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: BingX against GMX+0.011%7-day average −0.054% · you sell dearer than you buy

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

Long on GMX Short on BingX

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)−0.107%−$11 · spread now +0.011%, 7d avg −0.054%

Together, before fees−0.403%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.065% dearer against GMX than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.054%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GMX/USD [GMX-USDC]	7.9782	L +0.0417% / S −0.0142%	pay 0.0052% / 1h	38m 11s	$392K	—	100x
Short	BingX GMX-USDT	7.9790	0.0100	get 0.0100% / 8h	2h 38m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$66.53
Price spread: +0.011% → −0.054%: $6.45
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$82.08
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 5 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 BingX live order book, 5 min ago	5.00 bp	30.6 bp −$31	74.9 bp −$749	387.7 bp −$38.8K	433.5 bp −$216.7K

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	−5.743%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	+0.0045%	1h	7.9776	−0.007%	$33K	$463	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	7.9862	+0.101%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	7.9790	+0.011%	$820K	$248K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	7.9800	+0.023%	$292K	$488K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	7.9710	−0.090%	$193K	$70K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	7.9820	+0.048%	$374K	$177K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	7.9650	−0.165%	$158K	$57K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	7.9770	−0.014%	$413K	$208K	50x	as long as short
BingX GMX-USDTshort	+0.0100%	8h	7.9790	+0.011%	—	$2.3M	—

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	+0.189%	$21K	$54K	—	as long as short
BloFin GMX-USDT	+0.0113%	8h	7.9800	+0.023%	$108K	$25K	50x	as long as short
Lighter GMX	+0.0304%	1h	8.0039	+0.323%	$76K	$89K	5x	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0417% / S −0.0142%	1h	7.9782	long leg	$392K	—	100x
Hyperliquid GMX	+0.0417%	1h	7.9953	+0.215%	$888K	$151K	3x	as long as short