Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.084%

Price spread now: Binance against GMX+0.173%50s7-day average −0.002% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.296%−$30 on $10k

Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.173%, 7d avg −0.002%

Together, before fees−0.548%−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.176% dearer against GMX than usual: you sell high and buy low (spread +0.173% now, against its 7-day average of −0.002%): +$18 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 44 hours. The two prices were read 50 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	GMX GMX/USD [GMX-USDC]	7.9723	L +0.0417% / S −0.0142%	pay 0.0052% / 1h	38m 36s	$391K	—	100x
Short	Binance GMXUSDT	7.9862	0.0100	get 0.0100% / 8h	2h 38m	$2.3M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.173%Rate

Funding earned: −$66.5
Price spread: +0.173% → −0.002%: $17.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$70.92
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 11 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	3.11 bp	28.7 bp −$29	110.6 bp −$1,106	doesn't fit	doesn't fit

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	7.5200	−5.674%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	+0.0045%	1h	7.9657	−0.083%	$33K	$463	10x	as long as short
Binance GMXUSDTshort	+0.0100%	8h	7.9862	+0.173%	$2.3M	$1.9M	50x
Bybit GMXUSDT	+0.0100%	8h	7.9780	+0.071%	$820K	$248K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	7.9740	+0.021%	$292K	$488K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	7.9720	−0.004%	$193K	$70K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	7.9810	+0.109%	$374K	$177K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	7.9550	−0.218%	$158K	$57K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	7.9780	+0.071%	$413K	$208K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	7.9770	+0.058%	—	$2.3M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GMX	+0.0100%	8h	7.9933	+0.262%	$21K	$54K	—	as long as short
BloFin GMX-USDT	+0.0113%	8h	7.9800	+0.096%	$108K	$25K	50x	as long as short
Lighter GMX	+0.0312%	1h	7.9954	+0.289%	$76K	$89K	5x	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0417% / S −0.0142%	1h	7.9723	long leg	$391K	—	100x
Hyperliquid GMX	+0.0419%	1h	7.9917	+0.243%	$888K	$151K	3x	as long as short