Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h +0.217%

Price spread now: Bybit against Kraken Futures+0.058%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 Bybit

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. Bybit is 0.058% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.058% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_GMXUSD	8.0673	0.0305	pay 0.0038% / 1h	14m 22s	$33K	$463	10x
Short	Bybit GMXUSDT	8.0720	0.0100	get 0.0100% / 8h	5h 14m	$838K	$245K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$43
Price spread: +0.058% → 0.000%: $5.82
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.17
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 46 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 Bybit live order book, 46 min ago	6.84 bp	59.6 bp −$60	245.1 bp −$2,451	doesn't fit	doesn't fit

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	7.6100	−5.669%	$4K	$4K	5.5x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0750	+0.095%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDTshort	+0.0100%	8h	8.0720	+0.058%	$838K	$245K	20x
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0670	−0.004%	$298K	$502K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0600	−0.091%	$199K	$77K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0740	+0.083%	$380K	$178K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0700	+0.033%	$161K	$54K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0670	−0.004%	$419K	$203K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0720	+0.058%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0789	+0.144%	$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	+0.0112%	8h	8.0860	+0.232%	$110K	$26K	50x	as long as short
Hyperliquid GMX	+0.0172%	1h	8.0852	+0.222%	$902K	$154K	3x	as long as short
Kraken Futures PF_GMXUSDlong	+0.0305%	1h	8.0673	long leg	$33K	$463	10x
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0644	−0.036%	$395K	—	100x	as long as short
Lighter GMX	+0.0544%	1h	8.0906	+0.289%	$77K	$90K	5x	as long as short