BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0087%/8h= −9.5% APRnext payment −$0.11 per $10,000 · paid last 24h −0.019%

Price spread now: Bullet against GMX−0.011%7-day average −0.038% · you buy dearer than you sell

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

Long on GMX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now −0.011%, 7d avg −0.038%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.027% dearer against GMX than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.038%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,295.7	L +0.0187% / S −0.0210%	pay 0.0023% / 1h	7m 49s	$15.1M	—	200x
Short	Bullet BTC-USD	86,286.1	0.0100	get 0.0013% / 1h	7m 49s	$190K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$18.26
Price spread: −0.011% → −0.038%: $2.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$35.58
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bullet: live order book, 1 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 Bullet live order book, 1 min ago	0.41 bp	5.0 bp −$5	7.8 bp −$78	doesn't fit	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
Bluefin BTC-PERP	−0.0564%	1h	86,298	+0.003%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	+0.070%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,338	+0.049%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,325	+0.034%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,283.9	−0.014%	$502.6M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,287.8	−0.009%	$850.8M	$712.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.5	+0.002%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0006%	1h	86,296.7	+0.001%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,312.4	+0.019%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,262.2	−0.039%	$6.7M	$145.0M	40x	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	+0.0024%	1h	86,360	+0.074%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0033%	1h	86,312.1	+0.019%	$917.5M	$1.49B	50x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,297.4	+0.002%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,280.4	−0.018%	$150.0M	$476.8M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,274.8	−0.024%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0056%	1h	86,377.2	+0.094%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,292	−0.004%	$5.11B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,272.7	−0.027%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,276.1	−0.023%	$9.41B	$24.49B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,293.1	−0.003%	$5.84B	$10.77B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,280.2	−0.018%	$5.25B	$9.80B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,278.4	−0.020%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,295.5	0.000%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,309	+0.015%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,288	−0.009%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,389.7	+0.109%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,348.4	+0.061%	$21.7M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,345	+0.057%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,377.1	+0.094%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,299.6	+0.005%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,347	+0.059%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,366.5	+0.082%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	+0.029%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,278.1	−0.020%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	+0.024%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	+0.030%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.073%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	+0.067%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	+0.042%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,345.7	+0.058%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.012%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,286.1	−0.011%	$190K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,288.3	−0.009%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,302.4	+0.008%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,334.8	+0.045%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,277	−0.022%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,268.1	−0.032%	$2.29B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,276.1	−0.023%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,323.8	+0.033%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,353.8	+0.067%	$421K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,314.7	+0.022%	$131.2M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,297.2	+0.002%	$191.4M	$946.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,374.7	+0.091%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,339.6	+0.051%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0187% / S −0.0210%	1h	86,295.7	long leg	$15.1M	—	200x
Kalshi KXBTCPERP	+0.0198%	8h	86,347	+0.059%	$9.5M	$736.4M	6.4x	as long as short