Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Gate−0.075%7-day average +0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$878as in the Funding arb table

Net, price: spread back to 7d avg − costs−$886as in the Price arb table

costs, in and out, $10k−$8628.616% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 4 days (all we have)+0.304%+$30 · spread now −0.075%, 7d avg +0.166%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.241% cheaper against Gate than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.166%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate GMX_USDT	8.0100	0.0100	pay 0.0100% / 8h	2h 43m	$195K	$68K	33x
Short	Bybit GMXUSDT	8.0040	0.0100	get 0.0100% / 8h	2h 43m	$823K	$247K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.075%Rate

Funding earned: $0
Price spread: −0.075% → +0.166%: −$24.09
Slippage, 4 orders: −$835.58
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$885.66
Costs to cover: 8.616%
Break-even: never at this rate

Slippage from Gate: live order book, 62 min ago; Bybit: live order book, 1 min ago.

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 Gate live order book, 62 min ago	6.83 bp	365.3 bp −$365	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	6.24 bp	48.1 bp −$48	214.3 bp −$2,143	doesn't fit	doesn't fit

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	7.5400	−5.868%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	+0.0044%	1h	8.0098	−0.002%	$33K	$463	10x	as long as short
BloFin GMX-USDT	+0.0083%	8h	8.0240	+0.175%	$108K	$25K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0094	−0.007%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDTshort	+0.0100%	8h	8.0040	−0.075%	$823K	$247K	20x
OKX GMX-USDT-SWAP	+0.0100%	8h	7.9970	−0.162%	$293K	$489K	20x	as long as short
Gate GMX_USDTlong	+0.0100%	8h	8.0100	long leg	$195K	$68K	33x
MEXC GMX_USDT	+0.0100%	8h	8.0100	0.000%	$375K	$176K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0130	+0.037%	$161K	$56K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0120	+0.025%	$415K	$208K	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	8.0060	−0.050%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0241	+0.176%	$21K	$54K	—	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0085	−0.018%	$393K	—	100x	as long as short
Lighter GMX	+0.0440%	1h	8.0216	+0.145%	$76K	$89K	5x	as long as short
Hyperliquid GMX	+0.0485%	1h	8.0217	+0.146%	$891K	$151K	3x	as long as short