BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.034%

Price spread now: SoDEX against GMX−0.040%7-day average −0.043% · you buy dearer than you sell

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

Long on GMX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now −0.040%, 7d avg −0.043%

Together, before fees−0.105%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: −$3 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]	85,392	L +0.0176% / S −0.0151%	pay 0.0022% / 1h	47m 07s	$13.0M	—	200x
Short	SoDEX BTC-USD	85,358	0.0070	get 0.0009% / 1h	47m 07s	$59.8M	$335.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$22.22
Price spread: −0.040% → −0.043%: $0.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$41.94
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SoDEX: 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 SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	6.2 bp −$618	48.4 bp −$24.2K

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	−0.0111%	1h	85,432	+0.047%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,428	+0.042%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,358.7	−0.039%	$920.0M	$760.8M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,401.9	+0.012%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,357.3	−0.041%	$420.3M	$676.2M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,366.7	−0.030%	$513.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,420.5	+0.033%	$533K	$18.8M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,452.6	+0.071%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,397.2	+0.006%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,396.1	+0.005%	$24.6M	$223.9M	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	+0.0023%	1h	85,449	+0.067%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,385.5	−0.008%	$187.8M	$955.0M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,349.5	−0.050%	—	$17.3M	—	as long as short
SoDEX BTC-USDshort	+0.0070%	1h	85,358	−0.040%	$59.8M	$335.9M	40x
Bullet BTC-USD	+0.0070%	1h	85,375	−0.020%	$203K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,374.5	−0.020%	$149.3M	$501.1M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,463	+0.083%	$139.7M	$315.4M	100x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,364.7	−0.032%	$2.95B	$5.15B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,357.7	−0.040%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,358.6	−0.039%	$9.43B	$24.73B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,360.3	−0.037%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,375.2	−0.020%	$171.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,373.7	−0.021%	$23.8M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,394	+0.002%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,406.1	+0.017%	$116.8M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,384	−0.009%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,454.4	+0.073%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,451	+0.069%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,438.5	+0.055%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,358.8	−0.039%	$5.17B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,367.9	−0.028%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,408	+0.019%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,404.4	+0.015%	$4.7M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,370.4	−0.025%	$5.53B	$10.81B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,356.1	−0.042%	$36.5M	$174.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	+0.072%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,425.6	+0.039%	$279.4M	$939.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,475.7	+0.098%	$214.8M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,452.1	+0.070%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,471.8	+0.094%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,391	−0.001%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,368.4	−0.028%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,410.8	+0.022%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,346.7	−0.053%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,363.5	−0.033%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,362.7	−0.034%	$2.26B	$952.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	+0.043%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,337.1	−0.064%	$45.7M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,413.6	+0.025%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0110%	1h	85,378.5	−0.016%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,407	+0.018%	$872.2M	$1.60B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0176% / S −0.0151%	1h	85,392	long leg	$13.0M	—	200x
Kalshi KXBTCPERP	+0.0178%	8h	85,428	+0.042%	$11.4M	$749.7M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,487.6	+0.112%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0236%	1h	85,446.4	+0.064%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,429	+0.043%	$8.8M	$43.1M	25x	as long as short