BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0074%/8h= −8.2% APRnext payment −$0.09 per $10,000 · paid last 24h −0.028%

Price spread now: Bulk against GMX+0.160%7-day average −0.036% · you sell dearer than you buy

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

Long on GMX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.260%−$26 · spread now +0.160%, 7d avg −0.036%

Together, before fees−0.338%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.196% dearer against GMX than usual: you sell high and buy low (spread +0.160% now, against its 7-day average of −0.036%): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,158.1	L +0.0174% / S −0.0147%	pay 0.0022% / 1h	22m 24s	$13.0M	—	200x
Short	Bulk BTC-USD	85,294.4	0.0100	get 0.0013% / 1h	22m 24s	$693.5M	$241.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$15.63
Price spread: +0.160% → −0.036%: $19.56
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$15.07
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bulk: 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.8 bp −$2,387

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	85,198	+0.047%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,216	+0.068%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,168.7	+0.013%	$421.6M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,153.9	−0.005%	$927.0M	$777.7M	125x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,150.7	−0.009%	$508.8M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,176.7	+0.022%	$342K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,162	+0.005%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,179.3	+0.025%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,158.1	0.000%	$185.5M	$955.3M	100x	as long as short
ApeX Omni BTCUSDT	+0.0050%	1h	85,181.3	+0.027%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0064%	8h	85,126.9	−0.037%	—	$17.4M	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,248	+0.106%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,145.8	−0.014%	$5.11B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0085%	1h	85,174.1	+0.019%	$24.0M	$220.8M	50x	as long as short
Bitget BTCUSDT	+0.0095%	8h	85,144.6	−0.016%	$2.97B	$5.20B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,189.8	+0.037%	$168.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,187.6	+0.035%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,170	+0.014%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,145.9	−0.014%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,160.4	+0.003%	$5.02B	$5.76B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,147	−0.013%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,221.4	+0.074%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,243	+0.100%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,204.1	+0.054%	$40.3M	$606.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,157.6	−0.001%	$9.37B	$25.14B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,150.1	−0.009%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,169	+0.013%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,186.6	+0.034%	$4.7M	$97.4M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,294.4	+0.160%	$693.5M	$241.4M	40x
Gate BTC_USDT	+0.0100%	8h	85,152.6	−0.006%	$5.47B	$11.12B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,173.6	+0.018%	$36.9M	$187.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,162.5	+0.005%	$155.8M	$550.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,170.3	+0.014%	$282.5M	$956.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	+0.031%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,154.9	−0.004%	$30.0M	$211.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,230.2	+0.085%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,167	+0.011%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,160	+0.002%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,154.2	−0.005%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,181.3	+0.027%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.3	−0.022%	$29.6M	$45.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	+0.022%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,150	−0.009%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,172	+0.016%	$2.25B	$971.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,182.5	+0.029%	$158.8M	$516.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,127.5	−0.036%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,163.1	+0.006%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,185.5	+0.032%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,146.7	−0.013%	$6.6M	$143.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,190.7	+0.038%	$840.5M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,189	+0.036%	$12.1M	$737.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,191	+0.039%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0174% / S −0.0147%	1h	85,158.1	long leg	$13.0M	—	200x
Hibachi BTC/USDT-P	+0.0232%	1h	85,192.1	+0.040%	$679K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0291%	1h	85,226.7	+0.081%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,195.5	+0.044%	$456K	$18.4M	6.7x	as long as short