BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0024%/8h= −2.6% APRnext payment −$0.03 per $10,000 · paid last 24h +0.052%

Price spread now: Deribit against Injective−0.008%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$120.122% of the position

Long on Injective Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.008%, 7d avg +0.033%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.041% cheaper against Injective than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,587	0.0024	pay 0.0003% / 1h	53m 13s	$315K	$26.8M	52x
Short	Deribit BTC-PERPETUAL	86,580.3	0	get 0.0000% / 1h	53m 13s	$926.0M	$1.47B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$5.01
Price spread: −0.008% → +0.033%: −$4.08
Slippage, 4 orders: −$5.19
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$21.29
Costs to cover: 0.122%
Break-even: never at this rate

Slippage from Injective: live order book, 1 min ago; Deribit: live order book, 1 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, 1 min ago	2.19 bp	2.8 bp −$3	12.8 bp −$128	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.5 bp −$449	11.6 bp −$5,814

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	−0.0212%	1h	86,621.8	+0.040%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.016%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,616	+0.033%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0027%	1h	86,634.2	+0.055%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,605.7	+0.022%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,579.4	−0.009%	$505.5M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,602.9	+0.018%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,580.3	−0.008%	$926.0M	$1.47B	50x
KuCoin XBTUSDTM	+0.0003%	8h	86,557.5	−0.034%	$850.9M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,587.5	+0.001%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,593.2	+0.007%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,638.1	+0.059%	$725K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,557.5	−0.034%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERPlong	+0.0024%	1h	86,587	long leg	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0029%	8h	86,545.6	−0.048%	$149.6M	$473.5M	150x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,563.3	−0.027%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,550	−0.043%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,548.6	−0.044%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,566.1	−0.024%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,559	−0.032%	$9.42B	$24.39B	150x	as long as short
SoDEX BTC-USD	+0.0062%	1h	86,547	−0.046%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,560.2	−0.031%	$5.85B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0087%	8h	86,564	−0.027%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,595.7	+0.010%	$172.0M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612	+0.029%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,583	−0.005%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,573	−0.016%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628.8	+0.048%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,586.3	−0.001%	$21.6M	$234.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,650	+0.073%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,626.7	+0.046%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,550	−0.043%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,581	−0.007%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,659.6	+0.084%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.004%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,582.5	−0.005%	$38.3M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	−0.005%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,613.4	+0.031%	$279.8M	$941.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.091%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,648.6	+0.071%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,637.1	+0.058%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,634.1	+0.054%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,577	−0.012%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,568	−0.022%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,563.9	−0.027%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,574.1	−0.015%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,548	−0.045%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,580.8	−0.007%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,560.1	−0.031%	$2.30B	$960.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,536.4	−0.058%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,611.4	+0.028%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,594.7	+0.009%	$131.6M	$5.80B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,579.9	−0.008%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,545.9	−0.047%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,580.8	−0.007%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,673	+0.099%	$9.6M	$726.6M	6.4x	as long as short