BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0027%/8h= −3.0% APRnext payment −$0.03 per $10,000 · paid last 24h −0.016%

Price spread now: Reya against Injective+0.017%52s7-day average −0.033% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.082%+$8 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.017%, 7d avg −0.033%

Together, before fees+0.132%+ Points / potential airdropReya: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.050% dearer against Injective than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.033%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.1 days. Mind the row above: over the last 3 days funding on this pair paid +0.082%, so the current rate has only just turned against you. The two prices were read 52 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	86,582	0.0049	pay 0.0006% / 1h	1m 55s	$315K	$26.8M	52x
Short	Reya BTCRUSDPERP	86,596.9	0.0022	get 0.0003% / 1h	1m 55s	$6.7M	$144.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now +0.017%Rate

Funding earned: −$5.76
Price spread: +0.017% → −0.033%: $5.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Reya: 3 bp × 2 orders: −$6
Net: −$6.75
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 2 min ago; Reya: no order-book sample. Net counts fees only.

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, 2 min ago	1.62 bp	2.0 bp −$2	12.4 bp −$124	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0253%	1h	86,615.3	+0.038%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,593.7	+0.014%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.032%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,570	−0.014%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0068%	1h	86,591.4	+0.011%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,572.3	−0.011%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,611.6	+0.034%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,625.3	+0.050%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,618.1	+0.042%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,584.9	+0.003%	$851.4M	$709.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0022%	1h	86,596.9	+0.017%	$6.7M	$144.5M	40x
BingX BTC-USDC	+0.0029%	8h	86,585.6	+0.004%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,593.2	+0.013%	$149.5M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,587.4	+0.006%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERPlong	+0.0049%	1h	86,582	long leg	$315K	$26.8M	52x
Aevo BTC-PERP	+0.0056%	1h	86,590.2	+0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,592.8	+0.012%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,593	+0.013%	$9.42B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	+0.032%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,591.4	+0.011%	$5.84B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,597.4	+0.018%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,596.8	+0.017%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,608.3	+0.030%	$24.2M	$154.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,600	+0.021%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0098%	8h	86,599.9	+0.021%	$2.55B	$12.74B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,583	+0.001%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,640.2	+0.067%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,590.5	+0.010%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,659	+0.089%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,620.8	+0.045%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,585	+0.003%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662	+0.092%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.116%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,587.9	+0.007%	$38.1M	$151.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.041%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,557.7	−0.028%	$279.5M	$942.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.023%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.019%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.030%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,640.3	+0.067%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	+0.017%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599	+0.020%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,603.6	+0.025%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,622.9	+0.047%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,592.3	+0.012%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,594.1	+0.014%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,590	+0.009%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	+0.002%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,582	0.000%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.2	+0.023%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,619.7	+0.044%	$187.0M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,631.8	+0.058%	$131.9M	$5.83B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,596.6	+0.017%	$734K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	86,629	+0.054%	$9.6M	$727.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,579.9	−0.002%	$416.9M	$655.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,611.9	+0.035%	$15.0M	—	200x	as long as short