Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0097%/8h= +10.7% APRpaid last 24h +0.013%

Price spread now: GMX against BloFin+0.177%111s7-day average +0.009% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.177%, 7d avg +0.009%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GMX is 0.168% dearer against BloFin than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.009%. The two prices were read 111 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	BloFin GMX-USDT	8.0460	0.0078	pay 0.0078% / 8h	4h 11m	$106K	$25K	50x
Short	GMX GMX/USD [GMX-USDC]	8.0602	L +0.0547% / S −0.0176%	get 0.0022% / 1h	11m 23s	$454K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.177%Rate

Funding earned: $20.47
Price spread: +0.177% → +0.009%: $16.81
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $13.28
Costs to cover: 0.240%
Break-even: 2.5 days

Slippage unknown: BloFin: live order book, 9 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 BloFin live order book, 9 min ago	3.11 bp	15.7 bp −$16	50.2 bp −$502	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 exchanges

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
Kraken Futures PF_GMXUSD	−0.1041%	1h	8.0576	+0.144%	$33K	$398	10x	as long as short
Injective GMX/USDC PERP	+0.0033%	1h	7.5200	−6.537%	$4K	$3K	5.5x	as long as short
BloFin GMX-USDTlong	+0.0078%	8h	8.0460	long leg	$106K	$25K	50x
Binance GMXUSDT	+0.0100%	8h	8.0662	+0.251%	$2.3M	$1.6M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0570	+0.137%	$824K	$208K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0500	+0.050%	$290K	$289K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0480	+0.025%	$193K	$62K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0660	+0.249%	$375K	$139K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0490	+0.037%	$165K	$43K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0580	+0.149%	$408K	$160K	50x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX GMX-USDT	+0.0100%	8h	8.0550	+0.112%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0472	+0.015%	$21K	$48K	—	as long as short
Lighter GMX	+0.0112%	1h	8.0942	+0.599%	$77K	$78K	5x	as long as short
Hyperliquid GMX	+0.0312%	1h	8.0774	+0.390%	$896K	$114K	3x	as long as short
GMX GMX/USD [GMX-USDC]short	L +0.0547% / S −0.0176%	1h	8.0602	+0.177%	$454K	—	100x