BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0098%/8h= −10.7% APRnext payment −$0.12 per $10,000 · paid last 24h +0.011%

Price spread now: Injective against dYdX−0.187%98s7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as 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−$220.221% of the position

Long on dYdX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now −0.187%, 7d avg +0.005%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 0.192% cheaper against dYdX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.122%, so the current rate has only just turned against you. The two prices were read 98 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	dYdX BTC-USD	86,506.6	0.0063	pay 0.0008% / 1h	5m 39s	$16.9M	$21.2M	50x
Short	Injective BTC/USDC PERP	86,345	−0.0035	pay 0.0004% / 1h	5m 39s	$332K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against dYdX. 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 dYdXbpFee InjectivebpOrdersPrice spread, now −0.187%Rate

Funding earned: −$20.61
Price spread: −0.187% → +0.005%: −$19.18
Slippage, 4 orders: −$12.04
Fee dYdX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$61.84
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from dYdX: 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 dYdX live order book, 4 min ago	1.33 bp	6.3 bp −$6	7.9 bp −$79	9.6 bp −$957	12.8 bp −$6,411
Sell Injective live order book, 4 min ago	2.02 bp	2.1 bp −$2	12.4 bp −$124	631.6 bp −$63.2K	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
Phoenix BTC	−0.0118%	1h	86,444	−0.072%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,486	−0.024%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPshort	−0.0035%	1h	86,345	−0.187%	$332K	$26.9M	52x
RISEx BTC/USDC	−0.0024%	1h	86,507.4	+0.001%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,506.8	0.000%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,528.3	+0.025%	$412K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,511.2	+0.005%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,512	+0.006%	$501.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	86,489.5	−0.020%	$834.2M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,494.8	−0.014%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0044%	8h	86,479.1	−0.032%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0056%	8h	86,503.6	−0.003%	$151.5M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,487.7	−0.022%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USDlong	+0.0063%	1h	86,506.6	long leg	$16.9M	$21.2M	50x
Aevo BTC-PERP	+0.0072%	1h	86,482.4	−0.028%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0074%	8h	86,488.5	−0.021%	$5.15B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,491.8	−0.017%	$9.44B	$24.53B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,491	−0.018%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,503.2	−0.004%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,512.7	+0.007%	$23.8M	$153.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,513	+0.007%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,488.2	−0.021%	$5.26B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,478	−0.033%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,529.5	+0.027%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,541.7	+0.041%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,583	+0.088%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,525.9	+0.022%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,498.2	−0.010%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,502	−0.005%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,524.8	+0.021%	$7.2M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,499.4	−0.008%	$38.0M	$156.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.038%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,442.3	−0.074%	$279.2M	$947.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.053%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.5	−0.049%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,481.4	−0.029%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,561.5	+0.063%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,517	+0.012%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	−0.020%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,492.6	−0.016%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,527	+0.024%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,521.9	+0.018%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,482.5	−0.028%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,494	−0.015%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,492.4	−0.016%	$2.30B	$968.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.062%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,478.1	−0.033%	$45.8M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,555	+0.056%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,534	+0.032%	$193.0M	$953.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,545.4	+0.045%	$132.1M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0162%	1h	86,506.1	−0.001%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,525.2	+0.021%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,523.4	+0.019%	$415.5M	$659.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0224%	1h	86,505.4	−0.001%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,546	+0.046%	$10.2M	$753.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0268%	1h	86,550	+0.050%	$913.1M	$1.49B	50x	as long as short