Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0357%/8h= −39.1% APRpaid last 24h −0.084%

Price spread now: OKX against GMX+0.080%52s7-day average −0.116% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.301%−$30 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.080%, 7d avg −0.116%

Together, before fees−0.502%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.197% dearer against GMX than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of −0.116%): +$20 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 44 hours. The two prices were read 52 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]	8.0036	L +0.0457% / S −0.0142%	pay 0.0057% / 1h	6m 36s	$392K	—	100x
Short	OKX GMX-USDT-SWAP	8.0100	0.0100	get 0.0100% / 8h	1h 06m	$293K	$411K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$75.03
Price spread: +0.080% → −0.116%: $19.66
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$77.37
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 34 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 OKX live order book, 34 min ago	6.90 bp	34.5 bp −$35	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	7.5200	−6.042%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0471%	1h	8.0077	+0.051%	$33K	$463	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0170	+0.168%	$2.3M	$1.8M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0100	+0.080%	$820K	$242K	20x	as long as short
OKX GMX-USDT-SWAPshort	+0.0100%	8h	8.0100	+0.080%	$293K	$411K	20x
Gate GMX_USDT	+0.0100%	8h	7.9930	−0.132%	$194K	$70K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0160	+0.155%	$377K	$178K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	7.9980	−0.070%	$160K	$57K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0120	+0.105%	$414K	$190K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0080	+0.055%	—	$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	7.9895	−0.176%	$21K	$53K	—	as long as short
BloFin GMX-USDT	+0.0120%	8h	7.9970	−0.082%	$107K	$26K	50x	as long as short
Lighter GMX	+0.0392%	1h	8.0287	+0.314%	$76K	$89K	5x	as long as short
GMX GMX/USD [GMX-USDC]long	L +0.0457% / S −0.0142%	1h	8.0036	long leg	$392K	—	100x
Hyperliquid GMX	+0.0574%	1h	8.0241	+0.256%	$889K	$142K	3x	as long as short