Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.084%

Price spread now: Bitget against GMX+0.079%7-day average −0.019% · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.286%−$29 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.079%, 7d avg −0.019%

Together, before fees−0.407%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.098% dearer against GMX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of −0.019%): +$10 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GMX/USD [GMX-USDC]	8.0686	L +0.0417% / S −0.0142%	pay 0.0052% / 1h	29m 34s	$396K	—	100x
Short	Bitget GMXUSDT	8.0750	0.0100	get 0.0100% / 8h	4h 29m	$419K	$207K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$66.59
Price spread: +0.079% → −0.019%: $9.85
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$80.74
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 21 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 Bitget live order book, 21 min ago	6.23 bp	22.9 bp −$23	167.3 bp −$1,673	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	7.5600	−6.303%	$4K	$4K	5.5x	as long as short
BloFin GMX-USDT	+0.0080%	8h	8.0680	−0.007%	$109K	$26K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0760	+0.092%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0690	+0.005%	$831K	$246K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0700	+0.017%	$297K	$496K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0540	−0.181%	$199K	$73K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0810	+0.154%	$379K	$177K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0390	−0.367%	$160K	$54K	30x	as long as short
Bitget GMXUSDTshort	+0.0100%	8h	8.0750	+0.079%	$419K	$207K	50x
BingX GMX-USDT	+0.0100%	8h	8.0700	+0.017%	—	$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	8.0656	−0.037%	$21K	$54K	—	as long as short
Kraken Futures PF_GMXUSD	+0.0194%	1h	8.0719	+0.041%	$33K	$463	10x	as long as short
Lighter GMX	+0.0312%	1h	8.0920	+0.290%	$77K	$90K	5x	as long as short
Hyperliquid GMX	+0.0382%	1h	8.0904	+0.270%	$899K	$149K	3x	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0417% / S −0.0142%	1h	8.0686	long leg	$396K	—	100x