Funding you earn now, next payment 01:00 UTC−0.0184%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.042%
Price spread now: Injective against GMX+0.063%7-day average −0.022% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.166%−$17 on $10k
+Price spread, last 3 days (all we have)−0.115%−$11 · spread now +0.063%, 7d avg −0.022%
=The price spread pays, funding is against you. Injective is 0.085% dearer against GMX than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.022%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 37 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX BTC/USD [WBTC.b-USDC] | 86,303.2 | L +0.0207% / S −0.0222% | pay 0.0026% / 1h | 15m 10s | $14.5M | — | 200x |
| Short | Injective BTC/USDC PERP | 86,358 | 0.0023 | get 0.0003% / 1h | 15m 10s | $343K | $26.9M | 52x |
GMX BTC/USD [WBTC.b-USDC]
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against GMX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$38.7
- Price spread: +0.063% → −0.022%
- $8.51
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$42.21
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Injective: live order book, 4 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 Injective live order book, 4 min ago | 2.84 bp | 5.2 bp −$5 | 13.0 bp −$130 | doesn't fit | 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 | −0.0129% | 1h | 86,239 | −0.074% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,299 | −0.005% | $9K | $3K | 50x | as long as short |
| Bluefin BTC-PERP | −0.0049% | 1h | 86,329.8 | +0.031% | $144K | $667K | 40x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 86,286.3 | −0.020% | $363K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,286.3 | −0.020% | $538K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,307.7 | +0.005% | $36.9M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0023% | 1h | 86,288.1 | −0.018% | $16.9M | $20.5M | 50x | as long as short |
| Injective BTC/USDC PERPshort | +0.0023% | 1h | 86,358 | +0.063% | $343K | $26.9M | 52x | |
| Aster BTCUSDT | +0.0031% | 8h | 86,300 | −0.004% | $500.4M | $1.13B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0043% | 8h | 86,300.2 | −0.004% | $831.7M | $718.4M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Bluefin BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Aster BTCUSDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0048% | 1h | 86,289 | −0.017% | $6.7M | $145.8M | 40x | as long as short |
| BingX BTC-USDT | +0.0051% | 8h | 86,302.1 | −0.001% | — | $1.58B | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,287.3 | −0.019% | $8.3M | $42.4M | 25x | as long as short |
| Bitget BTCUSDT | +0.0065% | 8h | 86,295.7 | −0.009% | $2.97B | $5.05B | 150x | as long as short |
| SoDEX BTC-USD | +0.0078% | 1h | 86,305 | +0.002% | $60.4M | $338.2M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,292.5 | −0.012% | $2.5M | $1.8M | 20x | as long as short |
| MEXC BTC_USDT | +0.0083% | 8h | 86,301.5 | −0.002% | $5.09B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 86,305.2 | +0.002% | $9.40B | $24.32B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,316.5 | +0.015% | $170.5M | $990.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,320.6 | +0.020% | $23.7M | $151.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,283 | −0.023% | $8.4M | $52.1M | 100x | as long as short |
| Gate BTC_USDT | +0.0099% | 8h | 86,304.2 | +0.001% | $5.77B | $10.61B | 200x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,259 | −0.051% | $196K | $7.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,308.5 | +0.006% | $4.2M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,275.1 | −0.033% | $22.0M | $227.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,375 | +0.083% | $3.78B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,315.1 | +0.014% | $40.6M | $558.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,309.3 | +0.007% | $5.26B | $9.64B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,311.3 | +0.009% | $2.57B | $12.46B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,280 | −0.027% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,304.8 | +0.002% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,145.7 | −0.183% | $580.3M | $59.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,292.9 | −0.012% | $35.7M | $160.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,226.1 | −0.089% | $156.7M | $559.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,200.2 | −0.119% | $278.4M | $953.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,212.1 | −0.106% | $216.4M | $165.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,240.1 | −0.073% | $141.3M | $320.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,233.9 | −0.080% | $30.6M | $208.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,318.1 | +0.017% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,288 | −0.018% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,295.1 | −0.009% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,294.9 | −0.010% | $2.4M | $9.1M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,318.4 | +0.018% | $30.3M | $56.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,257.2 | −0.053% | $3.3M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,274.7 | −0.033% | $2.29B | $959.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 86,305.1 | +0.002% | $155.2M | $473.1M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,281 | −0.026% | $46.0M | $222.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,278.2 | −0.029% | — | $99.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,345.8 | +0.049% | $132.3M | $5.32B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,337.2 | +0.039% | $191.4M | $947.1M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0160% | 1h | 86,254.4 | −0.057% | $712K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0168% | 1h | 86,314.8 | +0.013% | $77K | $217K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0204% | 8h | 86,310 | +0.008% | $10.6M | $765.8M | 6.4x | as long as short |
| BloFin BTC-USDT | +0.0204% | 8h | 86,297 | −0.007% | $416.1M | $641.9M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC]long | L +0.0207% / S −0.0222% | 1h | 86,303.2 | long leg | $14.5M | — | 200x | |
| Deribit BTC-PERPETUAL | +0.0226% | 1h | 86,352.3 | +0.057% | $902.2M | $1.51B | 50x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDT
RISEx BTC/USDC
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Gate BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
BloFin BTC-USDT
Deribit BTC-PERPETUAL