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: MEXC against Kraken Futures+0.108%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 MEXC

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. MEXC is 0.108% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.108% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_GMXUSD	8.0493	0.0194	pay 0.0024% / 1h	22m 39s	$33K	$463	10x
Short	MEXC GMX_USDT	8.0580	0.0100	get 0.0100% / 8h	4h 22m	$378K	$178K	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$19.78
Price spread: +0.108% → 0.000%: $10.81
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$22.97
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; MEXC: live order book, 18 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 MEXC live order book, 18 min ago	1.25 bp	8.1 bp −$8	104.2 bp −$1,042	289.1 bp −$28.9K	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	7.5800	−5.830%	$4K	$4K	5.5x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0593	+0.124%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0540	+0.058%	$829K	$246K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0420	−0.091%	$296K	$491K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0440	−0.066%	$198K	$73K	33x	as long as short
MEXC GMX_USDTshort	+0.0100%	8h	8.0580	+0.108%	$378K	$178K	125x
KuCoin GMXUSDTM	+0.0100%	8h	8.0470	−0.029%	$160K	$54K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0500	+0.009%	$418K	$207K	50x	as long as short
BingX GMX-USDT	+0.0100%	8h	8.0480	−0.016%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0470	−0.028%	$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	+0.0119%	8h	8.0560	+0.083%	$109K	$25K	50x	as long as short
Kraken Futures PF_GMXUSDlong	+0.0194%	1h	8.0493	long leg	$33K	$463	10x
Lighter GMX	+0.0312%	1h	8.0729	+0.293%	$77K	$90K	5x	as long as short
Hyperliquid GMX	+0.0389%	1h	8.0676	+0.227%	$896K	$149K	3x	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	8.0488	−0.006%	$395K	—	100x	as long as short