Funding you earn now, next payment 01:00 UTC−0.0092%/8h= −10.1% APRnext payment −$0.12 per $10,000 · paid last 24h −0.033%
Price spread now: Injective against Coinbase International+0.042%64s7-day average −0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$16as 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−$150.154% of the position
Funding, last 7 days−0.007%−$1 on $10k
+Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.042%, 7d avg −0.026%
=The price spread pays, funding is against you. Injective is 0.068% dearer against Coinbase International than usual: you sell high and buy low (spread +0.042% now, against its 7-day average of −0.026%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.007% in total) that is about 2 months. The two prices were read 64 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 | Coinbase International BTC-PERP-INTX | 85,625 | 0.0112 | pay 0.0014% / 1h | 1m 32s | $130.7M | $5.09B | 50x |
| Short | Injective BTC/USDC PERP | 85,661 | 0.0020 | get 0.0002% / 1h | 1m 32s | $340K | $26.9M | 52x |
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$19.33
- Price spread: +0.042% → −0.026%
- $6.8
- Slippage, 4 orders
- −$5.37
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$27.92
- Costs to cover
- 0.154%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 3 min ago; Injective: live order book, 3 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 Coinbase International live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.2 bp −$622 | 12.9 bp −$6,430 |
| Sell Injective live order book, 3 min ago | 2.04 bp | 3.0 bp −$3 | 11.8 bp −$118 | doesn't fit | doesn't fit |
BTC on 55 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0144% | 1h | 85,616 | −0.011% | $2.1M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,601 | −0.028% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,553.7 | −0.083% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,582.9 | −0.049% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,605.6 | −0.023% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERPshort | +0.0020% | 1h | 85,661 | +0.042% | $340K | $26.9M | 52x | |
| Aster BTCUSDT | +0.0023% | 8h | 85,579.1 | −0.054% | $516.0M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0024% | 8h | 85,550.3 | −0.087% | $901.8M | $748.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0031% | 1h | 85,601.9 | −0.027% | $22.6M | $225.6M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,585 | −0.047% | $8.4M | $42.2M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
KuCoin XBTUSDTM
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0055% | 8h | 85,556.5 | −0.080% | — | $1.55B | — | as long as short |
| HTX BTC-USDT | +0.0059% | 8h | 85,587.6 | −0.044% | $2.27B | $933.7M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0062% | 1h | 85,594.9 | −0.035% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,550 | −0.088% | $2.94B | $5.03B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,583.1 | −0.049% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0082% | 8h | 85,587.4 | −0.044% | $2.9M | $6.5M | 100x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,556.6 | −0.080% | $5.07B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,556.8 | −0.080% | $9.33B | $23.97B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,558.4 | −0.078% | $170.2M | $997.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,567.8 | −0.067% | $23.9M | $149.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,553 | −0.084% | $8.4M | $51.6M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0097% | 1h | 85,611.5 | −0.016% | $140.0M | $317.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,603.7 | −0.025% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,534 | −0.106% | $204K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,621 | −0.005% | $3.76B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,589.5 | −0.041% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,560.1 | −0.076% | $5.32B | $9.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,554.4 | −0.082% | $2.56B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,569 | −0.065% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,530.7 | −0.110% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,560.1 | −0.076% | $5.58B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,582.7 | −0.049% | $35.0M | $168.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,602.8 | −0.026% | $154.0M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,613.3 | −0.014% | $278.5M | $939.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,624 | −0.001% | $214.9M | $162.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.7 | +0.003% | $30.3M | $210.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,656 | +0.036% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,592 | −0.039% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,595.6 | −0.034% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,592.6 | −0.038% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,631.4 | +0.007% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,589.7 | −0.041% | $30.0M | $52.7M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,588 | −0.043% | $59.9M | $336.4M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,586.5 | −0.045% | $150.4M | $480.0M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | −0.037% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,533.8 | −0.106% | $44.1M | $227.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,605 | −0.023% | — | $101.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0112% | 1h | 85,625 | long leg | $130.7M | $5.09B | 50x | |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,608.7 | −0.019% | $187.0M | $952.7M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 85,669.3 | +0.052% | $682K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0182% | 1h | 85,626.4 | +0.002% | $78K | $219K | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0190% | 1h | 85,635.8 | +0.013% | $894.9M | $1.52B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,601.1 | −0.028% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,623 | −0.002% | $10.2M | $765.4M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,619.1 | −0.007% | $511K | $19.9M | 6.7x | as long as short |
BingX BTC-USDT
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
ApeX Omni BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC