BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0087%/8h= −9.5% APRnext payment −$0.11 per $10,000 · paid last 24h −0.018%

Price spread now: Nado against GMX−0.060%7-day average −0.046% · you buy dearer than you sell

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

Long on GMX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now −0.060%, 7d avg −0.046%

Together, before fees−0.050%+ Points / potential airdropNado: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$3 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]	86,346.7	L +0.0187% / S −0.0209%	pay 0.0023% / 1h	8m 41s	$15.1M	—	200x
Short	Nado BTC-PERP	86,295.1	0.0100	get 0.0012% / 1h	8m 41s	$21.6M	$234.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.060%Rate

Funding earned: −$18.22
Price spread: −0.060% → −0.046%: −$1.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$38.64
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Nado: live order book, 6 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 Nado live order book, 6 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.5 bp −$455	10.1 bp −$5,029

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
Bluefin BTC-PERP	−0.0586%	1h	86,358	+0.013%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	+0.011%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,308	−0.045%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,339	−0.009%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,344.8	−0.002%	$503.2M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,336.3	−0.012%	$851.3M	$712.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,353.8	+0.008%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0006%	1h	86,341.1	−0.007%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,312.4	−0.040%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,329.6	−0.020%	$6.7M	$145.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.015%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,314.3	−0.038%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,340.7	−0.007%	$150.2M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,312.3	−0.040%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0052%	1h	86,383.8	+0.043%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,348.7	+0.002%	$5.11B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,349.6	+0.003%	$9.42B	$24.46B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,331.6	−0.018%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,377.6	+0.036%	$917.6M	$1.49B	50x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,311.7	−0.041%	$5.84B	$10.76B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,352.9	+0.007%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,353.3	+0.008%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,365.5	+0.022%	$24.0M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,334	−0.015%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,288	−0.068%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,389.7	+0.050%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERPshort	+0.0100%	1h	86,295.1	−0.060%	$21.6M	$234.6M	50x
Hyperliquid BTC	+0.0100%	1h	86,417	+0.081%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,377.1	+0.035%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,312.7	−0.039%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,347	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,366.5	+0.023%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.030%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,335.4	−0.013%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.035%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	−0.029%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.013%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	+0.008%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	−0.017%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,372.3	+0.030%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,333	−0.016%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,344	−0.003%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,345.1	−0.002%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,361.5	+0.017%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,293.8	−0.061%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,340	−0.008%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.5	−0.034%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,291.2	−0.064%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,345.5	−0.001%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,309.8	−0.043%	$420K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,380.8	+0.040%	$131.3M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,365.9	+0.022%	$191.3M	$945.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,306.6	−0.046%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,339.6	−0.008%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0187% / S −0.0209%	1h	86,346.7	long leg	$15.1M	—	200x
Kalshi KXBTCPERP	+0.0198%	8h	86,335	−0.014%	$9.8M	$735.1M	6.4x	as long as short