Funding you earn now, next payment 04:00 UTC+0.0052%/8h= +5.7% APRnext payment +$0.07 per $10,000 · paid last 24h +0.190%
Price spread now: GMX against Bluefin−0.049%7-day average +0.057% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.487%+$49 on $10k
+Price spread, last 4 days (all we have)+0.129%+$13 · spread now −0.049%, 7d avg +0.057%
=Funding pays, the price is against you. GMX is 0.105% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.057%). If the spread goes back, that is −$11 on $10k: about 6.7 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.487% in total) that is about 17 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bluefin BTC-PERP | 85,485.7 | 0.0100 | pay 0.0013% / 1h | 13m 38s | $207K | $738K | 40x |
| Short | GMX BTC/USD [WBTC.b-USDC] | 85,444 | L +0.0176% / S −0.0152% | get 0.0019% / 1h | 13m 38s | $13.3M | — | 200x |
Bluefin BTC-PERP
GMX BTC/USD [WBTC.b-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Bluefin. 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
- $10.95
- Price spread: −0.049% → +0.057%
- −$10.55
- Slippage, 4 orders
- no order book: not counted
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$18.6
- Costs to cover
- 0.190%
- Break-even
- 18.9 days
Slippage unknown: Bluefin: live order book, 46 min ago; GMX: no order-book sample. 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 Bluefin live order book, 46 min ago | 2.16 bp | 7.7 bp −$8 | 12.2 bp −$122 | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
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 | −0.0179% | 1h | 85,466 | −0.023% | $2.1M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,465 | −0.024% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,486.8 | +0.001% | $365K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0027% | 8h | 85,454.4 | −0.037% | $919.2M | $752.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0021% | 8h | 85,452.4 | −0.039% | $417.8M | $668.4M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,447.1 | −0.045% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0011% | 8h | 85,469.2 | −0.019% | $515.2M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0011% | 1h | 85,459.5 | −0.031% | $16.7M | $21.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0018% | 1h | 85,450.1 | −0.042% | $25.3M | $221.8M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,466.3 | −0.023% | $4.6M | $97.8M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
BloFin BTC-USDT
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Nado BTC-PERP
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0062% | 8h | 85,488.5 | +0.003% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0077% | 8h | 85,451.6 | −0.040% | $147.7M | $488.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0078% | 8h | 85,486.8 | +0.001% | $2.95B | $5.08B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0084% | 1h | 85,429.5 | −0.066% | $6.7M | $146.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,495 | +0.011% | $172.4M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,494.8 | +0.011% | $23.9M | $149.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,487 | +0.002% | $8.6M | $53.2M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,445.6 | −0.047% | $2.4M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0099% | 8h | 85,483.9 | −0.002% | $5.07B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0099% | 8h | 85,483.9 | −0.002% | $9.36B | $24.16B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,457 | −0.034% | $210K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,532 | +0.054% | $5.1M | $9.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,557 | +0.083% | $3.75B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,511.5 | +0.030% | $40.1M | $579.3M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,485.6 | 0.000% | $5.20B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,495.3 | +0.011% | $2.58B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,477 | −0.010% | $3.9M | $18.3M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,445.9 | −0.047% | $666.8M | $675.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,489.2 | +0.004% | $5.51B | $10.75B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,438.9 | −0.055% | $35.6M | $176.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,420.9 | −0.076% | $153.3M | $564.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,431 | −0.064% | $279.1M | $923.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,459.5 | −0.031% | $214.5M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,462.5 | −0.027% | $139.7M | $314.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,439 | −0.055% | $30.2M | $208.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,500.4 | +0.017% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,439 | −0.055% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,436.6 | −0.057% | $189K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,443.4 | −0.049% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERPlong | +0.0100% | 1h | 85,485.7 | long leg | $207K | $738K | 40x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,436.2 | −0.058% | $29.9M | $50.2M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,427.7 | −0.068% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,455 | −0.036% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,439.4 | −0.054% | $2.26B | $942.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,462 | −0.028% | $44.6M | $231.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,449.2 | −0.043% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,490 | +0.005% | $117.1M | $5.19B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0129% | 1h | 85,495.3 | +0.011% | $891.4M | $1.58B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,444 | −0.049% | $339K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,475.4 | −0.012% | $187.3M | $955.1M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC]short | L +0.0176% / S −0.0152% | 1h | 85,444 | −0.049% | $13.3M | — | 200x | |
| RISEx BTC/USDC | +0.0194% | 1h | 85,509.9 | +0.028% | $8.2M | $42.5M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,472 | −0.016% | $10.3M | $756.2M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,470.7 | −0.018% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,501.7 | +0.019% | $703K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,466.4 | −0.023% | $495K | $18.8M | 6.7x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
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
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC