BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0037%/8h= −4.1% APRnext payment −$0.05 per $10,000 · paid last 24h −0.029%

Price spread now: Injective against Coinbase International+0.019%64s7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as 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−$150.150% of the position

Long on Coinbase International Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.019%, 7d avg −0.025%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.044% dearer against Coinbase International than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.025%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.010% in total) that is about 30 days. The two prices were read 64 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	Coinbase International BTC-PERP-INTX	85,314.7	0.0104	pay 0.0013% / 1h	14m 17s	$111.9M	$5.48B	50x
Short	Injective BTC/USDC PERP	85,331	0.0067	get 0.0008% / 1h	14m 17s	$311K	$25.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Coinbase International. 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 Coinbase InternationalbpFee InjectivebpOrdersPrice spread, now +0.019%Rate

Funding earned: −$7.8
Price spread: +0.019% → −0.025%: $4.36
Slippage, 4 orders: −$4.94
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$18.4
Costs to cover: 0.150%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Injective: live order book, 5 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$553	11.4 bp −$5,703
Sell Injective live order book, 5 min ago	2.17 bp	2.6 bp −$3	12.7 bp −$127	650.9 bp −$65.1K	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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.117%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	−0.061%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.145%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,223.3	−0.107%	$927.2M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	−0.076%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,273.2	−0.049%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,255.9	−0.069%	$509.3M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,231.4	−0.098%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,293.7	−0.025%	$185.8M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,242.6	−0.085%	—	$17.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	+0.0067%	1h	85,331	+0.019%	$311K	$25.5M	52x
Bybit BTCUSDT	+0.0081%	8h	85,263	−0.061%	$5.10B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	−0.086%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,199.8	−0.135%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,230.9	−0.098%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.6	−0.085%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,230	−0.099%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,264.5	−0.059%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,306.9	−0.009%	$836.0M	$1.67B	50x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,273.5	−0.048%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.125%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.8	−0.029%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,332	+0.020%	$3.77B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	−0.064%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,268.5	−0.054%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,278	−0.043%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	−0.096%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	−0.079%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,263.5	−0.060%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,253.7	−0.071%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,187.1	−0.150%	$36.9M	$189.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.157%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.140%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	−0.083%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.122%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,311.6	−0.004%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,253	−0.072%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,258	−0.066%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,278.8	−0.042%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,315.5	+0.001%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,286.9	−0.033%	$29.0M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.155%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,272	−0.050%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,189.5	−0.147%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,276.7	−0.045%	$159.0M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.088%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,251.9	−0.074%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	−0.042%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,314.7	long leg	$111.9M	$5.48B	50x
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.161%	$6.6M	$142.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,217	−0.115%	$12.0M	$737.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	−0.070%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.139%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,239.3	−0.088%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,250.5	−0.075%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,247.2	−0.079%	$465K	$18.3M	6.7x	as long as short