BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRnext payment +$0.10 per $10,000 · paid last 24h +0.023%

Price spread now: Polymarket Perps against Injective−0.241%111s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as 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−$130.134% of the position

Long on Injective Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.290%+$29 · spread now −0.241%, 7d avg −0.015%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.227% cheaper against Injective than usual: you would sell low and buy high (spread −0.241% now, against its 7-day average of −0.015%). If the spread goes back, that is −$23 on $10k: about 9.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.058% in total) that is about 27 days. The two prices were read 111 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	Injective BTC/USDC PERP	86,559	0.0024	pay 0.0003% / 1h	13m 32s	$315K	$26.8M	52x
Short	Polymarket Perps BTC-USD	86,350	0.0100	get 0.0013% / 1h	13m 32s	$11.1M	$13.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.241%Rate

Funding earned: $15.99
Price spread: −0.241% → −0.015%: −$22.67
Slippage, 4 orders: −$5.35
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$20.05
Costs to cover: 0.134%
Break-even: 15.8 days

Slippage from Injective: live order book, 1 min ago; Polymarket Perps: live order book, 6 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	2.14 bp	2.5 bp −$3	13.3 bp −$133	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	0.06 bp	4.1 bp −$4	4.3 bp −$43	6.1 bp −$606	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	−0.0708%	1h	86,399.4	−0.184%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	−0.181%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,361	−0.229%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,365.8	−0.223%	$360K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,351.6	−0.240%	$503.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,359.9	−0.230%	$850.9M	$712.2M	125x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,406.9	−0.176%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,369.7	−0.219%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	−0.224%	$8.4M	$42.8M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0010%	1h	86,406.7	−0.176%	$918.1M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,338.4	−0.255%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERPlong	+0.0024%	1h	86,559	long leg	$315K	$26.8M	52x
Aftermath Perps BTCUSD	+0.0033%	1h	86,441	−0.136%	$81K	$218K	20x	as long as short
BingX BTC-USDC	+0.0036%	8h	86,336.2	−0.257%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,377.5	−0.210%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,350	−0.241%	$2.95B	$5.10B	150x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,352.2	−0.239%	$9.42B	$24.44B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,348.4	−0.243%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,364	−0.225%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,357.7	−0.233%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,354.6	−0.236%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,371.5	−0.217%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,385.2	−0.201%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,352	−0.239%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.254%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,399.2	−0.185%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,365.8	−0.223%	$21.7M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,426	−0.154%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.2	−0.183%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,355.3	−0.235%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,365	−0.224%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419	−0.162%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	−0.070%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365	−0.224%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	−0.190%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	−0.153%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.2	−0.163%	$217.1M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	−0.162%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	−0.207%	$30.7M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,406.9	−0.176%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,350	−0.241%	$11.1M	$13.8M	50x
Bullet BTC-USD	+0.0100%	1h	86,352	−0.239%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,382.9	−0.203%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,379.3	−0.208%	$30.6M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,372	−0.216%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,370	−0.218%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,374.1	−0.214%	$2.29B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,332.3	−0.262%	$45.5M	$226.2M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,421.2	−0.159%	$719K	$8.1M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,400	−0.184%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,388.4	−0.197%	$421K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,410.3	−0.172%	$131.3M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,393.9	−0.191%	$191.1M	$943.9M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,397	−0.187%	$414.4M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0212%	1h	86,388.8	−0.197%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,409	−0.173%	$9.7M	$734.4M	6.4x	as long as short