BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0021%/8h= −2.3% APRnext payment −$0.03 per $10,000 · paid last 24h −0.025%

Price spread now: Injective against Bullet+0.089%54s7-day average +0.014% · 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—prices read too far apart to compare

costs, in and out, $10k−$140.144% of the position

Long on Bullet Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.214%−$21 · spread now +0.089%, 7d avg +0.014%

Together, before fees−0.307%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.075% dearer against Bullet than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.014%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 3 days (−0.093% in total) that is about 2.7 days. The two prices were read 54 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	Bullet BTC-USD	85,730.5	0.0100	pay 0.0013% / 1h	7m 49s	$192K	$3.3M	20x
Short	Injective BTC/USDC PERP	85,807	0.0079	get 0.0010% / 1h	7m 49s	$341K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bullet. 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 BulletbpFee InjectivebpOrdersPrice spread, now +0.089%Rate

Funding earned: −$4.38
Price spread: +0.089% → +0.014%: $7.49
Slippage, 4 orders: −$6.34
Fee Bullet: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$11.26
Costs to cover: 0.144%
Break-even: never at this rate

Slippage from Bullet: 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 Bullet live order book, 1 min ago	0.17 bp	4.5 bp −$4	7.3 bp −$73	doesn't fit	doesn't fit
Sell Injective live order book, 1 min ago	2.16 bp	2.5 bp −$2	10.3 bp −$103	606.5 bp −$60.7K	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
Bluefin BTC-PERP	−0.0535%	1h	85,773.6	+0.050%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.087%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,730	−0.001%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,731.1	+0.001%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,764.5	+0.040%	$415.9M	$666.1M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,713.3	−0.020%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,689.2	−0.048%	$919.5M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,755.1	+0.029%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0015%	1h	85,728.9	−0.002%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,695.1	−0.041%	$516.4M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0057%	8h	85,686.5	−0.051%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,679.8	−0.059%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,716.3	−0.017%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0079%	1h	85,807	+0.089%	$341K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,727.3	−0.004%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,694.6	−0.042%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,682.7	−0.056%	$9.35B	$23.92B	150x	as long as short
Phemex BTCUSDT	+0.0090%	8h	85,729.2	−0.002%	$149.2M	$480.4M	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	85,730.4	0.000%	$2.27B	$936.9M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,727	−0.004%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,738.5	+0.009%	$174.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,743	+0.015%	$23.9M	$149.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,729	−0.002%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,780.9	+0.059%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,699	−0.037%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,793	+0.073%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,764	+0.039%	$40.2M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,679.6	−0.059%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,690.1	−0.047%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,700	−0.036%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,706.8	−0.028%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.082%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,701.3	−0.034%	$5.55B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,706.4	−0.028%	$35.2M	$173.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	+0.054%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,754.5	+0.028%	$280.1M	$916.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,809.7	+0.092%	$215.5M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	+0.051%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,831.8	+0.118%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,781.6	+0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,724	−0.008%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,730.5	long leg	$192K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,733.9	+0.004%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,729.6	−0.001%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,702.6	−0.033%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,681.2	−0.058%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,732.7	+0.003%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,768	+0.044%	$123.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,758.3	+0.032%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0135%	1h	85,777.2	+0.054%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,760	+0.034%	$189.3M	$953.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,853.1	+0.143%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,739.6	+0.011%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0205%	1h	85,785.6	+0.064%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,764	+0.039%	$10.6M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,722.4	−0.009%	$501K	$19.2M	6.7x	as long as short