BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0049%/8h= +5.4% APRnext payment +$0.06 per $10,000 · paid last 24h +0.023%

Price spread now: GMX against Derive−0.066%7-day average +0.011% · you buy dearer than you sell

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

Long on Derive Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.091%+$9 on $10k

Price spread, last 4 days (all we have)+0.239%+$24 · spread now −0.066%, 7d avg +0.011%

Together, before fees+0.331%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.077% cheaper against Derive than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.011%). If the spread goes back, that is −$8 on $10k: about 5.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,444.6	0.0100	pay 0.0013% / 1h	29m 48s	$28.8M	$52.4M	15x
Short	GMX BTC/USD [WBTC.b-USDC]	85,388.1	L +0.0174% / S −0.0149%	get 0.0019% / 1h	29m 48s	$13.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Derive. 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 DerivebpFee GMXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $10.31
Price spread: −0.066% → +0.011%: −$7.75
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$15.43
Costs to cover: 0.180%
Break-even: 17.5 days

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Derive and 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	−0.1233%	1h	85,423.3	−0.025%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,391	−0.063%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,401.4	−0.051%	$422.4M	$674.9M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.008%	$307K	$25.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,406	−0.045%	$351K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,388.1	−0.066%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	85,385.7	−0.069%	$936.2M	$770.3M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,380.8	−0.075%	$502.7M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0054%	1h	85,425.5	−0.022%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,393.6	−0.060%	$185.6M	$934.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.114%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,366.7	−0.091%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,391.3	−0.062%	$170.9M	$946.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,391.7	−0.062%	$23.5M	$134.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,393	−0.060%	$8.7M	$58.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,379.2	−0.077%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0097%	1h	85,389.7	−0.064%	$24.0M	$215.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,378	−0.078%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,433.5	−0.013%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,427.2	−0.020%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,383.4	−0.072%	$9.39B	$24.91B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,382.1	−0.073%	$5.08B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,385	−0.070%	$2.61B	$12.03B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,395	−0.058%	$3.9M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,408.2	−0.043%	$5.0M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.065%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,390.9	−0.063%	$5.50B	$9.92B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,384.5	−0.070%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,382.7	−0.072%	$2.97B	$5.10B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375.6	−0.081%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	−0.056%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,437.2	−0.009%	$285.6M	$965.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.073%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	−0.006%	$136.7M	$312.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.005%	$30.1M	$218.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,470.1	+0.030%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.251%	$10.9M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,397.9	−0.055%	$219K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,385.4	−0.069%	$2.7M	$9.8M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,444.6	long leg	$28.8M	$52.4M	15x
SunX BTC-USDT	+0.0100%	8h	85,394.1	−0.059%	$3.0M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,400	−0.052%	$59.8M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,381.2	−0.074%	$2.26B	$969.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,388.6	−0.066%	$163.4M	$513.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,362.2	−0.096%	$45.9M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,411.8	−0.038%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,427.6	−0.020%	$111.7M	$5.40B	50x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,369.3	−0.088%	$6.6M	$137.1M	40x	as long as short
Hyperliquid BTC	+0.0158%	1h	85,464	+0.023%	$3.83B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0174% / S −0.0149%	1h	85,388.1	−0.066%	$13.0M	—	200x
RISEx BTC/USDC	+0.0194%	1h	85,421.6	−0.027%	$8.9M	$42.3M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,423	−0.025%	$10.6M	$736.3M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0241%	1h	85,433.2	−0.013%	$831.7M	$1.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0331%	1h	85,465.4	+0.024%	$81K	$260K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,451	+0.008%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,420.9	−0.028%	$459K	$18.1M	6.7x	as long as short