BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0071%/8h= −7.8% APRnext payment −$0.09 per $10,000 · paid last 24h −0.032%

Price spread now: Injective against Coinbase International+0.057%64s7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.175% of the position

Long on Coinbase International Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.135%−$14 · spread now +0.057%, 7d avg −0.026%

Together, before fees−0.140%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.082% dearer against Coinbase International than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.026%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.005% in total) that is about 4 months. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,683	0.0120	pay 0.0015% / 1h	47m 32s	$132.0M	$5.89B	50x
Short	Injective BTC/USDC PERP	86,732	0.0049	get 0.0006% / 1h	47m 32s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee InjectivebpOrdersPrice spread, now +0.057%Rate

Funding earned: −$14.9
Price spread: +0.057% → −0.026%: $8.24
Slippage, 4 orders: −$7.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$24.12
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Injective: live order book, 2 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.2 bp −$52	6.0 bp −$597	13.1 bp −$6,548
Sell Injective live order book, 2 min ago	3.41 bp	3.8 bp −$4	12.8 bp −$128	631.2 bp −$63.1K	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
Perpl BTC	−0.0335%	43m	86,624.5	−0.067%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0205%	1h	86,674	−0.010%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,579	−0.120%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0092%	1h	86,651.2	−0.037%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,596	−0.100%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,595	−0.102%	$844.7M	$709.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.4	−0.063%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,675.2	−0.009%	$938.9M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,661.7	−0.025%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,587.8	−0.110%	$505.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,601	−0.095%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,603.3	−0.092%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,637	−0.053%	$149.1M	$470.1M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,597.8	−0.098%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,599.5	−0.096%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,635.8	−0.054%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,599.9	−0.096%	$9.43B	$24.30B	150x	as long as short
Injective BTC/USDC PERPshort	+0.0049%	1h	86,732	+0.057%	$315K	$26.8M	52x
OKX BTC-USDT-SWAP	+0.0061%	8h	86,608.9	−0.085%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,620.7	−0.072%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,606.9	−0.088%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,604.8	−0.090%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.065%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,617.3	−0.076%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	−0.068%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,603	−0.092%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	−0.107%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,655.1	−0.032%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,648.1	−0.040%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,595	−0.102%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,599.5	−0.096%	$21.8M	$236.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,678.8	−0.005%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,638.6	−0.051%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,609	−0.085%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.6	−0.005%	$7.4M	$94.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	−0.021%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,637.4	−0.053%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,590.7	−0.106%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	−0.054%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	−0.080%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,670.5	−0.014%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,609	−0.085%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.3	−0.087%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,663.2	−0.023%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,642.6	−0.047%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,630.5	−0.061%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.057%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,631.4	−0.060%	$2.30B	$955.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.1	−0.105%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,652.1	−0.036%	—	$98.4M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,664	−0.022%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,675.8	−0.008%	$192.0M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,683	long leg	$132.0M	$5.89B	50x
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.105%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,654.6	−0.033%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,618.9	−0.074%	$601K	$7.2M	30x	as long as short