BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0021%/8h= +2.3% APRnext payment +$0.03 per $10,000 · paid last 24h +0.046%

Price spread now: Hyperliquid against Injective+0.015%113s7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as 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−$150.149% of the position

Long on Injective Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 4 days (all we have)+0.286%+$29 · spread now +0.015%, 7d avg +0.058%

Together, before fees+0.351%+ Points / potential airdropHyperliquid: Season 2 · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.043% cheaper against Injective than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.058%). If the spread goes back, that is −$4 on $10k: about 6.8 days of funding at the current rate (+$1 a day). The two prices were read 113 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	85,617	0.0079	pay 0.0010% / 1h	45m 25s	$340K	$26.9M	52x
Short	Hyperliquid BTC	85,630	0.0100	get 0.0013% / 1h	45m 25s	$3.77B	$4.93B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.015%Rate

Funding earned: $4.38
Price spread: +0.015% → +0.058%: −$4.27
Slippage, 4 orders: −$5.87
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.77
Costs to cover: 0.149%
Break-even: 30.6 days

Slippage from Injective: live order book, 4 min ago; Hyperliquid: live order book, 9 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	2.16 bp	2.4 bp −$2	12.4 bp −$124	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.1 bp −$515	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
Phoenix BTC	−0.0160%	1h	85,485	−0.154%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,518	−0.116%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,566.5	−0.059%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.1	−0.089%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,570.3	−0.055%	$22.6M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,510.5	−0.124%	$36.6M	—	200x	as long as short
BloFin BTC-USDT	+0.0007%	8h	85,370.2	−0.288%	—	$657.3M	150x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,553.4	−0.074%	$906.6M	$747.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,539.8	−0.090%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,570.4	−0.054%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,563	−0.063%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,564.7	−0.061%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,480	−0.160%	$2.26B	$931.0M	200x	as long as short
Injective BTC/USDC PERPlong	+0.0079%	1h	85,617	long leg	$340K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,495.3	−0.142%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,567.2	−0.058%	$5.04B	$5.59B	500x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,466.9	−0.175%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,568	−0.057%	$9.33B	$23.86B	150x	as long as short
Phemex BTCUSDT	+0.0089%	8h	85,485.8	−0.153%	$148.1M	$478.6M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,541.9	−0.088%	$169.3M	$986.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,529.7	−0.102%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,569	−0.056%	$8.4M	$51.7M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,587.1	−0.035%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.093%	$205K	$7.7M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,630	+0.015%	$3.77B	$4.93B	40x
Pacifica BTC	+0.0100%	1h	85,563.1	−0.063%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,579.2	−0.044%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,578.1	−0.045%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,566	−0.060%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,523.9	−0.109%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.063%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,570.8	−0.054%	$5.55B	$10.43B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,509.8	−0.125%	$35.0M	$171.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.154%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.208%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.215%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.121%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.171%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,597.6	−0.023%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,560	−0.067%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,570	−0.055%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,496.9	−0.140%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,532.2	−0.099%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,495.5	−0.142%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.137%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,537.2	−0.093%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,382.3	−0.274%	—	$104.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,529	−0.103%	$130.6M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,593.2	−0.028%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,517.8	−0.116%	$187.4M	$948.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0165%	1h	85,542.2	−0.087%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,546.7	−0.082%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.178%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,506.1	−0.129%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,472	−0.169%	$10.6M	$759.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,582	−0.041%	$528K	$19.6M	6.7x	as long as short