BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0184%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.044%

Price spread now: Injective against GMX+0.186%7-day average −0.022% · you sell dearer than you buy

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

Long on GMX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.169%−$17 on $10k

Price spread, last 3 days (all we have)−0.229%−$23 · spread now +0.186%, 7d avg −0.022%

Together, before fees−0.397%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.207% dearer against GMX than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of −0.022%): +$21 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,650.8	L +0.0204% / S −0.0194%	pay 0.0026% / 1h	41m 19s	$13.8M	—	200x
Short	Injective BTC/USDC PERP	85,810	0.0020	get 0.0002% / 1h	41m 19s	$341K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.186%Rate

Funding earned: −$38.66
Price spread: +0.186% → −0.022%: $20.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$29.93
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Injective: live order book, 3 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 Injective live order book, 3 min ago	3.32 bp	4.4 bp −$4	15.6 bp −$156	612.7 bp −$61.3K	doesn't fit

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	−0.0144%	1h	85,678	+0.032%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,691	+0.047%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.236%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,643.7	−0.008%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,687.3	+0.043%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,669.3	+0.022%	$508K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,653.9	+0.004%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0020%	1h	85,810	+0.186%	$341K	$26.9M	52x
Aster BTCUSDT	+0.0037%	8h	85,662	+0.013%	$496.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,637.9	−0.015%	$893.4M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,667	+0.019%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,642.1	−0.010%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,641.8	−0.011%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0065%	8h	85,600.3	−0.059%	$2.27B	$970.7M	200x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,630.3	−0.024%	$2.95B	$5.14B	150x	as long as short
Nado BTC-PERP	+0.0077%	1h	85,655.2	+0.005%	$22.7M	$229.7M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,642.2	−0.010%	$9.32B	$24.60B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,645	−0.007%	$5.11B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,624.5	−0.031%	$2.5M	$1.8M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,652.4	+0.002%	$169.2M	$980.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,656.1	+0.006%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,646	−0.006%	$8.4M	$52.6M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	85,649.9	−0.001%	$5.65B	$10.40B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,632	−0.022%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,710	+0.069%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,715	+0.075%	$3.76B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.6	+0.035%	$40.8M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,649.6	−0.001%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,645.1	−0.007%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,644	−0.008%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,641.8	−0.011%	$7.3M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.9	+0.030%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,634.2	−0.019%	$157.4M	$554.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,806	+0.181%	$278.1M	$938.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	+0.104%	$215.2M	$164.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,842.7	+0.224%	$140.4M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,805.4	+0.180%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,714	+0.074%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,648	−0.003%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,645.8	−0.006%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,635.6	−0.018%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,679.4	+0.033%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,636.9	−0.016%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,612.2	−0.045%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,634	−0.020%	$60.0M	$337.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,634.8	−0.019%	$153.8M	$480.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.180%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,616	−0.041%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.9	+0.039%	—	$102.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,660.9	+0.012%	$131.0M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,704.9	+0.063%	$708K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0144%	1h	85,673.5	+0.026%	$893.1M	$1.55B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,651.1	0.000%	$188.6M	$971.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,772.4	+0.142%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0204% / S −0.0194%	1h	85,650.8	long leg	$13.8M	—	200x
Kalshi KXBTCPERP	+0.0206%	8h	85,728	+0.090%	$10.0M	$770.4M	6.4x	as long as short