BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0080%/8h= −8.8% APRnext payment −$0.10 per $10,000 · paid last 24h −0.011%

Price spread now: Derive against GMX−0.016%7-day average −0.013% · you buy dearer than you sell

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

Long on GMX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now −0.016%, 7d avg −0.013%

Together, before fees−0.187%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: −$2 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]	86,583.6	L +0.0180% / S −0.0209%	pay 0.0023% / 1h	2m 55s	$15.0M	—	200x
Short	Derive BTC-PERP	86,569.7	0.0100	get 0.0013% / 1h	2m 55s	$30.0M	$61.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.016%Rate

Funding earned: −$16.85
Price spread: −0.016% → −0.013%: −$0.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$35.19
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Derive: 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 GMX no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

GMX and Derive: 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
Aftermath Perps BTCUSD	−0.0255%	1h	86,613.1	+0.034%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,573.3	−0.012%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.034%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,551	−0.038%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.009%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,576.3	−0.008%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,576.4	−0.008%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,601	+0.020%	$927.7M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,590.8	+0.008%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,575	−0.010%	$850.8M	$709.2M	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	+0.0022%	1h	86,552.9	−0.035%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,593.4	+0.011%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,582.1	−0.002%	$149.6M	$472.5M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,590.3	+0.008%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,582	−0.002%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,568.5	−0.017%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,590.3	+0.008%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,591.4	+0.009%	$9.42B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,585	+0.002%	$8.7M	$43.1M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,589.3	+0.007%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,598	+0.017%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,588.3	+0.005%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,598.4	+0.017%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,558	−0.030%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0097%	8h	86,598	+0.017%	$2.55B	$12.74B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,543	−0.047%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,606.6	+0.027%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.1	−0.029%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,657.4	+0.085%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,592.1	+0.010%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,550	−0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,629.9	+0.054%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.114%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,583.6	0.000%	$38.2M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.043%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,557.7	−0.030%	$279.5M	$942.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.025%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.021%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.032%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,609.2	+0.030%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,556	−0.032%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,568	−0.018%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.3	+0.002%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,595.9	+0.014%	$140K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,569.7	−0.016%	$30.0M	$61.8M	15x
SunX BTC-USDT	+0.0100%	8h	86,561.8	−0.025%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,572	−0.013%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,558.2	−0.029%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,579.6	−0.005%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,581.6	−0.002%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,615.3	+0.037%	$187.0M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,617	+0.039%	$131.9M	$5.83B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,591	+0.009%	$780K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	86,602	+0.021%	$9.6M	$727.4M	6.4x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,579.9	−0.004%	$416.9M	$655.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0180% / S −0.0209%	1h	86,583.6	long leg	$15.0M	—	200x