Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.10 per $10,000 · paid last 24h −0.019%
Price spread now: Injective against Bulk−0.166%7-day average +0.013% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$120.118% of the position
Funding, last 3 days (all we have)−0.095%−$10 on $10k
+Price spread, last 3 days (all we have)+0.114%+$11 · spread now −0.166%, 7d avg +0.013%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.179% cheaper against Bulk than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.013%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 86,703.1 | 0.0100 | pay 0.0013% / 1h | 39m 51s | $573.0M | $18.8M | 40x |
| Short | Injective BTC/USDC PERP | 86,559 | 0.0024 | get 0.0003% / 1h | 39m 51s | $315K | $26.8M | 52x |
Bulk BTC-USD
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Bulk. 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
- −$15.99
- Price spread: −0.166% → +0.013%
- −$17.95
- Slippage, 4 orders
- −$4.81
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$45.77
- Costs to cover
- 0.118%
- Break-even
- never at this rate
Slippage from Bulk: live order book, 4 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 Bulk live order book, 4 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$351 | 4.2 bp −$2,076 |
| Sell Injective live order book, 4 min ago | 2.02 bp | 2.5 bp −$3 | 13.9 bp −$139 | 633.4 bp −$63.3K | 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-PERP | −0.0943% | 1h | 86,703.5 | +0.001% | $141K | $618K | 40x | as long as short |
| Aftermath Perps BTCUSD | −0.0167% | 1h | 86,646.7 | −0.065% | $83K | $206K | 20x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,603 | −0.115% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,670 | −0.038% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0012% | 1h | 86,679.3 | −0.027% | $17.5M | $20.3M | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 86,702.1 | −0.001% | $359K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0006% | 8h | 86,650.9 | −0.060% | $505.8M | $1.15B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,695.7 | −0.008% | $419K | $24.0M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,716 | +0.015% | $925.8M | $1.47B | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0001% | 8h | 86,650 | −0.061% | $852.3M | $707.6M | 125x | as long as short |
Bluefin BTC-PERP
Aftermath Perps BTCUSD
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
Deribit BTC-PERPETUAL
KuCoin XBTUSDTMShow 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 | 86,705.9 | +0.003% | $36.9M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0006% | 1h | 86,688.5 | −0.017% | $8.6M | $43.2M | 25x | as long as short |
| Phemex BTCUSDT | +0.0021% | 8h | 86,685.6 | −0.020% | $150.1M | $473.4M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,677.8 | −0.029% | $6.7M | $144.8M | 40x | as long as short |
| Injective BTC/USDC PERPshort | +0.0024% | 1h | 86,559 | −0.166% | $315K | $26.8M | 52x | |
| BingX BTC-USDC | +0.0032% | 8h | 86,642.2 | −0.070% | — | $15.3M | — | as long as short |
| Hibachi BTC/USDT-P | +0.0032% | 1h | 86,712.1 | +0.010% | $733K | $8.2M | 30x | as long as short |
| Bitget BTCUSDT | +0.0041% | 8h | 86,652.3 | −0.059% | $2.96B | $5.07B | 150x | as long as short |
| MEXC BTC_USDT | +0.0060% | 8h | 86,657.8 | −0.052% | $5.19B | $5.64B | 500x | as long as short |
| Binance BTCUSDT | +0.0061% | 8h | 86,657.7 | −0.052% | $9.43B | $24.31B | 150x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,673.2 | −0.034% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0081% | 8h | 86,648.8 | −0.063% | $5.86B | $10.64B | 200x | as long as short |
| Bybit BTCUSDT | +0.0090% | 8h | 86,653.5 | −0.057% | $5.28B | $9.69B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,692.8 | −0.012% | $172.2M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,706.6 | +0.004% | $24.1M | $151.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,685 | −0.021% | $8.5M | $52.2M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,670 | −0.038% | $206K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,726.8 | +0.027% | $4.8M | $8.4M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,679.3 | −0.027% | $21.9M | $233.3M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,731 | +0.032% | $3.82B | $5.08B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,712.9 | +0.011% | $40.9M | $504.7M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,651.9 | −0.059% | $2.55B | $12.70B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,685 | −0.021% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,752.2 | +0.057% | $7.4M | $93.8M | 40x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 86,703.1 | long leg | $573.0M | $18.8M | 40x | |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,678.9 | −0.028% | $38.4M | $153.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,696.3 | −0.008% | $156.8M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,606.7 | −0.111% | $279.8M | $943.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,610.1 | −0.107% | $217.3M | $177.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,623.7 | −0.092% | $141.6M | $323.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,664 | −0.045% | $30.7M | $203.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,734.1 | +0.036% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,687 | −0.019% | $11.1M | $13.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,688.9 | −0.016% | $193K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,692.1 | −0.013% | $2.5M | $8.6M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,681.8 | −0.025% | $30.1M | $61.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,676.7 | −0.030% | $3.4M | $5.4M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,681 | −0.025% | $60.6M | $337.0M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,679.7 | −0.027% | $2.30B | $963.9M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,642.4 | −0.070% | $46.3M | $225.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,694.6 | −0.010% | — | $98.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,722.5 | +0.022% | $131.7M | $5.73B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,715.1 | +0.014% | $191.8M | $936.9M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0208% | 1h | 86,701.6 | −0.002% | $15.1M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0181% | 8h | 86,665.7 | −0.043% | $415.5M | $652.4M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0193% | 8h | 86,710 | +0.008% | $9.6M | $727.2M | 6.4x | as long as short |
gTrade (Gains Network) BTC/USD
RISEx BTC/USDC
Phemex BTCUSDT
Reya BTCRUSDPERP
BingX BTC-USDC
Hibachi BTC/USDT-P
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
BloFin BTC-USDT
Kalshi KXBTCPERP