BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.10 per $10,000 · paid last 24h −0.022%

Price spread now: Injective against Bullet−0.072%7-day average +0.014% · 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−$22as in the Price arb table

costs, in and out, $10k−$140.138% of the position

Long on Bullet Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.089%−$9 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.072%, 7d avg +0.014%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.085% cheaper against Bullet than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,621	0.0100	pay 0.0013% / 1h	42m 59s	$193K	$3.4M	20x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	42m 59s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bullet. 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 BulletbpFee InjectivebpOrdersPrice spread, now −0.072%Rate

Funding earned: −$15.99
Price spread: −0.072% → +0.014%: −$8.54
Slippage, 4 orders: −$5.75
Fee Bullet: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$38.31
Costs to cover: 0.138%
Break-even: never at this rate

Slippage from Bullet: live order book, 1 min ago; Injective: live order book, 1 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 Bullet live order book, 1 min ago	0.06 bp	4.2 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit
Sell Injective live order book, 1 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	−0.1210%	1h	86,637.4	+0.019%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.027%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.021%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	+0.002%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,635.5	+0.017%	$17.5M	$20.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,656.8	+0.041%	$505.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.7	+0.030%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	−0.007%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	+0.037%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,621.7	+0.001%	$852.5M	$707.7M	125x	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	86,640	+0.022%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,629.6	+0.010%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,621.3	0.000%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	−0.072%	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.002%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,629.6	+0.010%	$734K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0031%	8h	86,637.2	+0.019%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,667.1	+0.053%	$2.96B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	−0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,638.5	+0.020%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,637.5	+0.019%	$9.43B	$24.31B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,628.9	+0.009%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,663.7	+0.049%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,629.7	+0.010%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641.1	+0.023%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,625	+0.005%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	−0.008%	$60.5M	$336.9M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,606.4	−0.017%	$21.8M	$233.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,613	−0.009%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,669.4	+0.056%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,712	+0.105%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.1	+0.037%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,665.2	+0.051%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,640	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,702.2	+0.094%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.108%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.5	+0.013%	$38.5M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.070%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.044%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.013%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	+0.003%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.031%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,673	+0.060%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,633	+0.014%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,621	long leg	$193K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	+0.004%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	−0.004%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	−0.006%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.004%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,650.3	+0.034%	$46.3M	$224.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	−0.001%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.050%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	+0.038%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.003%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	+0.017%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	+0.032%	$9.6M	$726.4M	6.4x	as long as short