Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.084%

Price spread now: Variational Omni against GMX+0.054%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.054% dearer against GMX than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GMX/USD [GMX-USDC]	8.0388	L +0.0416% / S −0.0141%	pay 0.0052% / 1h	5m 17s	$393K	—	100x
Short	Variational Omni GMX	8.0431	0.0100	get 0.0100% / 8h	6h 05m	$21K	$54K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.054%Rate

Funding earned: −$66.45
Price spread: +0.054% → 0.000%: $5.39
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$73.06
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: no order-book sample. 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 Variational Omni no order-book sample	—	—	—	—	—

GMX and Variational Omni: 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	−5.831%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0548%	1h	8.0402	+0.018%	$33K	$569	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0430	+0.053%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0400	+0.015%	$839K	$249K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0400	+0.015%	$296K	$511K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0500	+0.140%	$198K	$78K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0420	+0.040%	$378K	$181K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0540	+0.190%	$181K	$31K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0360	−0.034%	$404K	$206K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0380	−0.009%	—	$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 GMXshort	+0.0100%	8h	8.0431	+0.054%	$21K	$54K	—
GMX GMX/USD [GMX-USDC]long	L +0.0416% / S −0.0141%	1h	8.0388	long leg	$393K	—	100x
Hyperliquid GMX	+0.0566%	1h	8.0555	+0.208%	$902K	$159K	3x	as long as short
Lighter GMX	+0.0576%	1h	8.0583	+0.243%	$76K	$92K	5x	as long as short