Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h +0.013%

Price spread now: GMX against KuCoin−0.026%7-day average +0.106% · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.026%, 7d avg +0.106%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.132% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.106%). If the spread goes back, that is −$13 on $10k: about 9.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin GMXUSDTM	8.0710	0.0100	pay 0.0100% / 8h	7h 02m	$166K	$49K	30x
Short	GMX GMX/USD [GMX-USDC]	8.0689	L +0.0461% / S −0.0145%	get 0.0018% / 1h	2m 16s	$402K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpOrdersPrice spread, now −0.026%Rate

Funding earned: $9.55
Price spread: −0.026% → +0.106%: −$13.2
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$27.65
Costs to cover: 0.240%
Break-even: 27.3 days

Slippage unknown: KuCoin: live order book, 18 min ago; GMX: 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 KuCoin live order book, 18 min ago	21.21 bp	232.6 bp −$233	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	7.6000	−5.836%	$4K	$3K	5.5x	as long as short
Kraken Futures PF_GMXUSD	−0.0166%	1h	8.0718	+0.010%	$33K	$463	10x	as long as short
Hyperliquid GMX	+0.0100%	1h	8.0953	+0.301%	$898K	$125K	3x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0834	+0.153%	$2.3M	$1.7M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0780	+0.087%	$821K	$229K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0720	+0.012%	$291K	$330K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0600	−0.136%	$200K	$63K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0800	+0.112%	$378K	$159K	125x	as long as short
KuCoin GMXUSDTMlong	+0.0100%	8h	8.0710	long leg	$166K	$49K	30x
Bitget GMXUSDT	+0.0100%	8h	8.0810	+0.124%	$414K	$172K	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	8.0770	+0.074%	—	$2.3M	—	as long as short
Variational Omni GMX	+0.0100%	8h	8.0747	+0.045%	$21K	$48K	—	as long as short
BloFin GMX-USDT	+0.0126%	8h	8.0850	+0.173%	$107K	$25K	50x	as long as short
Lighter GMX	+0.0136%	1h	8.0933	+0.276%	$77K	$87K	5x	as long as short
GMX GMX/USD [GMX-USDC]short	L +0.0461% / S −0.0145%	1h	8.0689	−0.026%	$402K	—	100x