BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0174%/8h= +19.1% APRnext payment +$0.22 per $10,000 · paid last 24h +0.043%

Price spread now: GMX against Injective−0.153%57s7-day average +0.022% · you buy dearer than you sell

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

Long on Injective Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.160%+$16 on $10k

Price spread, last 3 days (all we have)+0.196%+$20 · spread now −0.153%, 7d avg +0.022%

Together, before fees+0.356%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.174% cheaper against Injective than usual: you would sell low and buy high (spread −0.153% now, against its 7-day average of +0.022%). If the spread goes back, that is −$17 on $10k: about 3.3 days of funding at the current rate (+$5 a day). The two prices were read 57 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	Injective BTC/USDC PERP	85,810	0.0020	pay 0.0002% / 1h	41m 46s	$341K	$26.9M	52x
Short	GMX BTC/USD [WBTC.b-USDC]	85,678.9	L +0.0204% / S −0.0194%	get 0.0024% / 1h	41m 46s	$13.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Injective. 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 InjectivebpFee GMXbpOrdersPrice spread, now −0.153%Rate

Funding earned: $36.55
Price spread: −0.153% → +0.022%: −$17.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee GMX: 6 bp × 2 orders: −$12
Net: $7.09
Costs to cover: 0.120%
Break-even: 5.6 days

Slippage unknown: Injective: live order book, 2 min ago; GMX: 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 Injective live order book, 2 min ago	3.32 bp	3.4 bp −$3	10.2 bp −$102	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	85,767	−0.050%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,711	−0.115%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.050%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,692.1	−0.137%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,738.2	−0.084%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,735.8	−0.086%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.9	−0.146%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0020%	1h	85,810	long leg	$341K	$26.9M	52x
Aster BTCUSDT	+0.0039%	8h	85,694.5	−0.135%	$497.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,665.9	−0.168%	$893.7M	$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	85,703.6	−0.124%	$8.1M	$42.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,694.6	−0.134%	$6.7M	$146.1M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,680.9	−0.150%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,664.2	−0.170%	$2.95B	$5.14B	150x	as long as short
HTX BTC-USDT	+0.0072%	8h	85,655.3	−0.180%	$2.27B	$969.7M	200x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	−0.002%	$140.3M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,687.6	−0.143%	$22.7M	$229.6M	50x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,676.4	−0.156%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,665.2	−0.169%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,671.7	−0.161%	$9.33B	$24.59B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,681.3	−0.150%	$169.4M	$980.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.4	−0.144%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	−0.129%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	85,684	−0.147%	$5.65B	$10.40B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,671	−0.162%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,738.7	−0.083%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,740	−0.082%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,731	−0.092%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,676.2	−0.156%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,681.2	−0.150%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,692	−0.138%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,675.9	−0.156%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.9	−0.155%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.031%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.026%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	−0.081%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,805.4	−0.005%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,767.7	−0.049%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,701	−0.127%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,671.8	−0.161%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,671.7	−0.161%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,709.9	−0.117%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,682.5	−0.149%	$29.9M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,638.1	−0.200%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,672	−0.161%	$60.0M	$337.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.4	−0.163%	$154.0M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.006%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,649.9	−0.187%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,716.7	−0.109%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,706	−0.121%	$131.3M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0130%	1h	85,710.8	−0.116%	$892.9M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,832.3	+0.026%	$709K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,691.7	−0.138%	$188.7M	$970.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,794.3	−0.018%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0204% / S −0.0194%	1h	85,678.9	−0.153%	$13.8M	—	200x
Kalshi KXBTCPERP	+0.0206%	8h	85,728	−0.096%	$10.0M	$770.4M	6.4x	as long as short