BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0680%/8h= +74.5% APRnext payment +$0.85 per $10,000 · paid last 24h +0.165%

Price spread now: Injective against Bluefin+0.006%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on Bluefin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.262%+$26 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.006%, 7d avg +0.039%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.033% cheaper against Bluefin than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.039%). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.262% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.262% in total (about 13.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.85 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,553.8	−0.0657	get 0.0082% / 1h	35m 03s	$140K	$618K	40x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	35m 03s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bluefin. 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 BluefinbpFee InjectivebpOrdersPrice spread, now +0.006%Rate

Funding earned: $142.89
Price spread: +0.006% → +0.039%: −$3.28
Slippage, 4 orders: −$9.56
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $123.03
Costs to cover: 0.166%
Break-even: 1.0 days

Slippage from Bluefin: live order book, 49 min ago; Injective: live order book, 4 min ago.

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 Bluefin live order book, 49 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Injective live order book, 4 min ago	2.02 bp	2.5 bp −$3	12.8 bp −$128	doesn't fit	doesn't fit

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-PERPlong	−0.0657%	1h	86,553.8	long leg	$140K	$618K	40x
Phoenix BTC	−0.0159%	1h	86,627	+0.085%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0130%	1h	86,615.5	+0.071%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,572	+0.021%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	−0.027%	$17.3M	$20.5M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,509.3	−0.051%	$504.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,545.9	−0.009%	$359K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,524.9	−0.033%	$851.3M	$708.4M	125x	as long as short
Perpl BTC	0.0000%	43m	86,558.2	+0.005%	$419K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,565.4	+0.013%	$924.2M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,557.8	+0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,531	−0.026%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,541	−0.015%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	+0.006%	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0030%	8h	86,533.7	−0.023%	$150.2M	$475.4M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,503.4	−0.058%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,622	+0.079%	$730K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,500.8	−0.061%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,529.1	−0.029%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,507.6	−0.053%	$9.41B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,528.8	−0.029%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,517.8	−0.042%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,502.3	−0.060%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,537.2	−0.019%	$171.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,548.8	−0.006%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,530	−0.027%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,530	−0.027%	$60.5M	$337.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,512	−0.048%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,559.2	+0.006%	$4.7M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,513.5	−0.047%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,593	+0.045%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,546.8	−0.008%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,505.7	−0.056%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	−0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,601.5	+0.055%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.172%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,519.1	−0.040%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	−0.014%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,594.3	+0.047%	$279.8M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.5	+0.045%	$217.3M	$173.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.103%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,573.9	+0.023%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,544	−0.011%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,536	−0.021%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.8	−0.013%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,538.9	−0.017%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.8	−0.020%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,527.7	−0.030%	$2.30B	$964.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,481.9	−0.083%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,541.9	−0.014%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,571.3	+0.020%	$131.6M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.4	+0.010%	$191.6M	$937.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0208%	1h	86,552.2	−0.002%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,533.4	−0.024%	$414.3M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,554	0.000%	$9.6M	$728.5M	6.4x	as long as short