BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0183%/8h= +20.0% APRnext payment +$0.23 per $10,000 · paid last 24h −0.005%

Price spread now: Injective against Phoenix+0.065%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$130.130% of the position

Long on Phoenix Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now +0.065%, 7d avg −0.012%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.077% dearer against Phoenix than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.23 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,503	−0.0159	get 0.0020% / 1h	16m 47s	$2.2M	$11.8M	40x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	16m 47s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phoenix. 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 PhoenixbpFee InjectivebpOrdersPrice spread, now +0.065%Rate

Funding earned: $38.4
Price spread: +0.065% → −0.012%: $7.72
Slippage, 4 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $33.1
Costs to cover: 0.130%
Break-even: 1.0 days

Slippage from Phoenix: live order book, 7 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 Phoenix live order book, 7 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	12.2 bp −$1,216	doesn't fit
Sell Injective live order book, 2 min ago	2.37 bp	3.1 bp −$3	12.1 bp −$121	doesn't fit	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	−0.0795%	1h	86,419.3	−0.097%	$140K	$620K	40x	as long as short
Phoenix BTClong	−0.0159%	1h	86,503	long leg	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,431	−0.083%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,439.2	−0.074%	$358K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,398.6	−0.121%	$503.6M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,459.6	−0.050%	$423K	$23.7M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,434.3	−0.079%	$920.7M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,398.2	−0.121%	$851.7M	$712.0M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,452.8	−0.058%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,422.8	−0.093%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,439	−0.074%	$8.5M	$42.9M	25x	as long as short
Aftermath Perps BTCUSD	+0.0011%	1h	86,486.3	−0.019%	$82K	$217K	20x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,398.5	−0.121%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	+0.065%	$315K	$26.8M	52x
BingX BTC-USDC	+0.0035%	8h	86,394.2	−0.126%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,415.6	−0.101%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,399.9	−0.119%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,400.4	−0.119%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,395.1	−0.125%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,400.5	−0.118%	$9.42B	$24.43B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,403.4	−0.115%	$5.84B	$10.74B	200x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,404.1	−0.114%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,418	−0.098%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,426.5	−0.088%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,428	−0.087%	$8.5M	$52.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,499.1	−0.005%	$717K	$8.2M	30x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,408	−0.110%	$199K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,470.8	−0.037%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,454.1	−0.056%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,474.7	−0.033%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,464.8	−0.044%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,405.4	−0.113%	$2.53B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	−0.081%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,491.5	−0.013%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	−0.005%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,391.9	−0.128%	$37.8M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	−0.005%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,531.2	+0.033%	$279.7M	$948.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.2	−0.022%	$217.3M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,540.1	+0.043%	$141.5M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483	−0.023%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,478.9	−0.028%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,413	−0.104%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,402.5	−0.116%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,408.7	−0.109%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,407.4	−0.111%	$30.4M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,406.2	−0.112%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,402	−0.117%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,395.6	−0.124%	$2.29B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,383.2	−0.138%	$45.5M	$226.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,449.7	−0.062%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,444.1	−0.068%	$131.5M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,424.9	−0.090%	$191.1M	$943.8M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,401.9	−0.117%	$414.3M	$653.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0211%	1h	86,415.2	−0.102%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,460	−0.050%	$9.8M	$734.2M	6.4x	as long as short