BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0072%/8h= −7.9% APRnext payment −$0.09 per $10,000 · paid last 24h −0.012%

Price spread now: Coinbase International against GMX+0.020%7-day average +0.005% · you sell dearer than you buy

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

Long on GMX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.020%, 7d avg +0.005%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,472.6	L +0.0176% / S −0.0149%	pay 0.0022% / 1h	21m 54s	$13.1M	—	200x
Short	Coinbase International BTC-PERP-INTX	85,490	0.0104	get 0.0013% / 1h	21m 54s	$117.3M	$5.25B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$15.16
Price spread: +0.020% → +0.005%: $1.53
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$35.63
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Coinbase International: 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$574	11.8 bp −$5,879

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	85,490	+0.020%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,444	−0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,443.1	−0.035%	$918.3M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,438.7	−0.040%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,441.7	−0.036%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,510.1	+0.044%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,467.1	−0.006%	$504K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,433.8	−0.045%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.8	+0.004%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0035%	1h	85,485.8	+0.015%	$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	+0.048%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,457	−0.018%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0062%	1h	85,498.6	+0.030%	$884.7M	$1.59B	50x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,512.5	+0.047%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,461	−0.014%	$148.4M	$495.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,530.4	+0.068%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,466.8	−0.007%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,525	+0.061%	$9.44B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,471.9	−0.001%	$172.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,467.4	−0.006%	$23.9M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,426	−0.055%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,447.3	−0.030%	$2.7M	$2.0M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,419	−0.063%	$226K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,491.2	+0.022%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,536	+0.074%	$3.78B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,473.2	+0.001%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,513.1	+0.047%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,527.1	+0.064%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,432	−0.048%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,437.4	−0.041%	$4.7M	$99.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,524.3	+0.060%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452.7	−0.023%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.023%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	+0.009%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.039%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.030%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	−0.005%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,502.6	+0.035%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.015%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456.5	−0.019%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,453.5	−0.022%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,507.1	+0.040%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.7	−0.030%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,437.5	−0.041%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449.9	−0.027%	$2.26B	$949.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.030%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,457.3	−0.018%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,429.2	−0.051%	$45.3M	$233.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,457.6	−0.018%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0104%	1h	85,490	+0.020%	$117.3M	$5.25B	50x
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,474.5	+0.002%	$187.7M	$956.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,476	+0.004%	$11.5M	$754.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,460.5	−0.014%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0149%	1h	85,472.6	long leg	$13.1M	—	200x
Hibachi BTC/USDT-P	+0.0248%	1h	85,483.6	+0.013%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0255%	1h	85,496.5	+0.028%	$78K	$222K	20x	as long as short