BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0033%/8h= +3.6% APRnext payment +$0.04 per $10,000 · paid last 24h −0.111%

Price spread now: Bluefin against Injective+0.069%119s7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as 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−$180.179% of the position

Long on Injective Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.357%−$36 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.069%, 7d avg −0.034%

Together, before fees−0.428%−$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.103% dearer against Injective than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.034%. Mind the row above: over the last 7 days funding on this pair cost −0.357%, so the current rate has only just turned in your favour. The two prices were read 119 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	Injective BTC/USDC PERP	85,367	0.0067	pay 0.0008% / 1h	41m 25s	$338K	$24.6M	52x
Short	Bluefin BTC-PERP	85,426.2	0.0100	get 0.0013% / 1h	41m 25s	$194K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Injective. 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 InjectivebpFee BluefinbpOrdersPrice spread, now +0.069%Rate

Funding earned: $6.96
Price spread: +0.069% → −0.034%: $10.32
Slippage, 4 orders: −$10.88
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$0.63
Costs to cover: 0.179%
Break-even: 7.6 days

Slippage from Injective: live order book, 3 min ago; Bluefin: live order book, 63 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 Injective live order book, 3 min ago	2.58 bp	2.7 bp −$3	12.1 bp −$121	doesn't fit	doesn't fit
Sell Bluefin live order book, 63 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	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
Hotstuff BTC-PERP	−0.0080%	1h	85,391	+0.028%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.123%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,397.9	+0.036%	$931.5M	$775.3M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,380.7	+0.016%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,382.9	+0.019%	$512.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.4	+0.050%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,409.9	+0.050%	$465K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,440	+0.086%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.2	+0.076%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,432.3	+0.076%	$185.8M	$952.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.064%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERPlong	+0.0067%	1h	85,367	long leg	$338K	$24.6M	52x
BingX BTC-USDT	+0.0067%	8h	85,389.3	+0.026%	—	$1.57B	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,408.6	+0.049%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,382	+0.018%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,384.5	+0.020%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,409.7	+0.050%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,406.5	+0.046%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,391	+0.028%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,420.1	+0.062%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,391.3	+0.028%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,389.1	+0.026%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,374	+0.008%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,444.3	+0.091%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,477	+0.129%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,425.1	+0.068%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,396	+0.034%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,394	+0.032%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,408	+0.048%	$4.7M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.021%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,391.5	+0.029%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	+0.058%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.070%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	+0.021%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.070%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	+0.033%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,456.5	+0.105%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,392	+0.029%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,426	+0.069%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,389.1	+0.026%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,426.2	+0.069%	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,399.5	+0.038%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.9	+0.023%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,420	+0.062%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	+0.068%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.3	+0.074%	$159.2M	$514.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,362.7	−0.005%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,400.2	+0.039%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455	+0.103%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,463.6	+0.113%	$840.7M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,415.8	+0.057%	$6.6M	$146.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,410	+0.050%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,413.2	+0.054%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,432.1	+0.076%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,459.3	+0.108%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,453.3	+0.101%	$79K	$252K	20x	as long as short