Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h −0.073%

Price spread now: Variational Omni against Hyperliquid+0.180%7-day average — · you sell dearer than you buy

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.180% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.180% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid GMX	8.0646	0.0406	pay 0.0051% / 1h	57m 02s	$920K	$170K	3x
Short	Variational Omni GMX	8.0791	0.0100	get 0.0100% / 8h	6h 57m	$21K	$54K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now +0.180%Rate

Funding earned: −$64.31
Price spread: +0.180% → 0.000%: $17.96
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$55.35
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 63 min ago; 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 Hyperliquid live order book, 63 min ago	1.04 bp	22.0 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

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 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	7.5900	−5.885%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0546%	1h	8.0590	−0.069%	$33K	$600	10x	as long as short
BloFin GMX-USDT	+0.0075%	8h	8.0620	−0.032%	$110K	$26K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0498	−0.184%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0520	−0.156%	$840K	$260K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0360	−0.355%	$295K	$522K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0290	−0.441%	$201K	$76K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0420	−0.280%	$415K	$174K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0600	−0.057%	$182K	$36K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0520	−0.156%	$402K	$207K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX GMX-USDT	+0.0100%	8h	8.0480	−0.206%	—	$2.3M	—	as long as short
Variational Omni GMXshort	+0.0100%	8h	8.0791	+0.180%	$21K	$54K	—
Hyperliquid GMXlong	+0.0406%	1h	8.0646	long leg	$920K	$170K	3x
GMX GMX/USD [GMX-USDC]	L +0.0416% / S −0.0141%	1h	8.0535	−0.137%	$394K	—	100x	as long as short
Lighter GMX	+0.0528%	1h	8.0784	+0.171%	$77K	$92K	5x	as long as short