Funding you earn now, next payment 05:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h −0.046%
Price spread now: Phemex against GMX+0.305%52s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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—needs both histories
The price spread pays, funding is against you. Phemex is 0.305% dearer against GMX than usual: you sell high and buy low (spread +0.305% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 4.9 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX ALGO/USD [WBTC.b-USDC] | 0.1117 | L +0.0319% / S −0.0264% | pay 0.0040% / 1h | 52m 31s | $6K | — | 100x |
| Short | Phemex ALGOUSDT | 0.1120 | 0.0113 | get 0.0113% / 8h | 3h 52m | $3.8M | $1.8M | 50x |
GMX ALGO/USD [WBTC.b-USDC]
Phemex ALGOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against GMX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43.2
- Price spread: +0.305% → 0.000%
- $30.54
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$36.66
- Costs to cover
- 0.240%
- Break-even
- from the start
Slippage unknown: GMX: no order-book sample; Phemex: live order book, 6 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 GMX no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 6 min ago | 4.44 bp | 27.6 bp −$28 | 62.2 bp −$622 | doesn't fit | doesn't fit |
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.
ALGO on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) ALGO/USD | L −0.0001% / S +0.0003% | 1h | 0.1117 | +0.055% | $16K | — | 150x | as long as short |
| Deribit ALGO_USDC-PERPETUAL | 0.0000% | 1h | 0.1117 | +0.055% | $89K | $44K | 25x | as long as short |
| Injective ALGO/USDC PERP | +0.0033% | 1h | 0.1120 | +0.305% | $834 | $233K | 12x | as long as short |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1118 | +0.144% | $3.6M | $2.0M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1116 | −0.017% | $44K | $35K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1117 | +0.009% | $9.7M | $34.3M | 75x | as long as short |
| Bybit ALGOUSDT | +0.0100% | 8h | 0.1116 | −0.089% | $11.2M | $12.5M | 75x | as long as short |
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1117 | +0.010% | $2.8M | $7.8M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1115 | −0.133% | $863K | $900K | 50x | as long as short |
| MEXC ALGO_USDT | +0.0100% | 8h | 0.1117 | +0.019% | $23.1M | $3.1M | 200x | as long as short |
gTrade (Gains Network) ALGO/USD
Deribit ALGO_USDC-PERPETUAL
Injective ALGO/USDC PERP
Hyperliquid ALGO
Aster ALGOUSDT
Binance ALGOUSDT
Bybit ALGOUSDT
OKX ALGO-USDT-SWAP
Gate ALGO_USDT
MEXC ALGO_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1117 | +0.073% | $3.5M | $1.5M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1117 | +0.037% | $5.5M | $3.5M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1117 | +0.001% | — | $3.3M | — | as long as short |
| Variational Omni ALGO | +0.0100% | 8h | 0.1115 | −0.178% | $61K | $12K | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1117 | +0.037% | $60K | $136K | 75x | as long as short |
| Extended ALGO-USD | +0.0104% | 1h | 0.1116 | −0.019% | $4K | $231K | 10x | as long as short |
| Phemex ALGOUSDTshort | +0.0113% | 8h | 0.1120 | +0.305% | $3.8M | $1.8M | 50x | |
| Kraken Futures PF_ALGOUSD | +0.0131% | 1h | 0.1118 | +0.129% | $830K | $1.0M | 50x | as long as short |
| Coinbase International ALGO-PERP-INTX | +0.0168% | 1h | 0.1117 | +0.001% | $88K | $284K | 50x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1116 | −0.017% | $478K | $876K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC]long | L +0.0319% / S −0.0264% | 1h | 0.1117 | long leg | $6K | — | 100x | |
| dYdX ALGO-USD | +0.1334% | 1h | 0.1117 | +0.046% | $161K | $4K | 5x | as long as short |
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
Variational Omni ALGO
HTX ALGO-USDT
Extended ALGO-USD
Kraken Futures PF_ALGOUSD
Coinbase International ALGO-PERP-INTX
BloFin ALGO-USDT
dYdX ALGO-USD