BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0339%/8h= −37.2% APRnext payment −$0.42 per $10,000 · paid last 24h −0.036%

Price spread now: Phoenix against GMX−0.038%7-day average −0.012% · you buy dearer than you sell

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

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.155%−$16 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now −0.038%, 7d avg −0.012%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 0.025% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,635.5	L +0.0180% / S −0.0208%	pay 0.0023% / 1h	42m 29s	$15.1M	—	200x
Short	Phoenix BTC	86,603	−0.0159	pay 0.0020% / 1h	42m 29s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$71.26
Price spread: −0.038% → −0.012%: −$2.52
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$92.78
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	4.5 bp −$45	9.2 bp −$915	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
Bluefin BTC-PERP	−0.1210%	1h	86,637.4	+0.002%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.044%	$79K	$199K	20x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,603	−0.038%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,620	−0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0013%	1h	86,682.4	+0.054%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,682.4	+0.054%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,660	+0.028%	$505.8M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	−0.023%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	+0.020%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,630	−0.006%	$852.6M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	+0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,677.2	+0.048%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,670.5	+0.040%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.088%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.018%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,651.1	+0.018%	$732K	$8.1M	30x	as long as short
BingX BTC-USDC	+0.0031%	8h	86,657.8	+0.026%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,677.2	+0.048%	$2.96B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	−0.026%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,669.2	+0.039%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,679.4	+0.051%	$9.44B	$24.30B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,662.4	+0.031%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,675.9	+0.047%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,661	+0.029%	$172.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,686.4	+0.059%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,679	+0.050%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	−0.025%	$60.5M	$336.9M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,652	+0.019%	$207K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,708.7	+0.084%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,666.6	+0.036%	$21.9M	$233.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,739	+0.119%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,691.7	+0.065%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,678.1	+0.049%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,690	+0.063%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.2	+0.117%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.125%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.5	−0.003%	$38.5M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.087%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.061%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.029%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.014%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.048%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,713.3	+0.090%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,678	+0.049%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	−0.017%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	−0.013%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	−0.021%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	−0.023%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.021%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,654.1	+0.021%	$46.4M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	−0.018%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.033%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	+0.021%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.019%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0180% / S −0.0208%	1h	86,635.5	long leg	$15.1M	—	200x
Kalshi KXBTCPERP	+0.0191%	8h	86,649	+0.016%	$9.6M	$726.4M	6.4x	as long as short