BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0066%/8h= −7.2% APRnext payment −$0.08 per $10,000 · paid last 24h −0.040%

Price spread now: Injective against Hyperliquid−0.137%73s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$130.132% of the position

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.137%, 7d avg −0.058%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.079% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.058%). Swap the legs. The two prices were read 73 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	Hyperliquid BTC	85,384	0.0133	pay 0.0017% / 1h	0m 01s	$3.79B	$5.11B	40x
Short	Injective BTC/USDC PERP	85,267	0.0067	get 0.0008% / 1h	0m 01s	$311K	$26.1M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Hyperliquid. 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 HyperliquidbpFee InjectivebpOrdersPrice spread, now −0.137%Rate

Funding earned: −$13.87
Price spread: −0.137% → −0.058%: −$7.89
Slippage, 4 orders: −$4.15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$34.93
Costs to cover: 0.132%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Injective: live order book, 4 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 Hyperliquid live order book, 4 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.0 bp −$499	doesn't fit
Sell Injective live order book, 4 min ago	1.76 bp	1.8 bp −$2	9.3 bp −$93	646.4 bp −$64.6K	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
Hotstuff BTC-PERP	−0.0080%	1h	85,283	−0.118%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	−0.091%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,279.8	−0.122%	$421.4M	$684.9M	150x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	85,286.3	−0.114%	$929.1M	$776.6M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,298.8	−0.100%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,297.7	−0.101%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,295.5	−0.104%	$502.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0021%	1h	85,277.8	−0.124%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,305.6	−0.092%	$186.3M	$954.0M	100x	as long as short
Injective BTC/USDC PERPshort	+0.0067%	1h	85,267	−0.137%	$311K	$26.1M	52x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0067%	8h	85,282.4	−0.119%	—	$17.5M	—	as long as short
Bybit BTCUSDT	+0.0090%	8h	85,304.8	−0.093%	$5.09B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0095%	1h	85,281.8	−0.120%	$24.0M	$220.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,314.2	−0.082%	$169.5M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,311.4	−0.085%	$23.6M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,290	−0.110%	$8.4M	$57.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,290	−0.110%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,273.7	−0.129%	$138.0M	$312.8M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,271	−0.132%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,335	−0.057%	$5.7M	$9.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,311.9	−0.084%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,300	−0.098%	$9.40B	$25.18B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,303.1	−0.095%	$2.61B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,279	−0.123%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,306.3	−0.091%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.150%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,296	−0.103%	$5.46B	$11.19B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,299.6	−0.099%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,294.6	−0.105%	$2.97B	$5.19B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,297.5	−0.101%	$36.8M	$191.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.138%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.136%	$282.8M	$959.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,278.8	−0.123%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.133%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,367.8	−0.019%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,291	−0.109%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,294.8	−0.105%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,295.6	−0.104%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,347.1	−0.043%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,317.2	−0.078%	$28.8M	$46.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,280.8	−0.121%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,290	−0.110%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,284.7	−0.116%	$2.25B	$974.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,301.2	−0.097%	$159.0M	$516.4M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,328.7	−0.065%	$829.4M	$1.67B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,279.9	−0.122%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,296.9	−0.102%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,333	−0.060%	$111.8M	$5.47B	50x	as long as short
Hyperliquid BTClong	+0.0133%	1h	85,384	long leg	$3.79B	$5.11B	40x
Reya BTCRUSDPERP	+0.0145%	1h	85,286	−0.115%	$6.6M	$141.1M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,319	−0.076%	$11.9M	$737.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,295.4	−0.104%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,314.5	−0.081%	$8.9M	$43.0M	25x	as long as short
Aftermath Perps BTCUSD	+0.0284%	1h	85,299.1	−0.099%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,302.6	−0.095%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,306.9	−0.090%	$465K	$18.4M	6.7x	as long as short