BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0208%/8h= −22.8% APRnext payment −$0.26 per $10,000 · paid last 24h −0.068%

Price spread now: Phoenix against GMX−0.018%65s7-day average −0.014% · you buy dearer than you sell

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

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.192%−$19 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.018%, 7d avg −0.014%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,204.7	L +0.0174% / S −0.0146%	pay 0.0022% / 1h	15m 50s	$13.0M	—	200x
Short	Phoenix BTC	85,189	−0.0034	pay 0.0004% / 1h	15m 50s	$2.3M	$10.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$43.69
Price spread: −0.018% → −0.014%: −$0.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.18
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phoenix: 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	5.3 bp −$53	10.5 bp −$1,051	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
Hotstuff BTC-PERP	−0.0080%	1h	85,229	+0.029%	$8K	$3K	50x	as long as short
Phoenix BTCshort	−0.0034%	1h	85,189	−0.018%	$2.3M	$10.8M	40x
BloFin BTC-USDT	−0.0020%	8h	85,211.5	+0.008%	$421.2M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0014%	8h	85,186.5	−0.021%	$926.8M	$778.2M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,228.7	+0.028%	$343K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	85,193.2	−0.014%	$508.9M	$1.09B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,211.6	+0.008%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,231.4	+0.031%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,211.1	+0.007%	$185.7M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,180.4	−0.029%	—	$17.4M	—	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	+0.0067%	1h	85,222	+0.020%	$302K	$25.4M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,193.8	−0.013%	$5.09B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.043%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,218.8	+0.017%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,211.3	+0.008%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,210.6	+0.007%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,214	+0.011%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,196.5	−0.010%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0097%	8h	85,190.9	−0.016%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,191	−0.016%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,260.8	+0.066%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,277	+0.085%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,237.4	+0.038%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,193.8	−0.013%	$9.37B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,200	−0.006%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,215	+0.012%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,228.6	+0.028%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,194.1	−0.012%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,194.4	−0.012%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,189.6	−0.018%	$36.9M	$189.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.028%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,211.2	+0.008%	$282.6M	$958.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.046%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,228.6	+0.028%	$30.0M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,278.5	+0.087%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,214	+0.011%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,205.5	+0.001%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,207.4	+0.003%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,237.3	+0.038%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	+0.006%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,206	+0.002%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,200	−0.006%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200	−0.006%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,200.1	−0.005%	$158.6M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.041%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,170.6	−0.040%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,213.4	+0.010%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,239.4	+0.041%	$111.7M	$5.47B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0135%	1h	85,240.1	+0.042%	$839.9M	$1.67B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,194.7	−0.012%	$6.6M	$142.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,243	+0.045%	$12.0M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,233.4	+0.034%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0174% / S −0.0146%	1h	85,204.7	long leg	$13.0M	—	200x
Hibachi BTC/USDT-P	+0.0248%	1h	85,250.5	+0.054%	$692K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,242.6	+0.044%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,221.4	+0.020%	$461K	$18.4M	6.7x	as long as short