BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.09 per $10,000 · paid last 24h −0.021%

Price spread now: Polymarket Perps against GMX+0.023%7-day average −0.037% · you sell dearer than you buy

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

Long on GMX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.023%, 7d avg −0.037%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.060% dearer against GMX than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.037%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,248	L +0.0176% / S −0.0151%	pay 0.0022% / 1h	21m 22s	$13.0M	—	200x
Short	Polymarket Perps BTC-USD	85,268	0.0100	get 0.0013% / 1h	21m 22s	$11.0M	$14.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$15.88
Price spread: +0.023% → −0.037%: $6.01
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$29.87
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.3 bp −$43	6.5 bp −$651	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
Perpl BTC	−0.0112%	43m	85,249.9	+0.002%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.134%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,272	+0.028%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,258.3	+0.012%	$923.1M	$764.0M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	−0.130%	$419.2M	$679.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	+0.052%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,230.6	−0.020%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,252	+0.005%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249.2	+0.001%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.027%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,254.5	+0.008%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,235	−0.015%	$187.1M	$953.3M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,225	−0.027%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0075%	1h	85,257.1	+0.011%	$867.0M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,225.3	−0.027%	$147.3M	$505.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,219.2	−0.034%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,266.5	+0.022%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,221.7	−0.031%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,253.4	+0.006%	$9.42B	$24.82B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,260.4	+0.015%	$171.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,267.8	+0.023%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.041%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,260.8	+0.015%	$116.9M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	0.000%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,312.2	+0.075%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,351	+0.121%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	+0.041%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,229.2	−0.022%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,226.1	−0.026%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	+0.029%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	+0.039%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.099%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,253.5	+0.006%	$5.50B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,249.3	+0.002%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.195%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.159%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.165%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.181%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	−0.073%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.094%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,268	+0.023%	$11.0M	$14.4M	50x
Bullet BTC-USD	+0.0100%	1h	85,259	+0.013%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,230.1	−0.021%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,269.2	+0.025%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.5	−0.051%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.172%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,223	−0.029%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,219	−0.034%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,193.6	−0.064%	$45.2M	$239.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,281.5	+0.039%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	+0.014%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0151%	1h	85,248	long leg	$13.0M	—	200x
Kalshi KXBTCPERP	+0.0181%	8h	85,207	−0.048%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,197.4	−0.059%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.019%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	+0.054%	$8.7M	$43.2M	25x	as long as short