Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRnext payment +$0.06 per $10,000 · paid last 24h −0.040%
Price spread now: Injective against Derive+0.079%7-day average +0.020% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.027%+$3 on $10k
+Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.079%, 7d avg +0.020%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.060% dearer against Derive than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.020%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 85,656.1 | 0.0100 | pay 0.0013% / 1h | 53m 07s | $30.0M | $51.1M | 15x |
| Short | Injective BTC/USDC PERP | 85,724 | 0.0150 | get 0.0019% / 1h | 53m 07s | $340K | $26.9M | 52x |
Derive BTC-PERP
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Derive. 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
- $10.47
- Price spread: +0.079% → +0.020%
- $5.96
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $10.42
- Costs to cover
- 0.060%
- Break-even
- 0.0 days
Slippage unknown: Derive: no order-book sample; Injective: live order book, 1 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Injective live order book, 1 min ago | 2.39 bp | 2.9 bp −$3 | 19.4 bp −$194 | 741.4 bp −$74.1K | doesn't fit |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.2766% | 1h | 85,699.3 | +0.050% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,659 | +0.003% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,678 | +0.026% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,649.4 | −0.008% | $370K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,654.4 | −0.002% | $418.0M | $665.8M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,669.4 | +0.015% | $16.7M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | 0.0000% | 8h | 85,646.1 | −0.012% | $920.0M | $749.4M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,661.7 | +0.007% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,644.9 | −0.013% | $516.2M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,636.5 | −0.023% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0049% | 1h | 85,646.4 | −0.011% | $22.5M | $218.8M | 50x | as long as short |
| BingX BTC-USDC | +0.0058% | 8h | 85,642.7 | −0.016% | — | $17.1M | — | as long as short |
| ApeX Omni BTCUSDT | +0.0059% | 1h | 85,584.6 | −0.084% | $139.9M | $315.1M | 100x | as long as short |
| Bitget BTCUSDT | +0.0074% | 8h | 85,654.4 | −0.002% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0076% | 1h | 85,645.3 | −0.013% | $6.7M | $146.6M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,649.9 | −0.007% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,651.1 | −0.006% | $5.05B | $5.57B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,654.3 | −0.002% | $9.34B | $23.96B | 150x | as long as short |
| SoDEX BTC-USD | +0.0094% | 1h | 85,658 | +0.002% | $60.0M | $336.1M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,663 | +0.008% | $174.2M | $999.8M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,671.3 | +0.018% | $23.8M | $148.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,649 | −0.008% | $8.4M | $52.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,693.3 | +0.043% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,630 | −0.031% | $198K | $7.8M | 50x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,658.6 | +0.003% | $150.8M | $482.7M | 150x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,733 | +0.090% | $3.75B | $4.96B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,682.5 | +0.031% | $40.1M | $576.9M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,658.2 | +0.002% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,659.8 | +0.004% | $2.58B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,672 | +0.019% | $3.9M | $18.0M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.047% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,658.8 | +0.003% | $5.54B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,646.5 | −0.011% | $36.0M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,690.1 | +0.040% | $156.8M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,664.8 | +0.010% | $279.8M | $917.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,627.1 | −0.034% | $215.0M | $164.8M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,679.3 | +0.027% | $30.3M | $207.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,705.7 | +0.058% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,646 | −0.012% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,651.4 | −0.006% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,649.3 | −0.008% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 85,656.1 | long leg | $30.0M | $51.1M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,632.9 | −0.027% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,650.1 | −0.007% | $2.27B | $937.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,635.6 | −0.024% | $44.5M | $226.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,669 | +0.015% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,701.1 | +0.053% | $117.5M | $5.14B | 50x | as long as short |
| Injective BTC/USDC PERPshort | +0.0150% | 1h | 85,724 | +0.079% | $340K | $26.9M | 52x | |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,678 | +0.026% | $189.1M | $951.7M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0177% / S −0.0151% | 1h | 85,658.1 | +0.002% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,698.9 | +0.050% | $703K | $7.9M | 30x | as long as short |
| Deribit BTC-PERPETUAL | +0.0193% | 1h | 85,708.1 | +0.061% | $892.5M | $1.53B | 50x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,681.8 | +0.030% | $8.4M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,695 | +0.045% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,681 | +0.029% | $10.7M | $758.9M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,677.8 | +0.025% | $493K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
ApeX Omni BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Phemex BTCUSDT
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
SunX BTC-USDT
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]
Hibachi BTC/USDT-P
Deribit BTC-PERPETUAL
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC