BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0283%/8h= −31.0% APRnext payment −$0.35 per $10,000 · paid last 24h −0.074%

Price spread now: Hotstuff against GMX+0.144%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.144% dearer against GMX than usual: you sell high and buy low (spread +0.144% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,485.2	L +0.0203% / S −0.0184%	pay 0.0025% / 1h	57m 25s	$13.5M	—	200x
Short	Hotstuff BTC-PERP	85,608	−0.0080	pay 0.0010% / 1h	57m 25s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.144%Rate

Funding earned: −$59.4
Price spread: +0.144% → 0.000%: $14.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$62.04
Costs to cover: 0.170%
Break-even: never at this rate

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

GMX and Hotstuff: 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 55 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	−0.0144%	1h	85,498	+0.015%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,608	+0.144%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,462.3	−0.027%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,531.5	+0.054%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,488.5	+0.004%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,461.6	−0.028%	$515.2M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.1	−0.010%	$22.5M	$224.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,455.3	−0.035%	$900.6M	$747.9M	125x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,539	+0.063%	$59.9M	$336.4M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,471.9	−0.016%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0056%	8h	85,525.1	+0.047%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,457.5	−0.032%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,461.1	−0.028%	$2.94B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,463	−0.026%	$8.3M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.037%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.154%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	−0.019%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,469.5	−0.018%	$9.32B	$23.90B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,465.6	−0.023%	$5.07B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,481.2	−0.005%	$169.4M	$981.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,486.8	+0.002%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,513.3	+0.033%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.053%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,530	+0.052%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,512	+0.031%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,474.5	−0.012%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,472	−0.015%	$2.55B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,473	−0.014%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,446	−0.046%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,475.9	−0.011%	$5.57B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,509.1	+0.028%	$34.9M	$168.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.070%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.079%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.113%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.128%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.063%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,538.5	+0.062%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	−0.025%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,474.3	−0.013%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	−0.024%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,506.1	+0.024%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469.3	−0.019%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,532.2	+0.055%	$149.7M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.126%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,442.6	−0.050%	$44.2M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	+0.083%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,582	+0.113%	$130.4M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,498	+0.015%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,565.4	+0.094%	$187.0M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	+0.037%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0188%	1h	85,583.9	+0.115%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.108%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0203% / S −0.0184%	1h	85,485.2	long leg	$13.5M	—	200x
Kalshi KXBTCPERP	+0.0212%	8h	85,595	+0.128%	$10.3M	$765.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,512.5	+0.032%	$509K	$19.7M	6.7x	as long as short