BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h +0.029%

Price spread now: Polymarket Perps against Injective+0.041%51s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as 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−$150.150% of the position

Long on Injective Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.041%, 7d avg −0.016%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.057% dearer against Injective than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.016%): +$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 3.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.056%, so the current rate has only just turned against you. The two prices were read 51 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	Injective BTC/USDC PERP	85,475	0.0150	pay 0.0019% / 1h	23m 54s	$339K	$26.9M	52x
Short	Polymarket Perps BTC-USD	85,510	0.0100	get 0.0013% / 1h	23m 54s	$11.1M	$14.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$10.47
Price spread: +0.041% → −0.016%: $5.68
Slippage, 4 orders: −$7.02
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$19.83
Costs to cover: 0.150%
Break-even: never at this rate

Slippage from Injective: live order book, 5 min ago; Polymarket Perps: 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 Injective live order book, 5 min ago	3.04 bp	3.1 bp −$3	13.6 bp −$136	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.4 bp −$44	7.7 bp −$768	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
Phoenix BTC	−0.0179%	1h	85,485	+0.012%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.069%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,498.6	+0.028%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	+0.036%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,500	+0.029%	$920.9M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.7	+0.060%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,510.4	+0.041%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	+0.027%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,475.5	+0.001%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,517.1	+0.049%	$25.5M	$222.3M	50x	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	+0.0062%	8h	85,526.5	+0.060%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,510.2	+0.041%	$147.6M	$487.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,521.2	+0.054%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,507.2	+0.038%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,527.8	+0.062%	$5.06B	$5.64B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,530.2	+0.065%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.9	+0.077%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,506	+0.036%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,514.3	+0.046%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,528.1	+0.062%	$9.36B	$24.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,469	−0.007%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,590.5	+0.135%	$4.8M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,601	+0.147%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	+0.075%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,521	+0.054%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,530	+0.064%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	+0.032%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.048%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,528.6	+0.063%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,517	+0.049%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.023%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.030%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.031%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	−0.016%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	+0.038%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.5	+0.108%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,510	+0.041%	$11.1M	$14.3M	50x
Bullet BTC-USD	+0.0100%	1h	85,513.5	+0.045%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.9	+0.049%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,558.8	+0.098%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,509.5	+0.040%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,493.4	+0.022%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	+0.054%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,499.9	+0.029%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,497.7	+0.027%	$44.6M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.1	+0.060%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.8	+0.099%	$117.0M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,562.4	+0.102%	$884.7M	$1.56B	50x	as long as short
Injective BTC/USDC PERPlong	+0.0150%	1h	85,475	long leg	$339K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,544.3	+0.081%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,529.4	+0.064%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,522.9	+0.056%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,521.4	+0.054%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	+0.073%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,539	+0.075%	$10.5M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,524.2	+0.058%	$501K	$18.8M	6.7x	as long as short