BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0079%/8h= −8.7% APRnext payment −$0.10 per $10,000 · paid last 24h −0.025%

Price spread now: Popdex against GMX−0.003%7-day average −0.034% · you buy dearer than you sell

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

Long on GMX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.003%, 7d avg −0.034%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.031% dearer against GMX than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.034%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,346.4	L +0.0175% / S −0.0147%	pay 0.0022% / 1h	0m 47s	$13.0M	—	200x
Short	Popdex BTCUSDT	85,344	0.0096	get 0.0012% / 1h	0m 47s	$8.4M	$57.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 PopdexbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$16.63
Price spread: −0.003% → −0.034%: $3.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$31.9
Costs to cover: 0.184%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Popdex: live order book, 3 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 Popdex live order book, 3 min ago	0.06 bp	5.3 bp −$5	5.5 bp −$55	5.7 bp −$569	7.2 bp −$3,577

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	−0.0082%	1h	85,415	+0.080%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,360	+0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,323.4	−0.027%	$928.2M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,336.6	−0.012%	$420.9M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,315.1	−0.037%	$512.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,354.1	+0.009%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,363.9	+0.020%	$492K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,362.3	+0.019%	$848.4M	$1.65B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,384.6	+0.045%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,349.5	+0.004%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0048%	1h	85,350.1	+0.004%	$24.1M	$219.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,374	+0.032%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,322.5	−0.028%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,346.2	0.000%	$185.8M	$951.9M	100x	as long as short
Bybit BTCUSDT	+0.0091%	8h	85,314.7	−0.037%	$5.13B	$9.97B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,320.4	−0.030%	$2.96B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,335	−0.013%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,344	−0.003%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,348.1	+0.002%	$23.6M	$149.1M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,344	−0.003%	$8.4M	$57.2M	100x
Aevo BTC-PERP	+0.0096%	1h	85,328	−0.022%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,324.7	−0.025%	$9.41B	$24.88B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,326.9	−0.023%	$5.03B	$5.79B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,324	−0.026%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,382.7	+0.042%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,400	+0.063%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,379.5	+0.039%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,325.1	−0.025%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,346	−0.001%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,346.3	0.000%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,333.4	−0.015%	$5.54B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,314.4	−0.038%	$37.2M	$183.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.055%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,382.6	+0.042%	$279.7M	$953.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,372.3	+0.030%	$214.3M	$161.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.102%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,339	−0.009%	$30.1M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,396.1	+0.058%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,344	−0.003%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,332.7	−0.016%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,334.9	−0.014%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,370.8	+0.029%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	+0.044%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,352.6	+0.007%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,335.1	−0.013%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,346.6	0.000%	$157.5M	$512.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.078%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,295.5	−0.060%	$45.2M	$240.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,357.8	+0.013%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,365	+0.022%	$113.1M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,334.2	−0.014%	$6.6M	$147.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,366	+0.023%	$11.9M	$738.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0175% / S −0.0147%	1h	85,346.4	long leg	$13.0M	—	200x
RISEx BTC/USDC	+0.0193%	1h	85,366.9	+0.024%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,384.7	+0.045%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0276%	1h	85,417.2	+0.083%	$79K	$246K	20x	as long as short