BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0147%/8h= +16.1% APRnext payment +$0.18 per $10,000 · paid last 24h +0.032%

Price spread now: Coinbase International against Injective−0.074%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$140.139% of the position

Long on Injective Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.137%+$14 · spread now −0.074%, 7d avg +0.026%

Together, before fees+0.143%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.100% cheaper against Injective than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of +0.026%). If the spread goes back, that is −$10 on $10k: about 2.3 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.006% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,568	−0.0035	get 0.0004% / 1h	28m 49s	$333K	$26.8M	52x
Short	Coinbase International BTC-PERP-INTX	86,503.8	0.0112	get 0.0014% / 1h	28m 49s	$132.3M	$5.66B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.074%Rate

Funding earned: $30.82
Price spread: −0.074% → +0.026%: −$9.99
Slippage, 4 orders: −$3.86
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $6.95
Costs to cover: 0.139%
Break-even: 5.4 days

Slippage from Injective: live order book, just now; Coinbase International: live order book, 5 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, just now	1.68 bp	2.1 bp −$2	12.2 bp −$122	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$565	13.5 bp −$6,726

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	86,477	−0.105%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,455	−0.131%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPlong	−0.0035%	1h	86,568	long leg	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,473.2	−0.109%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,488.3	−0.092%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,440.2	−0.148%	$501.6M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,478.3	−0.104%	$416K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.8	−0.096%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,449.4	−0.137%	$850.1M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0031%	1h	86,456.6	−0.129%	$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-USDT	+0.0042%	8h	86,448.9	−0.138%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0051%	8h	86,464.1	−0.120%	$150.7M	$478.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,439.2	−0.149%	$2.96B	$5.13B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0056%	1h	86,503.7	−0.074%	$914.7M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0067%	1h	86,493.3	−0.086%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,439.3	−0.149%	$9.42B	$24.57B	150x	as long as short
MEXC BTC_USDT	+0.0070%	8h	86,447.5	−0.139%	$5.16B	$5.66B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,454.3	−0.131%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,452.3	−0.134%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0086%	1h	86,465	−0.119%	$60.5M	$337.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,450.9	−0.135%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,461.5	−0.123%	$24.0M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,462	−0.122%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,441.7	−0.146%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,444	−0.143%	$200K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,495.3	−0.084%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,459.6	−0.125%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,520	−0.055%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,498.6	−0.080%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,455.6	−0.130%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,473	−0.110%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,503.5	−0.075%	$7.5M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,451.9	−0.134%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	−0.108%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	−0.105%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	−0.095%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	−0.091%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,471	−0.112%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,507.1	−0.070%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,459	−0.126%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,456.7	−0.129%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,469	−0.114%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,494.5	−0.085%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,495.8	−0.083%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,450.6	−0.136%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,450	−0.136%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	−0.119%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,434.1	−0.155%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,485.2	−0.096%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,493.6	−0.086%	$194.0M	$952.3M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	86,503.8	−0.074%	$132.3M	$5.66B	50x
Aftermath Perps BTCUSD	+0.0143%	1h	86,519.6	−0.056%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,500.8	−0.078%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0190%	8h	86,461	−0.124%	$415.5M	$658.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0218%	1h	86,474.9	−0.108%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,488	−0.092%	$9.7M	$746.3M	6.4x	as long as short