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 −0.043%

Price spread now: Injective against Hyperliquid−0.015%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 3 days (all we have)−0.099%−$10 · spread now −0.015%, 7d avg −0.059%

Together, before fees−0.168%+ Points / potential airdropHyperliquid: Season 2 · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.044% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.059%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 7 days (−0.068% in total) that is about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,416	0.0100	pay 0.0013% / 1h	1m 07s	$3.79B	$5.10B	40x
Short	Injective BTC/USDC PERP	86,403	0.0024	get 0.0003% / 1h	1m 07s	$332K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Hyperliquid. 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 HyperliquidbpFee InjectivebpOrdersPrice spread, now −0.015%Rate

Funding earned: −$15.99
Price spread: −0.015% → −0.059%: $4.37
Slippage, 4 orders: −$4.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$25.28
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Injective: live order book, 3 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 Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.0 bp −$2,479
Sell Injective live order book, 3 min ago	2.08 bp	2.4 bp −$2	13.4 bp −$134	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
Bluefin BTC-PERP	−0.0417%	1h	86,381.3	−0.040%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	−0.058%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,339	−0.089%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,352	−0.074%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,366	−0.058%	$502.9M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,366.5	−0.057%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,348.8	−0.078%	$8.4M	$42.8M	25x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	86,346.8	−0.080%	$849.0M	$713.4M	125x	as long as short
dYdX BTC-USD	+0.0010%	1h	86,352	−0.074%	$16.9M	$21.1M	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,335.7	−0.093%	$6.7M	$145.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	+0.0024%	1h	86,403	−0.015%	$332K	$26.8M	52x
Deribit BTC-PERPETUAL	+0.0034%	1h	86,386.1	−0.035%	$916.6M	$1.49B	50x	as long as short
BingX BTC-USDT	+0.0038%	8h	86,388.5	−0.032%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,352	−0.074%	$149.7M	$477.5M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,388.1	−0.032%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,341.2	−0.087%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0066%	8h	86,388.8	−0.031%	$5.12B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,357.8	−0.067%	$9.41B	$24.49B	150x	as long as short
Aftermath Perps BTCUSD	+0.0073%	1h	86,382.5	−0.039%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,348.3	−0.078%	$5.84B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,361.2	−0.063%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,374	−0.049%	$24.0M	$153.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,348	−0.079%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,389	−0.031%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,321	−0.110%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,389.9	−0.030%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,352.1	−0.074%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,416	long leg	$3.79B	$5.10B	40x
Pacifica BTC	+0.0100%	1h	86,378.1	−0.044%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,389.9	−0.030%	$2.54B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,359	−0.066%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,390	−0.030%	$7.6M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.110%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,380.4	−0.041%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,349.5	−0.077%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.063%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	−0.075%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	−0.050%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,350.7	−0.076%	$30.6M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,396.4	−0.023%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,343	−0.084%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,348.3	−0.078%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,355.2	−0.070%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,383.6	−0.037%	$30.5M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,348.9	−0.078%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,353	−0.073%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,340	−0.088%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,336	−0.093%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,361.9	−0.063%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,365.6	−0.058%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,397	−0.022%	$131.9M	$5.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,377.8	−0.044%	$191.7M	$947.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,397.6	−0.021%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0187%	8h	86,375	−0.047%	$414.5M	$654.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0212%	1h	86,360.3	−0.064%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0200%	8h	86,376	−0.046%	$9.7M	$736.8M	6.4x	as long as short