BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0076%/8h= +8.3% APRnext payment +$0.10 per $10,000 · paid last 24h +0.020%

Price spread now: Popdex against Injective+0.035%46s7-day average −0.014% · you sell dearer than you buy

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−$140.138% of the position

Long on Injective Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.035%, 7d avg −0.014%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Popdex is 0.049% dearer against Injective than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.014%. The two prices were read 46 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	85,691	0.0020	pay 0.0002% / 1h	28m 18s	$340K	$26.9M	52x
Short	Popdex BTCUSDT	85,721	0.0096	get 0.0012% / 1h	28m 18s	$8.4M	$51.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.035%Rate

Funding earned: $15.97
Price spread: +0.035% → −0.014%: $4.85
Slippage, 4 orders: −$7.39
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $7.01
Costs to cover: 0.138%
Break-even: 3.9 days

Slippage from Injective: live order book, 1 min ago; Popdex: 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	2.86 bp	3.1 bp −$3	12.5 bp −$125	doesn't fit	doesn't fit
Sell Popdex live order book, 1 min ago	0.17 bp	3.4 bp −$3	3.4 bp −$34	3.8 bp −$379	5.2 bp −$2,615

BTC on 55 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	−0.0144%	1h	85,735	+0.051%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,696	+0.006%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,717.7	+0.031%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,749.3	+0.068%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,708.5	+0.020%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,769.7	+0.092%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0020%	1h	85,691	long leg	$340K	$26.9M	52x
KuCoin XBTUSDTM	+0.0034%	8h	85,719.7	+0.033%	$903.6M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,750	+0.069%	$509.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,747.1	+0.065%	$8.2M	$42.5M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,758.5	+0.079%	—	$1.57B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.041%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	+0.055%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	−0.040%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	+0.003%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,765.8	+0.087%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,732.2	+0.048%	$5.08B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,768.4	+0.090%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,759.9	+0.080%	$9.34B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.5	+0.015%	$170.1M	$988.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,712.5	+0.025%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,721	+0.035%	$8.4M	$51.9M	100x
Katana Perps BTC-USD	+0.0100%	8h	85,696	+0.006%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,713	+0.026%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,789	+0.114%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,749.6	+0.068%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,775	+0.098%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,782.6	+0.107%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,710	+0.022%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,708.4	+0.020%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,764.9	+0.086%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,663	−0.033%	$35.3M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.059%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.068%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.129%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	+0.047%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	+0.097%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	+0.050%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,747	+0.065%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,763.8	+0.085%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	+0.139%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	+0.090%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,703.8	+0.015%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,766	+0.088%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	−0.024%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.121%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,753.4	+0.073%	$44.0M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,725.6	+0.040%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	+0.016%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,727.4	+0.043%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	+0.112%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,690.8	0.000%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	+0.144%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	+0.073%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	+0.058%	$10.0M	$770.4M	6.4x	as long as short