BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0022%/8h= −2.4% APRnext payment −$0.03 per $10,000 · paid last 24h −0.014%

Price spread now: Injective against Nado−0.028%109s7-day average +0.023% · you buy dearer than you sell

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−$120.121% of the position

Long on Nado Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.099%−$10 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.028%, 7d avg +0.023%

Together, before fees−0.067%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Injective is 0.051% cheaper against Nado than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.023%). Swap the legs. The two prices were read 109 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	Nado BTC-PERP	85,205.2	0.0089	pay 0.0011% / 1h	17m 30s	$24.0M	$220.8M	50x
Short	Injective BTC/USDC PERP	85,181	0.0067	get 0.0008% / 1h	17m 30s	$302K	$25.3M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Nado. 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 NadobpFee InjectivebpOrdersPrice spread, now −0.028%Rate

Funding earned: −$4.55
Price spread: −0.028% → +0.023%: −$5.14
Slippage, 4 orders: −$5.05
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$21.75
Costs to cover: 0.121%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Injective: live order book, 2 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 Nado live order book, 2 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.3 bp −$425	10.5 bp −$5,253
Sell Injective live order book, 2 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	85,226	+0.024%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.019%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.6	+0.042%	$422.4M	$686.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0014%	8h	85,202.3	−0.003%	$926.9M	$778.2M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,212.2	+0.008%	$343K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0003%	8h	85,201.3	−0.005%	$509.0M	$1.08B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,210.5	+0.006%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,231.4	+0.031%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,232.5	+0.032%	$185.7M	$955.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,188.4	−0.020%	—	$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	85,181	−0.028%	$302K	$25.3M	52x
Bybit BTCUSDT	+0.0080%	8h	85,196.5	−0.010%	$5.10B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.042%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERPlong	+0.0089%	1h	85,205.2	long leg	$24.0M	$220.8M	50x
Lighter BTC	+0.0096%	1h	85,219.4	+0.017%	$168.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,217.4	+0.014%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,206	+0.001%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,202.8	−0.003%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0097%	8h	85,200	−0.006%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,189	−0.019%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,253.4	+0.057%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,288	+0.097%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,235.9	+0.036%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,208.2	+0.004%	$9.38B	$25.15B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,207.2	+0.002%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,203	−0.003%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,227.6	+0.026%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,208.1	+0.003%	$5.49B	$11.14B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,203	−0.003%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,203.6	−0.002%	$36.9M	$189.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.081%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,211.2	+0.007%	$282.6M	$958.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.046%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,228.6	+0.028%	$30.0M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,270.7	+0.077%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,206	+0.001%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,209	+0.005%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,214.1	+0.011%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,244.2	+0.046%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	+0.005%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,209	+0.005%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,209.5	+0.005%	$2.25B	$974.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,211.4	+0.007%	$158.8M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.041%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,181.2	−0.028%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,215.2	+0.012%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,250.9	+0.054%	$111.7M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,254.2	+0.058%	$840.0M	$1.67B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,194.7	−0.012%	$6.6M	$142.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,243	+0.044%	$12.1M	$737.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,228.5	+0.027%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,212.2	+0.008%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,250.5	+0.053%	$692K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,242.5	+0.044%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,230.6	+0.030%	$461K	$18.4M	6.7x	as long as short