$79K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0920	+0.136%	$412K	$172K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0940	+0.161%	$183K	$39K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget GMXUSDTlong	+0.0100%	8h	8.0810	long leg	$405K	$203K	50x
BingX GMX-USDT	+0.0100%	8h	8.0890	+0.099%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0946	+0.168%	$21K	$55K	—	as long as short
BloFin GMX-USDT	+0.0114%	8h	8.0940	+0.161%	$110K	$31K	50x	as long as short
GMX GMX/USD [GMX-USDC]short	L +0.0416% / S −0.0141%	1h	8.0890	+0.099%	$397K	—	100x