BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h +0.020%

Price spread now: GMX against Bullet−0.001%7-day average +0.036% · you buy dearer than you sell

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

Long on Bullet Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.001%, 7d avg +0.036%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.037% cheaper against Bullet than usual: you would sell low and buy high (spread −0.001% now, against its 7-day average of +0.036%). If the spread goes back, that is −$4 on $10k: about 2.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,520	0.0100	pay 0.0013% / 1h	47m 24s	$194K	$3.3M	20x
Short	GMX BTC/USD [WBTC.b-USDC]	85,518.9	L +0.0176% / S −0.0151%	get 0.0019% / 1h	47m 24s	$13.4M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bullet. 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 BulletbpFee GMXbpOrdersPrice spread, now −0.001%Rate

Funding earned: $10.76
Price spread: −0.001% → +0.036%: −$3.74
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$12.98
Costs to cover: 0.200%
Break-even: 15.4 days

Slippage unknown: Bullet: live order book, 2 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 Bullet live order book, 2 min ago	0.23 bp	4.6 bp −$5	8.2 bp −$82	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.

BTC on 56 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
Bluefin BTC-PERP	−0.1041%	1h	85,488.9	−0.036%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	+0.056%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,527	+0.008%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,525.9	+0.007%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,528.7	+0.010%	$417.9M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0003%	8h	85,501.3	−0.022%	$917.6M	$749.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,559.9	+0.047%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,502.2	−0.021%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,534.6	+0.017%	$515.4M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,543.5	+0.028%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0053%	1h	85,547.1	+0.032%	$22.6M	$218.9M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,477.2	−0.050%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,453.9	−0.077%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,511.9	−0.009%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,463	−0.067%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,518.9	−0.001%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,484.6	−0.041%	$9.33B	$23.98B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,514	−0.007%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,522.6	+0.003%	$173.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,531.3	+0.013%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,569	+0.057%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,577.7	+0.068%	$3.9M	$8.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,547	+0.032%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,591	+0.083%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,558.7	+0.045%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,473.6	−0.054%	$5.29B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,472	−0.056%	$2.57B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,532	+0.014%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.207%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,524	+0.005%	$5.53B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,507.1	−0.015%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	+0.075%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,552.4	+0.038%	$279.4M	$918.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.2	+0.035%	$214.8M	$166.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,565.9	+0.054%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,576.1	+0.066%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,571	+0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,535	+0.018%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,520	long leg	$194K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,454.6	−0.076%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,457.3	−0.073%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.1	−0.007%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.1	−0.007%	$2.26B	$939.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,514.9	−0.006%	$151.0M	$482.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,535.3	+0.018%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.2	+0.025%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,547.9	+0.033%	$117.5M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,617	+0.113%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,539.4	+0.023%	$188.4M	$952.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,564.9	+0.053%	$893.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0176% / S −0.0151%	1h	85,518.9	−0.001%	$13.4M	—	200x
Hibachi BTC/USDT-P	+0.0184%	1h	85,567.8	+0.056%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,589.6	+0.081%	$8.4M	$42.3M	25x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,612.2	+0.108%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,555	+0.041%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,532.7	+0.015%	$502K	$18.9M	6.7x	as long as short