Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.084%

Price spread now: Bybit against GMX+0.086%7-day average −0.034% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.289%−$29 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now +0.086%, 7d avg −0.034%

Together, before fees−0.427%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.120% dearer against GMX than usual: you sell high and buy low (spread +0.086% now, against its 7-day average of −0.034%): +$12 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GMX/USD [GMX-USDC]	8.0381	L +0.0417% / S −0.0141%	pay 0.0052% / 1h	6m 28s	$394K	—	100x
Short	Bybit GMXUSDT	8.0450	0.0100	get 0.0100% / 8h	6h 06m	$840K	$252K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$66.48
Price spread: +0.086% → −0.034%: $11.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.5
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 59 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 Bybit live order book, 59 min ago	6.77 bp	56.5 bp −$57	188.8 bp −$1,888	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 14 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	7.5700	−5.823%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0548%	1h	8.0386	+0.006%	$33K	$569	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0459	+0.098%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDTshort	+0.0100%	8h	8.0450	+0.086%	$840K	$252K	20x
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0400	+0.024%	$296K	$516K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0500	+0.148%	$198K	$78K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0460	+0.099%	$378K	$181K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0580	+0.248%	$182K	$31K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0330	−0.063%	$404K	$207K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0420	+0.049%	—	$2.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GMX	+0.0100%	8h	8.0521	+0.174%	$21K	$54K	—	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0417% / S −0.0141%	1h	8.0381	long leg	$394K	—	100x
Lighter GMX	+0.0568%	1h	8.0595	+0.267%	$76K	$92K	5x	as long as short
Hyperliquid GMX	+0.0583%	1h	8.0516	+0.168%	$902K	$158K	3x	as long as short