Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against KuCoin+0.175%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$940as in the Funding arb table

Net, price: spread back to 7d avg − costs−$929as in the Price arb table

costs, in and out, $10k−$9429.421% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now +0.175%, 7d avg +0.049%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.127% dearer against KuCoin than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin GMXUSDTM	7.9900	0.0100	pay 0.0100% / 8h	2h 36m	$159K	$57K	30x
Short	BingX GMX-USDT	8.0040	0.0100	get 0.0100% / 8h	2h 36m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.175%Rate

Funding earned: $0
Price spread: +0.175% → +0.049%: $12.65
Slippage, 4 orders: −$920.08
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$929.43
Costs to cover: 9.421%
Break-even: never at this rate

Slippage from KuCoin: live order book, 19 min ago; BingX: live order book, 7 min ago.

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 KuCoin live order book, 19 min ago	47.72 bp	558.6 bp −$559	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.00 bp	30.6 bp −$31	74.9 bp −$749	387.7 bp −$38.8K	433.5 bp −$216.7K

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	7.5200	−5.882%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSD	+0.0044%	1h	7.9989	+0.111%	$33K	$463	10x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0150	+0.313%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0070	+0.213%	$823K	$248K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0080	+0.225%	$293K	$490K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	7.9840	−0.075%	$193K	$70K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0130	+0.288%	$376K	$177K	125x	as long as short
KuCoin GMXUSDTMlong	+0.0100%	8h	7.9900	long leg	$159K	$57K	30x
Bitget GMXUSDT	+0.0100%	8h	8.0080	+0.225%	$415K	$208K	50x	as long as short
BingX GMX-USDTshort	+0.0100%	8h	8.0040	+0.175%	—	$2.3M	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GMX	+0.0100%	8h	7.9933	+0.041%	$21K	$54K	—	as long as short
BloFin GMX-USDT	+0.0113%	8h	7.9820	−0.100%	$108K	$25K	50x	as long as short
Lighter GMX	+0.0304%	1h	8.0242	+0.428%	$76K	$89K	5x	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0417% / S −0.0142%	1h	7.9924	+0.030%	$392K	—	100x	as long as short
Hyperliquid GMX	+0.0448%	1h	8.0242	+0.428%	$891K	$151K	3x	as long as short