BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.019%

Price spread now: Injective against Vest−0.149%50s7-day average +0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Vest Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.068%−$7 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.149%, 7d avg +0.001%

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 0.150% cheaper against Vest than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 50 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	Vest BTC-PERP	85,555.6	0.0100	pay 0.0013% / 1h	42m 13s	—	$10.0M	50x
Short	Injective BTC/USDC PERP	85,428	−0.0006	pay 0.0001% / 1h	42m 13s	$307K	$24.1M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee InjectivebpOrdersPrice spread, now −0.149%Rate

Funding earned: −$22.21
Price spread: −0.149% → +0.001%: −$15.04
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$39.27
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Injective: live order book, 2 min ago. Net counts fees only.

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 Vest no order-book sample	—	—	—	—	—
Sell Injective live order book, 2 min ago	2.69 bp	9.1 bp −$9	22.4 bp −$224	762.4 bp −$76.2K	doesn't fit

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2119%	1h	84,644.9	−1.064%	$192K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	−0.091%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,414.1	−0.165%	$422.3M	$681.6M	150x	as long as short
Injective BTC/USDC PERPshort	−0.0006%	1h	85,428	−0.149%	$307K	$24.1M	52x
01 Exchange BTCUSD	0.0000%	1h	85,508.7	−0.055%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,500.6	−0.064%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,478.3	−0.090%	$932.2M	$776.1M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,474.8	−0.094%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0055%	1h	85,468.3	−0.102%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,498.8	−0.066%	$186.4M	$947.5M	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	85,525	−0.036%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,471.2	−0.099%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,492.7	−0.073%	$170.3M	$943.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,488.9	−0.078%	$23.6M	$134.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	−0.065%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,482.5	−0.085%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	−0.098%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,517.6	−0.044%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,495.6	−0.070%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,498.2	−0.067%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,483.3	−0.084%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,470.9	−0.099%	$5.09B	$10.00B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,469.6	−0.100%	$2.61B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,483	−0.085%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,500.4	−0.064%	$4.7M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.120%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,503.4	−0.061%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,474.9	−0.094%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,467.8	−0.103%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,472	−0.098%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	−0.105%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	−0.100%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,488.7	−0.078%	$214.6M	$154.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	−0.090%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,411.6	−0.168%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERPlong	+0.0100%	1h	85,555.6	long leg	—	$10.0M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,517	−0.045%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.5	−0.059%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.3	−0.073%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,490.7	−0.076%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	−0.078%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,486.7	−0.081%	$2.26B	$974.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,490.4	−0.076%	$161.4M	$517.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,464.4	−0.107%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,464.6	−0.106%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,525.5	−0.035%	$111.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,493.1	−0.073%	$6.6M	$138.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	−0.059%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0182%	1h	85,581	+0.030%	$3.83B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,505	−0.059%	$10.6M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,516	−0.046%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,532.5	−0.027%	$832.1M	$1.66B	50x	as long as short
Derive BTC-PERP	+0.0222%	1h	85,494.8	−0.071%	$28.9M	$49.1M	15x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,494	−0.072%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,475.8	−0.093%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,428.6	−0.148%	$468K	$18.3M	6.7x	as long as short