Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.201%

Price spread now: BingX against Kraken Futures+0.062%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. BingX is 0.062% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.062% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_GMXUSD	8.0451	0.0194	pay 0.0024% / 1h	25m 58s	$33K	$463	10x
Short	BingX GMX-USDT	8.0500	0.0100	get 0.0100% / 8h	4h 25m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$19.8
Price spread: +0.062% → 0.000%: $6.15
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$33.65
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BingX: live order book, 7 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell BingX live order book, 7 min ago	5.58 bp	34.6 bp −$35	89.4 bp −$894	482.1 bp −$48.2K	546.7 bp −$273.4K

Kraken Futures: 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	−5.656%	$4K	$4K	5.5x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0487	+0.046%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0560	+0.136%	$830K	$246K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0470	+0.024%	$296K	$493K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0410	−0.050%	$198K	$73K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0490	+0.049%	$378K	$178K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0230	−0.274%	$159K	$54K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0530	+0.099%	$418K	$207K	50x	as long as short
BingX GMX-USDTshort	+0.0100%	8h	8.0500	+0.062%	—	$2.3M	—
Variational Omni GMX	+0.0100%	8h	8.0470	+0.024%	$21K	$54K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin GMX-USDT	+0.0122%	8h	8.0650	+0.248%	$109K	$26K	50x	as long as short
Kraken Futures PF_GMXUSDlong	+0.0194%	1h	8.0451	long leg	$33K	$463	10x
Lighter GMX	+0.0304%	1h	8.0673	+0.277%	$77K	$90K	5x	as long as short
Hyperliquid GMX	+0.0371%	1h	8.0665	+0.267%	$896K	$149K	3x	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0438	−0.016%	$394K	—	100x	as long as short