BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0196%/8h= −21.5% APRnext payment −$0.25 per $10,000 · paid last 24h −0.047%

Price spread now: gTrade (Gains Network) against GMX+0.001%7-day average −0.028% · you sell dearer than you buy

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

Long on GMX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.154%−$15 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.001%, 7d avg −0.028%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.029% dearer against GMX than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.028%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,611.6	L +0.0201% / S −0.0224%	pay 0.0025% / 1h	59m 33s	$14.9M	—	200x
Short	gTrade (Gains Network) BTC/USD	86,612.4	L +0.0005% / S −0.0004%	get 0.0001% / 1h	59m 33s	$37.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.001%Rate

Funding earned: −$41.24
Price spread: +0.001% → −0.028%: $2.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$57.32
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 5 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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 55 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	86,586	−0.030%	$2.2M	$11.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,589	−0.026%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,652	+0.047%	$333K	$26.9M	52x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,601.5	−0.012%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,594.1	−0.020%	$413K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,612.4	+0.001%	$37.0M	—	200x
Aster BTCUSDT	+0.0016%	8h	86,595.9	−0.018%	$502.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	86,589	−0.026%	$835.4M	$728.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0039%	1h	86,588.6	−0.027%	$6.6M	$145.6M	40x	as long as short
BingX BTC-USDC	+0.0045%	8h	86,574	−0.043%	—	$15.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,601.5	−0.012%	$8.4M	$42.8M	25x	as long as short
Popdex BTCUSDT	+0.0056%	1h	86,595	−0.019%	$8.5M	$52.2M	100x	as long as short
Phemex BTCUSDT	+0.0057%	8h	86,597	−0.017%	$152.3M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,587.2	−0.028%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,610.1	−0.002%	$17.0M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,584.3	−0.031%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,592.7	−0.022%	$9.45B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,591.7	−0.023%	$2.5M	$1.4M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,592.8	−0.022%	$5.89B	$10.41B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,593.9	−0.020%	$170.1M	$978.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,591.4	−0.023%	$23.8M	$148.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,597.9	−0.016%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,584.9	−0.031%	$22.0M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,670	+0.067%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,618.3	+0.008%	$40.8M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,595.1	−0.019%	$5.27B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,602.6	−0.010%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,590	−0.025%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,620.3	+0.010%	$7.0M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,593.6	−0.021%	$38.0M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	−0.066%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,550.1	−0.071%	$279.6M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,585.4	−0.030%	$217.4M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,575	−0.042%	$141.8M	$323.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588	−0.027%	$30.7M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.8	+0.030%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,592	−0.023%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.6	−0.014%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,591.9	−0.023%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,746.8	−0.998%	$139K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.4	+0.018%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,592.2	−0.022%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,597	−0.017%	$60.6M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,592.1	−0.022%	$2.30B	$969.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.183%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,570.1	−0.048%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,599.3	−0.014%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,623.9	+0.014%	$193.6M	$952.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,639	+0.032%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,568.1	−0.050%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,624.7	+0.015%	$717K	$8.1M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0189%	1h	86,641.8	+0.035%	$911.0M	$1.50B	50x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,600	−0.013%	$415.5M	$660.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0201% / S −0.0224%	1h	86,611.6	long leg	$14.9M	—	200x
Kalshi KXBTCPERP	+0.0210%	8h	86,626	+0.017%	$10.4M	$756.0M	6.4x	as long as short