BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0086%/8h= −9.4% APRnext payment −$0.11 per $10,000 · paid last 24h −0.022%

Price spread now: Popdex against GMX+0.011%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 Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.011%, 7d avg −0.037%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.048% dearer against GMX than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.037%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,509.3	L +0.0182% / S −0.0216%	pay 0.0023% / 1h	33m 26s	$15.4M	—	200x
Short	Popdex BTCUSDT	86,519	0.0096	get 0.0012% / 1h	33m 26s	$8.5M	$52.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$18.12
Price spread: +0.011% → −0.037%: $4.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$31.72
Costs to cover: 0.184%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Popdex: live order book, 1 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 Popdex live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	3.7 bp −$371	5.2 bp −$2,584

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	−0.0571%	1h	86,515	+0.007%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.136%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0110%	1h	86,586	+0.089%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,509	0.000%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,494.9	−0.017%	$504.8M	$1.15B	200x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	+0.025%	$17.1M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,531.3	+0.025%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,506.4	−0.003%	$851.3M	$708.6M	125x	as long as short
Perpl BTC	0.0000%	43m	86,519.8	+0.012%	$419K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,532.3	+0.027%	$923.2M	$1.47B	50x	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	86,517.1	+0.009%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,521.1	+0.014%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,491.1	−0.021%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.057%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,494.8	−0.017%	$149.9M	$475.7M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,484.5	−0.029%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,503	−0.007%	$2.95B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,562.5	+0.061%	$729K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,505.2	−0.005%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,494.8	−0.017%	$9.41B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,482	−0.032%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,487.8	−0.025%	$5.85B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,493.4	−0.018%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,495	−0.017%	$60.5M	$337.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,524.7	+0.018%	$171.5M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,531.8	+0.026%	$24.1M	$151.9M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,519	+0.011%	$8.5M	$52.2M	100x
Katana Perps BTC-USD	+0.0100%	8h	86,503	−0.007%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,550.6	+0.048%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,518.4	+0.010%	$21.7M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,593	+0.097%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	+0.044%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,500	−0.011%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,514	+0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,587.8	+0.091%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.224%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,491	−0.021%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.037%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	0.000%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.040%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	+0.039%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,563.2	+0.062%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,558.5	+0.057%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,516	+0.008%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,500.1	−0.011%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,496.5	−0.015%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,490.6	−0.022%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,510.7	+0.002%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,474.5	−0.040%	$2.30B	$965.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,501.9	−0.009%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,542.7	+0.039%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,543	+0.039%	$131.7M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,531.7	+0.026%	$191.2M	$937.6M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,533.4	+0.028%	$414.3M	$651.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0182% / S −0.0216%	1h	86,509.3	long leg	$15.4M	—	200x
Kalshi KXBTCPERP	+0.0195%	8h	86,522	+0.015%	$9.6M	$728.9M	6.4x	as long as short