BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRnext payment −$0.12 per $10,000 · paid last 24h −0.024%

Price spread now: Backpack against GMX−0.054%7-day average −0.070% · you buy dearer than you sell

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

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.136%−$14 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.054%, 7d avg −0.070%

Together, before fees−0.148%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.070%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,459	L +0.0199% / S −0.0223%	pay 0.0025% / 1h	10m 16s	$15.0M	—	200x
Short	Backpack BTC_USDC_PERP	86,412.4	0.0100	get 0.0013% / 1h	10m 16s	$37.9M	$156.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$20.81
Price spread: −0.054% → −0.070%: $1.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.23
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 4 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 Backpack live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$550	19.1 bp −$9,565

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	−0.0118%	1h	86,462	+0.003%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	−0.043%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.132%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,478.5	+0.023%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,481	+0.025%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,439.1	−0.023%	$413K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,466.8	+0.009%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,450	−0.010%	$501.4M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	86,467.7	+0.010%	$833.9M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0036%	1h	86,446.9	−0.014%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0043%	8h	86,453.5	−0.006%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0055%	8h	86,448.9	−0.012%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,447.4	−0.013%	$150.8M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,456.7	−0.003%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,436.7	−0.026%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	86,452.9	−0.007%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,455.4	−0.004%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,451.8	−0.008%	$5.85B	$10.81B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,457.9	−0.001%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,462.8	+0.004%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,473	+0.016%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,462.5	+0.004%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,445	−0.016%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,499.4	+0.047%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,444.8	−0.016%	$21.8M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,530	+0.082%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,488.1	+0.034%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,456.1	−0.003%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,459	0.000%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,502.6	+0.050%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	−0.012%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,412.4	−0.054%	$37.9M	$156.9M	75x
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.059%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,408.7	−0.058%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,427	−0.037%	$217.0M	$172.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,423.1	−0.042%	$141.3M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,460.1	+0.001%	$30.7M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,501.8	+0.050%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,462	+0.003%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,454.4	−0.005%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,448.5	−0.012%	$2.5M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,483.1	+0.028%	$141K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,480.4	+0.025%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.8	+0.004%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,446	−0.015%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,458.8	0.000%	$2.29B	$968.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,428.9	−0.035%	$45.7M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,458.3	−0.001%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,474.3	+0.018%	$192.9M	$953.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,480.4	+0.025%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0158%	1h	86,472.6	+0.016%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,470.6	+0.013%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,439.9	−0.022%	$415.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0199% / S −0.0223%	1h	86,459	long leg	$15.0M	—	200x
Kalshi KXBTCPERP	+0.0207%	8h	86,476	+0.020%	$10.0M	$751.4M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0350%	1h	86,507	+0.056%	$913.2M	$1.49B	50x	as long as short