BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0009%/8h= −1.0% APRnext payment −$0.01 per $10,000 · paid last 24h −0.007%

Price spread now: dYdX against Injective−0.174%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$470.475% of the position

Long on Injective Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)+0.279%+$28 · spread now −0.174%, 7d avg −0.007%

Together, before fees+0.159%+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: dYdX is 0.167% cheaper against Injective than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,214	0.0009	pay 0.0001% / 1h	51m 50s	$301K	$26.1M	52x
Short	dYdX BTC-USD	86,064.4	0	get 0.0000% / 1h	51m 50s	$16.9M	$14.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Injective. 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 InjectivebpFee dYdXbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$1.85
Price spread: −0.174% → −0.007%: −$16.7
Slippage, 4 orders: −$37.47
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$66.04
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from Injective: live order book, just now; dYdX: live order book, just now.

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 Injective live order book, just now	2.96 bp	3.2 bp −$3	8.2 bp −$82	doesn't fit	doesn't fit
Sell dYdX live order book, just now	3.25 bp	32.8 bp −$33	40.0 bp −$400	49.2 bp −$4,920	80.6 bp −$40.3K

BTC on 55 exchanges

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	−0.0133%	1h	86,126	−0.102%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	−0.020%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,076.4	−0.160%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.142%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	0.0000%	1h	86,097	−0.136%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USDshort	0.0000%	1h	86,064.4	−0.174%	$16.9M	$14.6M	50x
Perpl BTC	0.0000%	43m	86,108.2	−0.123%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.119%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0009%	1h	86,214	long leg	$301K	$26.1M	52x
Aster BTCUSDT	+0.0028%	8h	86,065.2	−0.173%	$513.1M	$875.5M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,113.5	−0.117%	$191.3M	$770.3M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,063.5	−0.175%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,066.3	−0.171%	$5.14B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	−0.068%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,099.9	−0.132%	$943.2M	$634.7M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,094.5	−0.139%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,073	−0.164%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0088%	8h	86,088.5	−0.146%	$170.6M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,098.9	−0.134%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,103.5	−0.128%	$173.8M	$852.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,105.8	−0.126%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,069.3	−0.168%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0097%	8h	86,076.7	−0.159%	$2.27B	$805.8M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,069.9	−0.167%	$9.45B	$20.58B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,048	−0.193%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,112	−0.118%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,059.5	−0.179%	$23.5M	$196.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.8	−0.130%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,068.1	−0.169%	$2.61B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,063	−0.175%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,105.1	−0.126%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.052%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,076.8	−0.159%	$5.17B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,092	−0.142%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.103%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	−0.090%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	−0.072%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	−0.073%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,134.7	−0.092%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,077	−0.159%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,093.8	−0.139%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	−0.155%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,127.2	−0.101%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,061.2	−0.177%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,071.1	−0.166%	$47.0M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,101.5	−0.131%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,143.8	−0.081%	$112.3M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,102	−0.130%	$11.9M	$733.1M	6.4x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,191	−0.027%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,062.8	−0.175%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,098.7	−0.134%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.131%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	86,143.2	−0.082%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,160	−0.063%	$727K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0450%	1h	86,144.6	−0.080%	$79K	$245K	20x	as long as short