BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0025%/8h= −2.8% APRnext payment −$0.03 per $10,000 · paid last 24h +0.018%

Price spread now: Injective against Reya+0.204%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 Reya Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.083%−$8 on $10k

Price spread, last 3 days (all we have)−0.222%−$22 · spread now +0.204%, 7d avg +0.033%

Together, before fees−0.305%+ Points / potential airdropReya: Active · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.171% dearer against Reya than usual: you sell high and buy low (spread +0.204% now, against its 7-day average of +0.033%): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 22 days. At the pace of the last 3 days (−0.083% in total) that is about 6.7 days. 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	Reya BTCRUSDPERP	86,189	0.0048	pay 0.0006% / 1h	12m 03s	$6.7M	$145.8M	40x
Short	Injective BTC/USDC PERP	86,365	0.0023	get 0.0003% / 1h	12m 03s	$343K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Reya. 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 ReyabpFee InjectivebpOrdersPrice spread, now +0.204%Rate

Funding earned: −$5.33
Price spread: +0.204% → +0.033%: $17.09
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $5.74
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Injective: live order book, 2 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Injective live order book, 2 min ago	3.01 bp	5.0 bp −$5	14.1 bp −$141	623.2 bp −$62.3K	doesn't fit

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
Phoenix BTC	−0.0129%	1h	86,372	+0.212%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,228	+0.045%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	+0.019%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0004%	1h	86,236.3	+0.055%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,214.1	+0.029%	$568K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,229.9	+0.047%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	86,365	+0.204%	$343K	$26.9M	52x
dYdX BTC-USD	+0.0026%	1h	86,269.4	+0.093%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,211.5	+0.026%	$499.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,209.1	+0.023%	$829.5M	$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 BTCRUSDPERPlong	+0.0048%	1h	86,189	long leg	$6.7M	$145.8M	40x
BingX BTC-USDC	+0.0051%	8h	86,189.4	0.000%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	+0.024%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,205.8	+0.019%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,211	+0.026%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,200.5	+0.013%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,207	+0.021%	$5.12B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,199.7	+0.012%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,219.2	+0.035%	$5.76B	$10.62B	200x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,188.4	−0.001%	$2.29B	$959.4M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,230.6	+0.048%	$170.3M	$992.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,230	+0.048%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	+0.030%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.010%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,259.2	+0.081%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,251.9	+0.073%	$22.0M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,281	+0.107%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	+0.084%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,214.4	+0.029%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,219	+0.035%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	+0.021%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	+0.040%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.050%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,194.9	+0.007%	$35.5M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	+0.043%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.076%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.120%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.118%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	+0.094%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.7	+0.089%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	+0.020%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,213.4	+0.028%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,208.6	+0.023%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,228.7	+0.046%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,181.2	−0.009%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,228	+0.045%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,191.6	+0.003%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,272.7	+0.097%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,250	+0.071%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,238.8	+0.058%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,299.4	+0.128%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,298.3	+0.127%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0180%	1h	86,259.7	+0.082%	$902.3M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,271.5	+0.096%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,258	+0.080%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,227.5	+0.045%	$14.5M	—	200x	as long as short