Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0355%/8h= −38.9% APRpaid last 24h −0.090%

Price spread now: KuCoin against GMX−0.101%7-day average −0.101% · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.307%−$31 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.101%, 7d avg −0.101%

Together, before fees−0.374%−$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.101%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GMX/USD [GMX-USDC]	7.9881	L +0.0455% / S −0.0142%	pay 0.0057% / 1h	22m 30s	$392K	—	100x
Short	KuCoin GMXUSDTM	7.9800	0.0100	get 0.0100% / 8h	22m 30s	$160K	$57K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$74.53
Price spread: −0.101% → −0.101%: $0.06
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$98.46
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	43.42 bp	219.3 bp −$219	doesn't fit	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	7.5300	−5.734%	$4K	$3K	5.5x	as long as short
BloFin GMX-USDT	+0.0078%	8h	7.9840	−0.051%	$107K	$26K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	7.9950	+0.087%	$2.3M	$1.7M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	7.9920	+0.049%	$815K	$237K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	7.9840	−0.051%	$289K	$379K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	7.9780	−0.126%	$194K	$66K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	7.9920	+0.049%	$373K	$169K	125x	as long as short
KuCoin GMXUSDTMshort	+0.0100%	8h	7.9800	−0.101%	$160K	$57K	30x
Bitget GMXUSDT	+0.0100%	8h	7.9910	+0.037%	$411K	$186K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	7.9860	−0.026%	—	$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	7.9860	−0.025%	$21K	$53K	—	as long as short
Lighter GMX	+0.0176%	1h	8.0092	+0.265%	$76K	$89K	5x	as long as short
Hyperliquid GMX	+0.0352%	1h	8.0054	+0.217%	$887K	$135K	3x	as long as short
Kraken Futures PF_GMXUSD	+0.0425%	1h	7.9881	+0.001%	$33K	$463	10x	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0455% / S −0.0142%	1h	7.9881	long leg	$392K	—	100x