BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0021%/8h= −2.3% APRnext payment −$0.03 per $10,000 · paid last 24h −0.054%

Price spread now: Injective against Deribit+0.025%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

costs, in and out, $10k−$130.127% of the position

Long on Deribit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.025%, 7d avg −0.032%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.057% dearer against Deribit than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.032%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.2 days. At the pace of the last 7 days (−0.014% in total) that is about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,785.8	0.0100	pay 0.0012% / 1h	12m 58s	$891.6M	$1.53B	50x
Short	Injective BTC/USDC PERP	85,807	0.0079	get 0.0010% / 1h	12m 58s	$341K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Deribit. 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 DeribitbpFee InjectivebpOrdersPrice spread, now +0.025%Rate

Funding earned: −$4.35
Price spread: +0.025% → −0.032%: $5.7
Slippage, 4 orders: −$5.69
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$11.35
Costs to cover: 0.127%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Injective: live order book, 1 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 Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	7.1 bp −$706	11.1 bp −$5,572
Sell Injective live order book, 1 min ago	1.69 bp	3.1 bp −$3	12.5 bp −$125	609.8 bp −$61.0K	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	−0.0681%	1h	85,789.2	+0.004%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,753	−0.038%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,785	−0.001%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,774.5	−0.013%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,743.9	−0.049%	$417.6M	$665.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	+0.014%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,738.1	−0.056%	$918.7M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,774.6	−0.013%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,772.2	−0.016%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,748.7	−0.043%	$516.6M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,734.9	−0.059%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,743.7	−0.049%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,766.8	−0.022%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0079%	1h	85,807	+0.025%	$341K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,744.5	−0.048%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,744.3	−0.048%	$148.8M	$479.8M	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,734	−0.060%	$5.07B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,740	−0.053%	$9.35B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,738.8	−0.055%	$2.27B	$935.9M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,748	−0.044%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,752.8	−0.039%	$174.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,746.8	−0.045%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,772	−0.016%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,813.4	+0.032%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,744	−0.049%	$198K	$7.8M	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0100%	1h	85,785.8	long leg	$891.6M	$1.53B	50x
Hyperliquid BTC	+0.0100%	1h	85,821	+0.041%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,805.4	+0.023%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,745.5	−0.047%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,751.4	−0.040%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.036%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,747.8	−0.044%	$6.8M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.017%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,754.6	−0.036%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,738.3	−0.055%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.024%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,742.6	−0.050%	$280.1M	$921.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,770.9	−0.017%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,773.2	−0.015%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,766.5	−0.023%	$30.3M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,824.7	+0.045%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,771	−0.017%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,766.7	−0.022%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,746	−0.046%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,745.2	−0.047%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,741.2	−0.052%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,721.1	−0.075%	$44.2M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,772.1	−0.016%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,777	−0.010%	$127.8M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,801	+0.018%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,768.8	−0.020%	$189.3M	$952.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,784.3	−0.002%	$704K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,793.4	+0.009%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,768.9	−0.020%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,790	+0.005%	$10.6M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,789.9	+0.005%	$506K	$19.2M	6.7x	as long as short