Funding you earn now, next payment 05:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.09 per $10,000 · paid last 24h −0.024%
Price spread now: Backpack against GMX+0.004%7-day average −0.067% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.142%−$14 on $10k
+Price spread, last 4 days (all we have)−0.078%−$8 · spread now +0.004%, 7d avg −0.067%
=The price spread pays, funding is against you. Backpack is 0.071% dearer against GMX than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.067%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX BTC/USD [WBTC.b-USDC] | 85,405.6 | L +0.0176% / S −0.0151% | pay 0.0022% / 1h | 0m 16s | $13.0M | — | 200x |
| Short | Backpack BTC_USDC_PERP | 85,409.1 | 0.0100 | get 0.0013% / 1h | 0m 16s | $36.6M | $176.7M | 75x |
GMX BTC/USD [WBTC.b-USDC]
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against GMX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$15.95
- Price spread: +0.004% → −0.067%
- $7.08
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$30.87
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Backpack: live order book, 4 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 Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.5 bp −$547 | 18.4 bp −$9,217 |
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 | −0.0140% | 1h | 85,470 | +0.075% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,419 | +0.016% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0051% | 8h | 85,379.9 | −0.030% | $919.7M | $758.3M | 125x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,416 | +0.012% | $420.1M | $676.0M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,387.2 | −0.022% | $514.0M | $1.10B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,403.2 | −0.003% | $382K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,422.4 | +0.020% | $540K | $18.7M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,409.5 | +0.005% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0006% | 1h | 85,397.1 | −0.010% | $24.3M | $222.7M | 50x | as long as short |
| dYdX BTC-USD | +0.0024% | 1h | 85,448.7 | +0.050% | $16.8M | $21.2M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,400 | −0.007% | $339K | $26.9M | 52x | as long as short |
| SoDEX BTC-USD | +0.0051% | 1h | 85,400 | −0.007% | $59.9M | $335.9M | 40x | as long as short |
| BingX BTC-USDT | +0.0063% | 8h | 85,395.8 | −0.011% | — | $1.55B | — | as long as short |
| Phemex BTCUSDT | +0.0067% | 8h | 85,404.3 | −0.002% | $149.1M | $498.4M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,396.1 | −0.011% | $2.95B | $5.13B | 150x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,400 | −0.007% | $5.06B | $5.69B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,390.9 | −0.017% | $2.7M | $5.6M | 20x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,400 | −0.007% | $9.45B | $24.53B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,406 | 0.000% | $171.9M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,406.4 | +0.001% | $23.9M | $149.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,407 | +0.002% | $8.4M | $55.2M | 100x | as long as short |
| Bullet BTC-USD | +0.0098% | 1h | 85,400.1 | −0.006% | $203K | $3.3M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,376 | −0.035% | $241K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,447 | +0.048% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,474 | +0.080% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,428.9 | +0.027% | $40.4M | $590.4M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,388.1 | −0.020% | $5.17B | $9.87B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,399.9 | −0.007% | $2.59B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,421 | +0.018% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,397.1 | −0.010% | $4.7M | $99.2M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,391.6 | −0.016% | $5.52B | $10.88B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,409.1 | +0.004% | $36.6M | $176.7M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,397.6 | −0.009% | $154.3M | $564.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,433.7 | +0.033% | $279.1M | $933.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,483.8 | +0.092% | $214.6M | $169.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,403 | −0.003% | $139.6M | $316.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,403 | −0.003% | $30.2M | $206.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,461.1 | +0.065% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,396 | −0.011% | $11.1M | $14.3M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,393.6 | −0.014% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,434.2 | +0.033% | $206K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,374.5 | −0.036% | $30.0M | $50.2M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,382.3 | −0.027% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,392.4 | −0.015% | $2.26B | $949.0M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,404.3 | −0.002% | $678.7M | $662.5M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0102% | 1h | 85,445.5 | +0.047% | $872.2M | $1.60B | 50x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,372.5 | −0.039% | $45.7M | $234.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,407.8 | +0.003% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,430.1 | +0.029% | $117.8M | $5.27B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0107% | 1h | 85,393.2 | −0.014% | $6.6M | $147.2M | 40x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,421.5 | +0.019% | $187.6M | $956.3M | 100x | as long as short |
| Kalshi KXBTCPERP | +0.0165% | 8h | 85,444 | +0.045% | $11.5M | $751.5M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,430.9 | +0.030% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC]long | L +0.0176% / S −0.0151% | 1h | 85,405.6 | long leg | $13.0M | — | 200x | |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,452.8 | +0.055% | $700K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0244% | 1h | 85,456.3 | +0.059% | $79K | $224K | 20x | as long as short |
Injective BTC/USDC PERP
SoDEX BTC-USD
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Bullet BTC-USD
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Deribit BTC-PERPETUAL
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Kraken Futures PF_XBTUSD
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD