BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0077%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h −0.022%

Price spread now: Injective against Nado+0.087%7-day average +0.022% · 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−$9as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Nado Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now +0.087%, 7d avg +0.022%

Together, before fees−0.184%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.065% dearer against Nado than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.022%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,290.1	0.0100	pay 0.0012% / 1h	13m 19s	$22.0M	$226.2M	50x
Short	Injective BTC/USDC PERP	86,365	0.0023	get 0.0003% / 1h	13m 19s	$343K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Nado. 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 NadobpFee InjectivebpOrdersPrice spread, now +0.087%Rate

Funding earned: −$16.18
Price spread: +0.087% → +0.022%: $6.52
Slippage, 4 orders: −$8.37
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$25.04
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Nado: live order book, 1 min ago; Injective: 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 Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$480	11.2 bp −$5,614
Sell Injective live order book, 1 min ago	3.01 bp	5.0 bp −$5	14.1 bp −$141	623.2 bp −$62.3K	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	−0.0129%	1h	86,372	+0.095%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,277	−0.015%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,265.3	−0.029%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0017%	1h	86,306.6	+0.019%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,304.7	+0.017%	$570K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,294.3	+0.005%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	86,365	+0.087%	$343K	$26.9M	52x
dYdX BTC-USD	+0.0027%	1h	86,318.1	+0.032%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,298.7	+0.010%	$500.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,265.3	−0.029%	$830.4M	$716.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,257.1	−0.038%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,275.2	−0.017%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,274.4	−0.018%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,278.1	−0.014%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,265.3	−0.029%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0080%	1h	86,268	−0.026%	$60.4M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,260.6	−0.034%	$5.10B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,271.5	−0.021%	$9.40B	$24.22B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.073%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.7	+0.011%	$170.4M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,306.9	+0.020%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,258	−0.037%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,238	−0.060%	$191K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,298.1	+0.009%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,290.1	long leg	$22.0M	$226.2M	50x
Hyperliquid BTC	+0.0100%	1h	86,328	+0.044%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,317.9	+0.032%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,282.4	−0.009%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,285.9	−0.005%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,277	−0.015%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,293.7	+0.004%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.167%	$580.3M	$59.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,280.2	−0.011%	$5.77B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,360	+0.081%	$35.6M	$160.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.074%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.041%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.002%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	0.000%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,313.4	+0.027%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,323.9	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,263	−0.031%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,274	−0.019%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,272	−0.021%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,293.7	+0.004%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,243.3	−0.054%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	+0.041%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,259.4	−0.036%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,362.5	+0.084%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,292	+0.002%	$132.3M	$5.30B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,283.2	−0.008%	$191.8M	$947.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	+0.032%	$713K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0167%	1h	86,322.7	+0.038%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,309.4	+0.022%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	+0.008%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.074%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,287.8	−0.003%	$14.5M	—	200x	as long as short