GMX arbitrage explained
Right now GMX trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $8.12 and the highest bid on Bybit spot at $8.14.
The widest GMX perpetual spread is between Gate and KuCoin: long GMX on Gate at $8.12 and short on KuCoin at $8.14 for +0.17% gross, or +0.01% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best GMX route is to buy spot on Bitget and short the perpetual on KuCoin: -0.12% gross, -0.32% net, with +0.030% a day of funding on the short leg.
Spot–spot GMX arbitrage (buy on Bitget, withdraw, deposit and sell on Bybit) shows -0.02% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small GMX gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: GMX funding rates · GMX spread charts · GMX price · arbitrage scanner for all coins.