Funding you earn now, next payment 09:00 UTC+0.0130%/8h= +14.3% APRnext payment +$0.16 per $10,000 · paid last 24h +0.071%
Price spread now: GMX against Phoenix0.000%7-day average +0.013% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)+0.184%+$18 on $10k
+Price spread, last 4 days (all we have)−0.022%−$2 · spread now 0.000%, 7d avg +0.013%
=The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,748 | 0.0053 | pay 0.0007% / 1h | 53m 16s | $2.0M | $8.5M | 40x |
| Short | GMX BTC/USD [WBTC.b-USDC] | 85,747.9 | L +0.0199% / S −0.0183% | get 0.0023% / 1h | 53m 16s | $13.1M | — | 200x |
Phoenix BTC
GMX BTC/USD [WBTC.b-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Phoenix. 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
- $27.38
- Price spread: 0.000% → +0.013%
- −$1.35
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- $7.03
- Costs to cover
- 0.190%
- Break-even
- 5.2 days
Slippage unknown: Phoenix: live order book, 6 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 Phoenix live order book, 6 min ago | 0.06 bp | 3.7 bp −$4 | 5.9 bp −$59 | 11.3 bp −$1,129 | 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 55 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 | −0.0970% | 1h | 85,788.7 | +0.047% | $194K | $646K | 40x | as long as short |
| ApeX Omni BTCUSDT | −0.0777% | 1h | 85,760.3 | +0.014% | $136.5M | $301.4M | 100x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,725 | −0.027% | $8K | $2K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0065% | 1h | 85,739 | −0.010% | $300K | $25.5M | 52x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,706.4 | −0.049% | $356K | $2.1M | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,763.4 | +0.018% | $423.8M | $621.2M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,687.8 | −0.070% | $16.8M | $17.6M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,758.5 | +0.012% | $36.7M | — | 200x | as long as short |
| Bybit BTCUSDT | +0.0027% | 8h | 85,778.9 | +0.036% | $5.06B | $9.06B | 150x | as long as short |
| KuCoin XBTUSDTM | +0.0036% | 8h | 85,695.7 | −0.061% | $914.1M | $672.9M | 125x | as long as short |
Bluefin BTC-PERP
ApeX Omni BTCUSDT
Hotstuff BTC-PERP
Injective BTC/USDC PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Bybit BTCUSDT
KuCoin XBTUSDTMShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster BTCUSDT | +0.0043% | 8h | 85,762.8 | +0.017% | $502.4M | $967.1M | 200x | as long as short |
| SoDEX BTC-USD | +0.0051% | 1h | 85,750 | +0.002% | $60.0M | $251.7M | 40x | as long as short |
| Phoenix BTClong | +0.0053% | 1h | 85,748 | long leg | $2.0M | $8.5M | 40x | |
| BingX BTC-USDT | +0.0070% | 8h | 85,744.8 | −0.004% | — | $1.46B | — | as long as short |
| Backpack BTC_USDC_PERP | +0.0074% | 1h | 85,770.1 | +0.026% | $36.7M | $188.5M | 75x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,779.7 | +0.037% | $170.9M | $874.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,775.6 | +0.032% | $23.0M | $122.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,706 | −0.049% | $8.4M | $52.3M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,748.7 | +0.001% | $2.4M | $6.7M | 20x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,794.2 | +0.054% | $6.0M | $8.6M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,703 | −0.052% | $248K | $8.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,750.1 | +0.002% | $22.1M | $212.3M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,778 | +0.035% | $3.84B | $4.71B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,786.3 | +0.045% | $40.5M | $587.4M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,769.3 | +0.025% | $9.41B | $23.12B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,784.8 | +0.043% | $2.59B | $10.76B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,763 | +0.017% | $4.0M | $16.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,776.1 | +0.033% | $4.7M | $93.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,780 | +0.037% | $5.44B | $9.11B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,711.2 | −0.043% | $5.11B | $5.30B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,749.8 | +0.002% | $2.96B | $4.56B | 150x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,961.3 | +0.249% | $156.3M | $509.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,807.7 | +0.070% | $289.3M | $987.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,060.9 | +0.365% | $216.3M | $140.7M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,696.4 | −0.060% | $30.2M | $214.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,784.1 | +0.042% | — | $10.7M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,714 | −0.040% | $11.0M | $13.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,727 | −0.024% | $203K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,748.3 | 0.000% | $2.6M | $9.5M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,720.5 | −0.032% | $3.2M | $7.3M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,757.9 | +0.012% | $2.27B | $911.6M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,785.5 | +0.044% | $166.4M | $495.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,993 | +0.286% | $711.2M | $175.6M | 40x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0102% | 1h | 85,782.1 | +0.040% | $187.9M | $863.2M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,718.9 | −0.034% | $46.7M | $220.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,779 | +0.036% | — | $93.0M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 85,794 | +0.054% | $111.9M | $5.23B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0155% | 1h | 85,760.6 | +0.015% | $6.6M | $131.8M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0179% | 8h | 85,764 | +0.019% | $10.5M | $730.0M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0184% | 1h | 85,809.1 | +0.071% | $837.6M | $1.61B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC]short | L +0.0199% / S −0.0183% | 1h | 85,747.9 | 0.000% | $13.1M | — | 200x | |
| RISEx BTC/USDC | +0.0204% | 1h | 85,749.9 | +0.002% | $8.9M | $40.1M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0280% | 1h | 85,822.7 | +0.087% | $685K | $7.4M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0417% | 1h | 85,973 | +0.262% | $82K | $256K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,743 | −0.006% | $488K | $16.3M | 6.7x | as long as short |
Aster BTCUSDT
SoDEX BTC-USD
BingX BTC-USDT
Backpack BTC_USDC_PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Kraken Futures PF_XBTUSD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC