BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0077%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h −0.028%

Price spread now: Injective against Vest−0.147%50s7-day average +0.003% · you buy dearer than you sell

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

Long on Vest Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.147%, 7d avg +0.003%

Together, before fees+0.070%+ Points / potential airdropVest: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.150% cheaper against Vest than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.003%). Swap the legs. The two prices were read 50 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	Vest BTC-PERP	85,350.4	0.0100	pay 0.0013% / 1h	19m 47s	—	$10.9M	50x
Short	Injective BTC/USDC PERP	85,225	0.0023	get 0.0003% / 1h	19m 47s	$338K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Vest. 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 VestbpFee InjectivebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$16.18
Price spread: −0.147% → +0.003%: −$15.01
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$33.21
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Injective: live order book, 4 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 Vest no order-book sample	—	—	—	—	—
Sell Injective live order book, 4 min ago	2.29 bp	4.0 bp −$4	12.5 bp −$125	doesn't fit	doesn't fit

Vest: 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
Perpl BTC	−0.0112%	43m	85,298.5	−0.061%	$527K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.254%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	−0.044%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,308.1	−0.050%	$922.6M	$764.7M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,226.9	−0.145%	$419.4M	$680.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,304.5	−0.054%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,319.2	−0.037%	$512.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,297	−0.062%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,302.2	−0.056%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	85,225	−0.147%	$338K	$26.8M	52x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0036%	1h	85,281.6	−0.081%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,321.4	−0.034%	$187.6M	$954.1M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,329.8	−0.024%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,308.6	−0.049%	$147.5M	$505.3M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,299.1	−0.060%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,333.2	−0.020%	$5.04B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,331.5	−0.022%	$2.96B	$5.16B	150x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,333.2	−0.020%	$9.43B	$24.83B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,330.5	−0.023%	$171.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,334.8	−0.018%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,296	−0.064%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,340.9	−0.011%	$116.9M	$5.40B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.053%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,380.2	+0.035%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,401	+0.059%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,350.1	0.000%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,326.4	−0.028%	$5.14B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,333.3	−0.020%	$2.58B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,323	−0.032%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,331.9	−0.022%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.219%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,326.5	−0.028%	$5.51B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,306	−0.052%	$36.3M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.154%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.279%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.285%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.301%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,277.8	−0.085%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERPlong	+0.0100%	1h	85,350.4	long leg	—	$10.9M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,290	−0.071%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,290.6	−0.070%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,306.8	−0.051%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,348.2	−0.003%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,279.7	−0.083%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,283	−0.079%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,310	−0.047%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,299	−0.060%	$2.26B	$942.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,301.3	−0.057%	$45.1M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,298.2	−0.061%	—	$106.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,348.4	−0.002%	$866.9M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,285.8	−0.076%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,295.1	−0.065%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,304	−0.054%	$11.5M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,223.3	−0.149%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.139%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,353	+0.003%	$8.7M	$43.2M	25x	as long as short