BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0066%/8h= +7.2% APRnext payment +$0.08 per $10,000 · paid last 24h −0.012%

Price spread now: dYdX against Injective−0.072%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Injective Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)+0.330%+$33 · spread now −0.072%, 7d avg −0.007%

Together, before fees+0.206%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.066% cheaper against Injective than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.007%). If the spread goes back, that is −$7 on $10k: about 3.3 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,438	−0.0006	get 0.0001% / 1h	28m 03s	$307K	$25.3M	52x
Short	dYdX BTC-USD	85,376.1	0.0060	get 0.0007% / 1h	28m 03s	$16.7M	$21.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Injective. 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 InjectivebpFee dYdXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $13.79
Price spread: −0.072% → −0.007%: −$6.59
Slippage, 4 orders: −$12.54
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$15.36
Costs to cover: 0.226%
Break-even: 14.8 days

Slippage from Injective: live order book, 1 min ago; dYdX: 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 Injective live order book, 1 min ago	1.81 bp	3.7 bp −$4	13.9 bp −$139	doesn't fit	doesn't fit
Sell dYdX live order book, 1 min ago	1.64 bp	9.5 bp −$10	14.6 bp −$146	21.6 bp −$2,161	49.0 bp −$24.5K

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	−0.1102%	1h	85,376.2	−0.072%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,359	−0.092%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,366.3	−0.084%	$423.8M	$673.2M	150x	as long as short
Injective BTC/USDC PERPlong	−0.0006%	1h	85,438	long leg	$307K	$25.3M	52x
01 Exchange BTCUSD	0.0000%	1h	85,316.2	−0.143%	$351K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,332.1	−0.124%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0018%	8h	85,382.4	−0.065%	$936.4M	$768.8M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,372.3	−0.077%	$502.7M	$1.08B	200x	as long as short
dYdX BTC-USDshort	+0.0060%	1h	85,376.1	−0.072%	$16.7M	$21.0M	50x
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,391	−0.055%	$186.0M	$934.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.122%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,383.9	−0.063%	—	$1.55B	—	as long as short
Nado BTC-PERP	+0.0096%	1h	85,328.8	−0.128%	$24.0M	$215.3M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,385.8	−0.061%	$170.9M	$946.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,392.2	−0.054%	$23.5M	$134.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,318	−0.140%	$8.7M	$57.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,347.5	−0.106%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,287	−0.177%	$264K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,391.8	−0.054%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,378.1	−0.070%	$40.2M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,387.2	−0.059%	$9.39B	$24.89B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,390.1	−0.056%	$5.08B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,394.2	−0.051%	$2.61B	$12.01B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,305	−0.156%	$3.9M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,324.8	−0.132%	$5.0M	$97.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.158%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,390.8	−0.055%	$5.49B	$9.93B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,381.3	−0.066%	$5.05B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,385.7	−0.061%	$2.98B	$5.09B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375.2	−0.074%	$37.5M	$193.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	−0.048%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,402.6	−0.041%	$285.5M	$965.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,409.3	−0.034%	$214.4M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,416.3	−0.025%	$136.6M	$311.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,396.8	−0.048%	$30.1M	$218.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,418.6	−0.023%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.243%	$10.9M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,319	−0.139%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,350.1	−0.103%	$2.7M	$9.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	+0.008%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,366.6	−0.084%	$3.0M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,350	−0.103%	$59.7M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,374.9	−0.074%	$2.26B	$970.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,401.6	−0.043%	$163.7M	$513.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,361.7	−0.089%	$45.9M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,370.1	−0.080%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,409	−0.034%	$111.7M	$5.40B	50x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,318	−0.140%	$6.6M	$137.0M	40x	as long as short
Hyperliquid BTC	+0.0153%	1h	85,466	+0.033%	$3.83B	$5.14B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,417.9	−0.024%	$832.1M	$1.66B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,330.6	−0.126%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,377	−0.071%	$10.0M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,329	−0.128%	$8.9M	$42.3M	25x	as long as short
Aftermath Perps BTCUSD	+0.0339%	1h	85,439.8	+0.002%	$81K	$260K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,451	+0.015%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,420.9	−0.020%	$459K	$18.1M	6.7x	as long as short