BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0079%/8h= +8.7% APRnext payment +$0.10 per $10,000 · paid last 24h +0.006%

Price spread now: Injective against dYdX+0.022%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on dYdX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)−0.280%−$28 · spread now +0.022%, 7d avg +0.006%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,787.9	0.0000	pay 0.0000% / 1h	9m 18s	$16.7M	$21.2M	50x
Short	Injective BTC/USDC PERP	85,807	0.0079	get 0.0010% / 1h	9m 18s	$341K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against dYdX. 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 dYdXbpFee InjectivebpOrdersPrice spread, now +0.022%Rate

Funding earned: $16.61
Price spread: +0.022% → +0.006%: $1.59
Slippage, 4 orders: −$6.58
Fee dYdX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1.6
Costs to cover: 0.166%
Break-even: 6.3 days

Slippage from dYdX: live order book, 5 min ago; Injective: live order book, 5 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 dYdX live order book, 5 min ago	0.12 bp	5.1 bp −$5	17.0 bp −$170	21.4 bp −$2,141	21.8 bp −$10.9K
Sell Injective live order book, 5 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	−0.0562%	1h	85,811.6	+0.028%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.020%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,804	+0.019%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,787.2	−0.001%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,764.5	−0.027%	$415.9M	$666.1M	150x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,787.9	long leg	$16.7M	$21.2M	50x
KuCoin XBTUSDTM	+0.0003%	8h	85,765.8	−0.026%	$919.8M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,786.9	−0.001%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0013%	1h	85,781.9	−0.007%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,776.9	−0.013%	$516.7M	$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-USDT	+0.0057%	8h	85,781.1	−0.008%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,768.9	−0.022%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,761.8	−0.030%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0079%	1h	85,807	+0.022%	$341K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,774	−0.016%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0082%	8h	85,768.2	−0.023%	$149.2M	$479.9M	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,767.8	−0.023%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,769.7	−0.021%	$9.36B	$23.88B	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	85,759	−0.034%	$2.27B	$936.5M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,770	−0.021%	$60.1M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,777.8	−0.012%	$174.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,779.5	−0.010%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,790	+0.002%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,814.6	+0.031%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,762	−0.030%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.075%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,809.4	+0.025%	$40.2M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,778.7	−0.011%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,781.8	−0.007%	$2.58B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,760	−0.033%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,757.9	−0.035%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.015%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,783.1	−0.006%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,820.6	+0.038%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	−0.012%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,754.5	−0.039%	$280.1M	$916.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,809.7	+0.025%	$215.5M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	−0.016%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,831.8	+0.051%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,833.5	+0.053%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,780	−0.009%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,782	−0.007%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,764.6	−0.027%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,766.8	−0.025%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,752.5	−0.041%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,748.1	−0.046%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,803.2	+0.018%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,813	+0.029%	$124.5M	$5.11B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,812.2	+0.028%	$891.4M	$1.53B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,809.8	+0.026%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,790	+0.002%	$189.3M	$953.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,853.1	+0.076%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,789.6	+0.002%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,805.9	+0.021%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,816	+0.033%	$10.6M	$758.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,808.4	+0.024%	$502K	$19.2M	6.7x	as long as short