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 Bybit−0.124%7-day average +0.034% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.043%+$4 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.124%, 7d avg +0.034%

Together, before fees+0.206%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.159% cheaper against Bybit than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of +0.034%). If the spread goes back, that is −$16 on $10k: about 13 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	Bybit GMXUSDT	8.0790	0.0100	pay 0.0100% / 8h	6h 50m	$844K	$260K	20x
Short	GMX GMX/USD [GMX-USDC]	8.0689	L +0.0416% / S −0.0141%	get 0.0018% / 1h	50m 04s	$395K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee GMXbpOrdersPrice spread, now −0.124%Rate

Funding earned: $8.69
Price spread: −0.124% → +0.034%: −$15.88
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$30.2
Costs to cover: 0.230%
Break-even: 31.3 days

Slippage unknown: Bybit: live order book, 15 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 Bybit live order book, 15 min ago	6.77 bp	59.6 bp −$60	166.6 bp −$1,666	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	7.5900	−6.053%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0545%	1h	8.0764	−0.032%	$33K	$600	10x	as long as short
BloFin GMX-USDT	+0.0071%	8h	8.0500	−0.359%	$110K	$26K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0825	+0.043%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDTlong	+0.0100%	8h	8.0790	long leg	$844K	$260K	20x
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0800	+0.012%	$297K	$528K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0460	−0.408%	$198K	$78K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0810	+0.025%	$380K	$179K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0900	+0.136%	$182K	$37K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0710	−0.099%	$405K	$207K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX GMX-USDT	+0.0100%	8h	8.0680	−0.136%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0633	−0.195%	$21K	$54K	—	as long as short
Hyperliquid GMX	+0.0254%	1h	8.0967	+0.219%	$923K	$149K	3x	as long as short
Lighter GMX	+0.0288%	1h	8.0983	+0.239%	$77K	$92K	5x	as long as short
GMX GMX/USD [GMX-USDC]short	L +0.0416% / S −0.0141%	1h	8.0689	−0.124%	$395K	—	100x