BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h +0.023%

Price spread now: Bullet against Injective−0.171%54s7-day average −0.014% · 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—prices read too far apart to compare

costs, in and out, $10k−$140.145% of the position

Long on Injective Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 3 days (all we have)+0.236%+$24 · spread now −0.171%, 7d avg −0.014%

Together, before fees+0.324%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.157% cheaper against Injective than usual: you would sell low and buy high (spread −0.171% now, against its 7-day average of −0.014%). If the spread goes back, that is −$16 on $10k: about 10 days of funding at the current rate (+$2 a day). The two prices were read 54 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	86,732	0.0049	pay 0.0006% / 1h	35m 34s	$315K	$26.8M	52x
Short	Bullet BTC-USD	86,583.7	0.0100	get 0.0013% / 1h	35m 34s	$194K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.171%Rate

Funding earned: $10.7
Price spread: −0.171% → −0.014%: −$15.73
Slippage, 4 orders: −$6.45
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$19.5
Costs to cover: 0.145%
Break-even: 19.8 days

Slippage from Injective: live order book, 4 min ago; Bullet: 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 Injective live order book, 4 min ago	1.85 bp	2.2 bp −$2	14.0 bp −$140	doesn't fit	doesn't fit
Sell Bullet live order book, 4 min ago	0.29 bp	4.5 bp −$4	7.8 bp −$78	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
Aftermath Perps BTCUSD	−0.0225%	1h	86,599.3	−0.153%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,625.6	−0.123%	$428K	$25.0M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.223%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0088%	1h	86,624.9	−0.124%	$17.6M	$20.6M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	−0.199%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.2	−0.120%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,584.4	−0.170%	$935.8M	$1.43B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,598.8	−0.154%	$844.1M	$704.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,577	−0.179%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,603.8	−0.148%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,617.9	−0.132%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,604.7	−0.147%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0029%	8h	86,619.4	−0.130%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,553.4	−0.206%	$149.5M	$471.0M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,552.6	−0.207%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERPlong	+0.0049%	1h	86,732	long leg	$315K	$26.8M	52x
MEXC BTC_USDT	+0.0051%	8h	86,603.1	−0.149%	$5.18B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0052%	8h	86,622	−0.127%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,616.1	−0.134%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,625.3	−0.123%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0071%	8h	86,609.3	−0.141%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0081%	8h	86,623	−0.126%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.130%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,618.5	−0.131%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,624.2	−0.124%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,607	−0.144%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,681.3	−0.059%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,588	−0.166%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,595	−0.158%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,662	−0.081%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,629.1	−0.119%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,608	−0.143%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,672.2	−0.069%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.144%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,556.6	−0.202%	$38.0M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.185%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,662	−0.081%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	−0.052%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,590.4	−0.163%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.5	−0.072%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,626	−0.122%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,583.7	−0.171%	$194K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,572.1	−0.184%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,577.3	−0.178%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,559.9	−0.198%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,591.9	−0.162%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,553	−0.206%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,549.1	−0.211%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,595.1	−0.158%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.3	−0.150%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,588.8	−0.165%	$189.1M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,601.8	−0.150%	$131.7M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,613	−0.137%	$8.9M	$723.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	−0.066%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,587.8	−0.166%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,617.4	−0.132%	$614K	$7.1M	30x	as long as short