BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0077%/8h= +8.4% APRnext payment +$0.10 per $10,000 · paid last 24h +0.024%

Price spread now: Bulk against Injective−0.146%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on Injective Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.165%+$17 · spread now −0.146%, 7d avg −0.017%

Together, before fees+0.266%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.129% cheaper against Injective than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of −0.017%). If the spread goes back, that is −$13 on $10k: about 5.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,449	0.0023	pay 0.0003% / 1h	41m 45s	$339K	$26.8M	52x
Short	Bulk BTC-USD	85,324.1	0.0100	get 0.0013% / 1h	41m 45s	$679.5M	$626.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.146%Rate

Funding earned: $16.18
Price spread: −0.146% → −0.017%: −$12.92
Slippage, 4 orders: −$5.07
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$8.83
Costs to cover: 0.121%
Break-even: 10.8 days

Slippage from Injective: live order book, 2 min ago; Bulk: live order book, 2 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, 2 min ago	2.46 bp	2.6 bp −$3	13.9 bp −$139	doesn't fit	doesn't fit
Sell Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$391	4.5 bp −$2,263

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	−0.0112%	43m	85,311.1	−0.161%	$529K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,377	−0.084%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,322	−0.149%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,284.3	−0.193%	$919.7M	$761.0M	125x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,287	−0.190%	$419.9M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,314.2	−0.158%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,276.5	−0.202%	$512.9M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,357.5	−0.107%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,315.3	−0.156%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,310.4	−0.162%	$24.5M	$222.6M	50x	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 PERPlong	+0.0023%	1h	85,449	long leg	$339K	$26.8M	52x
SoDEX BTC-USD	+0.0040%	1h	85,298	−0.177%	$59.8M	$335.8M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,323.7	−0.147%	$187.7M	$955.2M	100x	as long as short
Bullet BTC-USD	+0.0063%	1h	85,291	−0.185%	$204K	$3.3M	20x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,262	−0.219%	—	$17.3M	—	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,301.3	−0.173%	$149.5M	$501.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,294.4	−0.181%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,300.3	−0.174%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,274.5	−0.204%	$9.42B	$24.74B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,274.2	−0.205%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,310.1	−0.163%	$171.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,312.8	−0.159%	$23.8M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,310	−0.163%	$8.4M	$55.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,346.8	−0.120%	$117.2M	$5.32B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,290	−0.186%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,370.5	−0.092%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,368	−0.095%	$3.77B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.1	−0.105%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,281.8	−0.196%	$5.16B	$9.90B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,292.9	−0.183%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	−0.151%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,319.6	−0.151%	$4.7M	$99.1M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,324.1	−0.146%	$679.5M	$626.7M	40x
Gate BTC_USDT	+0.0100%	8h	85,283.5	−0.194%	$5.52B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,291	−0.185%	$36.1M	$174.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,345	−0.122%	$154.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,396.2	−0.062%	$279.4M	$939.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.3	−0.078%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,392.3	−0.066%	$139.6M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.4	−0.100%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,369	−0.094%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,301	−0.173%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,308.2	−0.165%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,346	−0.121%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,283.9	−0.193%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,287.7	−0.189%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,299.9	−0.174%	$2.26B	$953.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,251.1	−0.232%	$45.7M	$236.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,328.8	−0.141%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0111%	1h	85,293.3	−0.182%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	85,349.5	−0.116%	$872.3M	$1.60B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,311.8	−0.161%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,339	−0.129%	$11.5M	$749.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,342.5	−0.125%	$694K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0236%	1h	85,392.8	−0.066%	$79K	$226K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,345.6	−0.121%	$8.7M	$43.1M	25x	as long as short