BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0078%/8h= −8.6% APRnext payment −$0.10 per $10,000 · paid last 24h −0.022%

Price spread now: Bulk against GMX+0.022%46s7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.022%, 7d avg −0.038%

Together, before fees−0.095%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.060% dearer against GMX than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.038%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days. The two prices were read 46 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 BTC/USD [WBTC.b-USDC]	86,588	L +0.0178% / S −0.0185%	pay 0.0022% / 1h	37m 26s	$14.9M	—	200x
Short	Bulk BTC-USD	86,606.9	0.0100	get 0.0013% / 1h	37m 26s	$571.9M	$22.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against GMX. 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 GMXbpFee BulkbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$16.47
Price spread: +0.022% → −0.038%: $5.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$29.5
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bulk: live order book, 2 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.6 bp −$2,294

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
Perpl BTC	−0.0223%	43m	86,671.9	+0.097%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,594.9	+0.008%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.057%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0095%	1h	86,676.5	+0.102%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.085%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,628.6	+0.047%	$845.3M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,675.5	+0.101%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,609.6	+0.025%	$936.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.2	+0.005%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,644	+0.065%	$505.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,659.3	+0.082%	$6.8M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,656.3	+0.079%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,660.7	+0.084%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,570.1	−0.021%	$149.6M	$470.7M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,576	−0.014%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.166%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,658.3	+0.081%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,670.5	+0.095%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,678.3	+0.104%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,663.4	+0.087%	$5.87B	$10.61B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0068%	8h	86,667.7	+0.092%	$2.57B	$12.70B	100x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,662.6	+0.086%	$5.28B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.036%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,667.9	+0.092%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,652.1	+0.074%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	+0.091%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,714	+0.146%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,655	+0.077%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,635.2	+0.054%	$21.6M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,733	+0.167%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,678.3	+0.104%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,676	+0.102%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.8	+0.173%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,606.9	+0.022%	$571.9M	$22.8M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,586.3	−0.002%	$38.1M	$148.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.019%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.037%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.050%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,531.1	−0.066%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,703.8	+0.134%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,669	+0.094%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,667.2	+0.092%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,586.6	−0.002%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,597.5	+0.011%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,578.2	−0.011%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,573.5	−0.017%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,574	−0.016%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,564.2	−0.027%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,657.8	+0.081%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,561	−0.031%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,612.5	+0.028%	$189.4M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,571	−0.020%	$8.9M	$723.2M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,622.9	+0.040%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	−0.038%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0178% / S −0.0185%	1h	86,588	long leg	$14.9M	—	200x
Hibachi BTC/USDT-P	+0.0224%	1h	86,585.9	−0.002%	$614K	$7.1M	30x	as long as short