Funding arb · Price arb /

GMX

all GMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0645%/8h= −70.6% APRpaid last 24h −0.226%

Price spread now: Kraken Futures against Variational Omni+0.171%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Kraken Futures is 0.171% dearer against Variational Omni than usual: you sell high and buy low (spread +0.171% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni GMX	8.0633	0.0100	pay 0.0100% / 8h	6h 48m	$21K	$54K	—
Short	Kraken Futures PF_GMXUSD	8.0770	−0.0545	pay 0.0068% / 1h	48m 37s	$33K	$600	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$135.49
Price spread: +0.171% → 0.000%: $17.06
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$128.43
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Kraken Futures: 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Variational Omni and 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	−5.621%	$4K	$4K	5.5x	as long as short
Kraken Futures PF_GMXUSDshort	−0.0545%	1h	8.0770	+0.171%	$33K	$600	10x
BloFin GMX-USDT	+0.0083%	8h	8.0840	+0.257%	$110K	$26K	50x	as long as short
Binance GMXUSDT	+0.0100%	8h	8.0700	+0.084%	$2.3M	$1.9M	50x	as long as short
Bybit GMXUSDT	+0.0100%	8h	8.0650	+0.022%	$843K	$261K	20x	as long as short
OKX GMX-USDT-SWAP	+0.0100%	8h	8.0700	+0.084%	$297K	$527K	20x	as long as short
Gate GMX_USDT	+0.0100%	8h	8.0520	−0.140%	$199K	$78K	33x	as long as short
MEXC GMX_USDT	+0.0100%	8h	8.0690	+0.071%	$379K	$179K	125x	as long as short
KuCoin GMXUSDTM	+0.0100%	8h	8.0880	+0.307%	$182K	$37K	30x	as long as short
Bitget GMXUSDT	+0.0100%	8h	8.0600	−0.040%	$404K	$207K	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	8.0620	−0.016%	—	$2.3M	—	as long as short
Variational Omni GMXlong	+0.0100%	8h	8.0633	long leg	$21K	$54K	—
Hyperliquid GMX	+0.0306%	1h	8.0784	+0.188%	$921K	$150K	3x	as long as short
GMX GMX/USD [GMX-USDC]	L +0.0416% / S −0.0141%	1h	8.0752	+0.148%	$396K	—	100x	as long as short
Lighter GMX	+0.0424%	1h	8.0879	+0.306%	$77K	$92K	5x	as long as short