Funding you earn now, next payment 22:00 UTC+0.0049%/8h= +5.4% APRnext payment +$0.06 per $10,000 · paid last 24h −0.054%
Price spread now: Injective against Deribit+0.114%7-day average −0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs+$2as in the Price arb table
costs, in and out, $10k−$130.129% of the position
Funding, last 7 days−0.010%−$1 on $10k
+Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.114%, 7d avg −0.033%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.147% dearer against Deribit than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.033%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 86,632.8 | 0 | get 0.0000% / 1h | 43m 22s | $937.5M | $1.43B | 50x |
| Short | Injective BTC/USDC PERP | 86,732 | 0.0049 | get 0.0006% / 1h | 43m 22s | $315K | $26.8M | 52x |
Deribit BTC-PERPETUAL
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Deribit. 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
- $10.3
- Price spread: +0.114% → −0.033%
- $14.75
- Slippage, 4 orders
- −$5.88
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $12.15
- Costs to cover
- 0.129%
- Break-even
- from the start
Slippage from Deribit: 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 Deribit live order book, 1 min ago | 0.03 bp | 3.5 bp −$4 | 3.5 bp −$35 | 7.5 bp −$752 | 12.0 bp −$5,998 |
| Sell Injective live order book, 1 min ago | 2.83 bp | 3.0 bp −$3 | 15.2 bp −$152 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0335% | 43m | 86,619.8 | −0.015% | $431K | $25.1M | 6.7x | as long as short |
| Aftermath Perps BTCUSD | −0.0214% | 1h | 86,624.7 | −0.009% | $85K | $188K | 20x | as long as short |
| dYdX BTC-USD | −0.0108% | 1h | 86,607.2 | −0.030% | $17.7M | $20.3M | 50x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,591 | −0.048% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,590 | −0.049% | $9K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0002% | 8h | 86,573 | −0.069% | $845.3M | $707.9M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,615.6 | −0.020% | $361K | $2.4M | 50x | as long as short |
| Deribit BTC-PERPETUALlong | 0.0000% | 1h | 86,632.8 | long leg | $937.5M | $1.43B | 50x | |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,615.5 | −0.020% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0009% | 8h | 86,565.1 | −0.078% | $505.4M | $1.16B | 200x | as long as short |
Perpl BTC
Aftermath Perps BTCUSD
dYdX BTC-USD
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,572.1 | −0.070% | $6.7M | $144.0M | 40x | as long as short |
| BingX BTC-USDC | +0.0021% | 8h | 86,576.2 | −0.065% | — | $15.3M | — | as long as short |
| Bitget BTCUSDT | +0.0027% | 8h | 86,593 | −0.046% | $2.94B | $5.07B | 150x | as long as short |
| Phemex BTCUSDT | +0.0027% | 8h | 86,571.9 | −0.070% | $149.4M | $470.6M | 150x | as long as short |
| MEXC BTC_USDT | +0.0048% | 8h | 86,577.6 | −0.064% | $5.19B | $5.65B | 500x | as long as short |
| Aevo BTC-PERP | +0.0048% | 1h | 86,596.6 | −0.042% | $2.4M | $1.3M | 20x | as long as short |
| Binance BTCUSDT | +0.0049% | 8h | 86,595 | −0.044% | $9.44B | $24.29B | 150x | as long as short |
| Injective BTC/USDC PERPshort | +0.0049% | 1h | 86,732 | +0.114% | $315K | $26.8M | 52x | |
| RISEx BTC/USDC | +0.0063% | 1h | 86,604.1 | −0.033% | $9.2M | $42.0M | 25x | as long as short |
| OKX BTC-USDT-SWAP | +0.0064% | 8h | 86,612.4 | −0.024% | $2.57B | $12.70B | 100x | as long as short |
| Gate BTC_USDT | +0.0066% | 8h | 86,600.1 | −0.038% | $5.85B | $10.59B | 200x | as long as short |
| Bybit BTCUSDT | +0.0078% | 8h | 86,598 | −0.040% | $5.27B | $9.65B | 150x | as long as short |
| Variational Omni BTC | +0.0089% | 8h | 86,618.2 | −0.017% | $160.7M | $567.1M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,602.2 | −0.035% | $172.2M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,606.2 | −0.031% | $24.0M | $153.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,587 | −0.053% | $8.5M | $52.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0098% | 8h | 86,570.8 | −0.072% | $217.3M | $189.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,637.4 | +0.005% | $4.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,580 | −0.061% | $196K | $6.8M | 50x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,540 | −0.107% | $60.4M | $336.5M | 40x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,607 | −0.030% | $21.7M | $235.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,665 | +0.037% | $3.83B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,625.7 | −0.008% | $40.9M | $485.8M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,598 | −0.040% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,662.6 | +0.034% | $7.4M | $93.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,665 | +0.037% | $572.2M | $23.5M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,564.7 | −0.079% | $38.1M | $148.2M | 75x | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,571.4 | −0.071% | $279.7M | $948.9M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,564.8 | −0.079% | $141.5M | $323.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,555 | −0.090% | $30.8M | $205.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,646.5 | +0.016% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,592 | −0.047% | $11.0M | $13.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,579 | −0.062% | $196K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,611.6 | −0.025% | $2.5M | $8.5M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,619.5 | −0.015% | $140K | $619K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,603.7 | −0.034% | $30.0M | $61.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,558.3 | −0.086% | $3.4M | $5.6M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,547.6 | −0.098% | $2.30B | $956.7M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,574.7 | −0.067% | $46.5M | $229.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,613.4 | −0.022% | — | $97.9M | 500x | as long as short |
| Kalshi KXBTCPERP | +0.0115% | 8h | 86,588 | −0.052% | $8.9M | $723.3M | 6.4x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0117% | 1h | 86,578.5 | −0.063% | $190.6M | $928.5M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,590.5 | −0.049% | $131.7M | $5.87B | 50x | as long as short |
| BloFin BTC-USDT | +0.0169% | 8h | 86,567.5 | −0.075% | $418.5M | $641.8M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0178% / S −0.0181% | 1h | 86,599.7 | −0.038% | $14.7M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0216% | 1h | 86,604.1 | −0.033% | $600K | $7.2M | 30x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
Bitget BTCUSDT
Phemex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
RISEx BTC/USDC
OKX BTC-USDT-SWAP
Gate BTC_USDT
Bybit BTCUSDT
Variational Omni BTC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
GRVT BTC_USDT_Perp
Paradex BTC-USD-PERP
Katana Perps BTC-USD
SoDEX BTC-USD
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
edgeX BTCUSDC
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kalshi KXBTCPERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P