BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0135%/8h= −14.8% APRnext payment −$0.17 per $10,000 · paid last 24h −0.023%

Price spread now: Injective against Polymarket Perps+0.152%51s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as 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−$120.121% of the position

Long on Polymarket Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.152%, 7d avg +0.015%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.137% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.152% now, against its 7-day average of +0.015%): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.4 days. At the pace of the last 7 days (−0.058% in total) that is about 17 days. The two prices were read 51 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	Polymarket Perps BTC-USD	86,437	0.0100	pay 0.0013% / 1h	28m 07s	$11.1M	$13.8M	50x
Short	Injective BTC/USDC PERP	86,568	−0.0035	pay 0.0004% / 1h	28m 07s	$333K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Polymarket Perps. 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 Polymarket PerpsbpFee InjectivebpOrdersPrice spread, now +0.152%Rate

Funding earned: −$28.3
Price spread: +0.152% → +0.015%: $13.66
Slippage, 4 orders: −$4.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$26.75
Costs to cover: 0.121%
Break-even: from the start

Slippage from Polymarket Perps: live order book, 6 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 Polymarket Perps live order book, 6 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	6.7 bp −$668	doesn't fit
Sell Injective live order book, 1 min ago	1.68 bp	1.8 bp −$2	11.7 bp −$117	doesn't fit	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	−0.0118%	1h	86,477	+0.046%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,446	+0.010%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPshort	−0.0035%	1h	86,568	+0.152%	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,453.7	+0.019%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,461.3	+0.028%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,427	−0.012%	$501.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,473.6	+0.042%	$416K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,456.7	+0.023%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,441.6	+0.005%	$850.0M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0031%	1h	86,431.6	−0.006%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0033%	1h	86,473.5	+0.042%	$914.6M	$1.48B	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,433.6	−0.004%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,440.4	+0.004%	$150.8M	$478.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,423.5	−0.016%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0067%	1h	86,493.3	+0.065%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,430.1	−0.008%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,430.1	−0.008%	$9.42B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,425.9	−0.013%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,432.2	−0.006%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0084%	1h	86,431	−0.007%	$60.4M	$337.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,439.1	+0.002%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,444.9	+0.009%	$24.0M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,438	+0.001%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,429	−0.009%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,426	−0.013%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,478.5	+0.048%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,445.9	+0.010%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,508	+0.082%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.7	+0.047%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,439	+0.002%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,450	+0.015%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,485.3	+0.056%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,429.7	−0.008%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	+0.044%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	+0.046%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.056%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	+0.060%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,471	+0.039%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,489.7	+0.061%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	86,437	long leg	$11.1M	$13.8M	50x
Bullet BTC-USD	+0.0100%	1h	86,434.6	−0.003%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,432.5	−0.005%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,463.9	+0.031%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,466.5	+0.034%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,429.8	−0.008%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,430.1	−0.008%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.032%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,415.3	−0.025%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,474.6	+0.044%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,461.5	+0.028%	$193.9M	$952.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,478	+0.047%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0145%	1h	86,510.4	+0.085%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,493.4	+0.065%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0190%	8h	86,461	+0.028%	$415.5M	$658.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0218%	1h	86,450.2	+0.015%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,470	+0.038%	$9.7M	$746.6M	6.4x	as long as short