BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0076%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h −0.001%

Price spread now: Hyperliquid against GMX+0.084%7-day average +0.036% · you sell dearer than you buy

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

Long on GMX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.084%, 7d avg +0.036%

Together, before fees−0.077%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.048% dearer against GMX than usual: you sell high and buy low (spread +0.084% now, against its 7-day average of +0.036%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,489.1	L +0.0176% / S −0.0151%	pay 0.0022% / 1h	4m 38s	$13.3M	—	200x
Short	Hyperliquid BTC	85,561	0.0100	get 0.0013% / 1h	4m 38s	$3.75B	$4.98B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$16.03
Price spread: +0.084% → +0.036%: $4.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.23
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Hyperliquid: live order book, 10 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 Hyperliquid live order book, 10 min ago	0.06 bp	5.5 bp −$5	5.5 bp −$55	5.9 bp −$590	doesn't fit

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	−0.0179%	1h	85,531	+0.049%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,493	+0.005%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,499.5	+0.012%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,467.9	−0.025%	$919.7M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,474.9	−0.017%	$417.1M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,488.4	−0.001%	$36.5M	—	200x	as long as short
Bluefin BTC-PERP	+0.0005%	1h	85,520.3	+0.037%	$207K	$739K	40x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,472.1	−0.020%	$16.7M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,483.3	−0.007%	$515.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0013%	1h	85,477.9	−0.013%	$25.0M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus BTC-USD	+0.0021%	1h	85,487.8	−0.001%	$4.2M	$98.3M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,479.7	−0.011%	—	$17.1M	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,511.9	+0.027%	$888.1M	$1.58B	50x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,475.8	−0.016%	$148.3M	$489.3M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,488.2	−0.001%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0086%	1h	85,471.5	−0.020%	$6.6M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,492	+0.003%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,493.6	+0.005%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	+0.013%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,473.2	−0.019%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,465	−0.028%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,541.1	+0.061%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,561	+0.084%	$3.75B	$4.98B	40x
Pacifica BTC	+0.0100%	1h	85,511	+0.026%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,499.4	+0.012%	$9.36B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,492.5	+0.004%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,499.6	+0.012%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,484	−0.006%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.002%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,498	+0.010%	$5.53B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,498.6	+0.011%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,462.4	−0.031%	$35.0M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.052%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,474.1	−0.018%	$279.2M	$922.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.002%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,488.3	−0.001%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,473	−0.019%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,527.8	+0.045%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,472	−0.020%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,485	−0.005%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,481.2	−0.009%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,466.5	−0.026%	$29.9M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,460.6	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,475	−0.016%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,477.7	−0.013%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,468.1	−0.025%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,477.4	−0.014%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,507	+0.021%	$117.5M	$5.19B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,556	+0.078%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,490.9	+0.002%	$187.3M	$954.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0151%	1h	85,489.1	long leg	$13.3M	—	200x
RISEx BTC/USDC	+0.0194%	1h	85,517.5	+0.033%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0217%	1h	85,500.6	+0.013%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,494	+0.006%	$10.4M	$755.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,504	+0.017%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,475.1	−0.016%	$496K	$18.8M	6.7x	as long as short