BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0254%/8h= −27.8% APRnext payment −$0.32 per $10,000 · paid last 24h −0.051%

Price spread now: dYdX against GMX+0.048%7-day average −0.030% · you sell dearer than you buy

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

Long on GMX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.153%−$15 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.048%, 7d avg −0.030%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.078% dearer against GMX than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.030%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,691.8	L +0.0179% / S −0.0189%	pay 0.0022% / 1h	26m 31s	$15.1M	—	200x
Short	dYdX BTC-USD	86,733.4	−0.0075	pay 0.0009% / 1h	26m 31s	$17.6M	$20.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$53.32
Price spread: +0.048% → −0.030%: $7.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$67.57
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; dYdX: live order book, 3 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 dYdX live order book, 3 min ago	0.46 bp	5.9 bp −$6	9.7 bp −$97	12.6 bp −$1,257	20.5 bp −$10.3K

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,655	−0.043%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	+0.053%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.126%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.045%	$9K	$3K	50x	as long as short
dYdX BTC-USDshort	−0.0075%	1h	86,733.4	+0.048%	$17.6M	$20.5M	50x
01 Exchange BTCUSD	0.0000%	1h	86,756.3	+0.074%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,715.7	+0.027%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,728.8	+0.043%	$845.0M	$704.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702.4	+0.012%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,715.9	+0.028%	$506.5M	$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	86,736.1	+0.051%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,679.3	−0.014%	$150.0M	$471.5M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,716.5	+0.028%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,742.3	+0.058%	$2.95B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.061%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,756.5	+0.075%	$5.19B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,750.5	+0.068%	$9.45B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,679.2	−0.015%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,726	+0.039%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0077%	8h	86,750.6	+0.068%	$2.56B	$12.73B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,725.9	+0.039%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,741.8	+0.058%	$5.27B	$9.68B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.089%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,752.1	+0.070%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,716.2	+0.028%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,731	+0.045%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	+0.036%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,752.1	+0.070%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,698.7	+0.008%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,815	+0.142%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	+0.076%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	+0.030%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.110%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.131%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,681.7	−0.012%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.121%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.080%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.075%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.077%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	+0.099%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	+0.054%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	+0.075%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,694.9	+0.004%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,708.4	+0.019%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,687.8	−0.005%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,666	−0.030%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,682	−0.011%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,680	−0.014%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,702.1	+0.012%	$46.3M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,698.1	+0.007%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,714.9	+0.027%	$188.4M	$932.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,723	+0.036%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,695	+0.004%	$9.0M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.014%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0179% / S −0.0189%	1h	86,691.8	long leg	$15.1M	—	200x
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.029%	$614K	$7.1M	30x	as long as short