BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0102%/8h= +11.2% APRnext payment +$0.13 per $10,000 · paid last 24h +0.009%

Price spread now: GMX against Coinbase International−0.049%7-day average −0.003% · you buy dearer than you sell

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

Long on Coinbase International Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.049%, 7d avg −0.003%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.046% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of −0.003%). If the spread goes back, that is −$5 on $10k: about 36 hours of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.045% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,345.8	0.0120	pay 0.0015% / 1h	15m 01s	$132.3M	$5.32B	50x
Short	GMX BTC/USD [WBTC.b-USDC]	86,303.2	L +0.0207% / S −0.0222%	get 0.0028% / 1h	15m 01s	$14.5M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Coinbase International. 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 Coinbase InternationalbpFee GMXbpOrdersPrice spread, now −0.049%Rate

Funding earned: $21.5
Price spread: −0.049% → −0.003%: −$4.59
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$5.09
Costs to cover: 0.220%
Break-even: 8.7 days

Slippage unknown: Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.5 bp −$55	7.5 bp −$747	18.4 bp −$9,205
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
Phoenix BTC	−0.0129%	1h	86,239	−0.124%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,299	−0.054%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0049%	1h	86,329.8	−0.019%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,286.3	−0.069%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,286.3	−0.069%	$538K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,307.7	−0.044%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,288.1	−0.067%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.014%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,300	−0.053%	$500.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,308.8	−0.043%	$831.6M	$718.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,289	−0.066%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,295.4	−0.058%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,287.3	−0.068%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,311.9	−0.039%	$2.98B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,305	−0.047%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.5	−0.062%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,310.3	−0.041%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,306.9	−0.045%	$9.40B	$24.32B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,316.5	−0.034%	$170.5M	$990.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,320.6	−0.029%	$23.7M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,283	−0.073%	$8.4M	$52.1M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,304.2	−0.048%	$5.77B	$10.61B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,259	−0.101%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.5	−0.043%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,275.1	−0.082%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,375	+0.034%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,315.1	−0.036%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,314.4	−0.036%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,324.9	−0.024%	$2.57B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,280	−0.076%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,304.8	−0.047%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.232%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,292.9	−0.061%	$35.7M	$160.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.139%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.169%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	−0.155%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.122%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.130%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,318.1	−0.032%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	−0.067%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,295.1	−0.059%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,294.9	−0.059%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,318.4	−0.032%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,257.2	−0.103%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,274.7	−0.082%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,305.1	−0.047%	$155.2M	$473.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,294.9	−0.059%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,278.2	−0.078%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,345.8	long leg	$132.3M	$5.32B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,337.2	−0.010%	$191.4M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,254.4	−0.106%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,314.8	−0.036%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,310	−0.041%	$10.6M	$765.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.057%	$416.1M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0207% / S −0.0222%	1h	86,303.2	−0.049%	$14.5M	—	200x
Deribit BTC-PERPETUAL	+0.0226%	1h	86,352.3	+0.008%	$902.2M	$1.51B	50x	as long as short