BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0076%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h −0.025%

Price spread now: Bulk against GMX+0.015%7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$8 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.015%, 7d avg −0.038%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.053% dearer against GMX than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.038%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,504.4	L +0.0176% / S −0.0149%	pay 0.0022% / 1h	26m 49s	$13.1M	—	200x
Short	Bulk BTC-USD	85,517.4	0.0100	get 0.0013% / 1h	26m 49s	$680.3M	$725.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$16.01
Price spread: +0.015% → −0.038%: $5.29
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$29.73
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bulk: 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.9 bp −$1,962

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	−0.0140%	1h	85,526	+0.025%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	+0.008%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,474.4	−0.035%	$918.4M	$756.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,495.6	−0.010%	$419.0M	$675.7M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,510.1	+0.007%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,516.7	+0.014%	$503K	$18.7M	6.7x	as long as short
Aster BTCUSDT	+0.0001%	8h	85,475.8	−0.033%	$514.7M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,503.3	−0.001%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,494.4	−0.012%	$24.6M	$223.2M	50x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,528.6	+0.028%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,514	+0.011%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0054%	1h	85,530.2	+0.030%	$884.6M	$1.59B	50x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,486.3	−0.021%	—	$1.54B	—	as long as short
SoDEX BTC-USD	+0.0068%	1h	85,481	−0.027%	$59.9M	$335.9M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,482.7	−0.025%	$148.3M	$495.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,483	−0.025%	$2.95B	$5.12B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,499.5	−0.006%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,500.2	−0.005%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,495	−0.011%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,471.5	−0.038%	$2.7M	$2.0M	20x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,494.7	−0.011%	$6.6M	$147.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,483	−0.025%	$210K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.2	+0.050%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,569	+0.076%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,540.2	+0.042%	$40.1M	$588.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,483.1	−0.025%	$9.41B	$24.41B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,482.9	−0.025%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,494.1	−0.012%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,487	−0.020%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,497.6	−0.008%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,517.4	+0.015%	$680.3M	$725.5M	40x
Gate BTC_USDT	+0.0100%	8h	85,488.4	−0.019%	$5.53B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,475	−0.034%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471	−0.039%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.094%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.5	+0.011%	$279.3M	$928.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.040%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.101%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.052%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,558.4	+0.063%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,495	−0.011%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489.2	−0.018%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,482.7	−0.025%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,525.5	+0.025%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,477.4	−0.032%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,477.1	−0.032%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,476.1	−0.033%	$2.26B	$948.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,450.3	−0.063%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,521.2	+0.020%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,519	+0.017%	$117.4M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,506	+0.002%	$187.6M	$954.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,532.7	+0.033%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0149%	1h	85,504.4	long leg	$13.1M	—	200x
Kalshi KXBTCPERP	+0.0197%	8h	85,527	+0.026%	$11.7M	$754.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,544.6	+0.047%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568	+0.074%	$697K	$7.9M	30x	as long as short