BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0052%/8h= +5.7% APRnext payment +$0.07 per $10,000 · paid last 24h +0.025%

Price spread now: Popdex against Injective−0.041%46s7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$130.130% of the position

Long on Injective Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.097%+$10 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.041%, 7d avg −0.014%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.026% cheaper against Injective than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of −0.014%). If the spread goes back, that is −$3 on $10k: about 41 hours of funding at the current rate (+$2 a day). The two prices were read 46 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	85,514	0.0044	pay 0.0005% / 1h	26m 33s	$339K	$26.9M	52x
Short	Popdex BTCUSDT	85,479	0.0096	get 0.0012% / 1h	26m 33s	$8.4M	$55.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.041%Rate

Funding earned: $10.93
Price spread: −0.041% → −0.014%: −$2.65
Slippage, 4 orders: −$6.61
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$4.75
Costs to cover: 0.130%
Break-even: 10.0 days

Slippage from Injective: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago	2.69 bp	2.8 bp −$3	14.3 bp −$143	doesn't fit	doesn't fit
Sell Popdex live order book, 3 min ago	0.06 bp	3.9 bp −$4	4.0 bp −$40	4.2 bp −$418	5.7 bp −$2,865

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	−0.0140%	1h	85,526	+0.014%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,500	−0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,470.9	−0.050%	$918.4M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,495.6	−0.022%	$419.0M	$675.7M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,491.5	−0.026%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	85,471.5	−0.050%	$514.7M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,489.6	−0.029%	$502K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,483	−0.036%	$24.6M	$223.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,503.3	−0.013%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0039%	1h	85,528.6	+0.017%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPlong	+0.0044%	1h	85,514	long leg	$339K	$26.9M	52x
Deribit BTC-PERPETUAL	+0.0054%	1h	85,530.2	+0.019%	$884.6M	$1.59B	50x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,467.9	−0.054%	—	$17.1M	—	as long as short
SoDEX BTC-USD	+0.0068%	1h	85,481	−0.039%	$59.9M	$335.9M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,482.7	−0.037%	$148.3M	$495.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,479.3	−0.041%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,499	−0.018%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,500.8	−0.015%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,479	−0.041%	$8.4M	$55.0M	100x
Aevo BTC-PERP	+0.0096%	1h	85,471.5	−0.050%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,477.9	−0.042%	$9.44B	$24.41B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	−0.049%	$209K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,539.4	+0.030%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,569.5	+0.065%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,521.5	+0.009%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,479.7	−0.040%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,489.8	−0.028%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	−0.047%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,481.7	−0.038%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.004%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,481.2	−0.038%	$5.53B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,483	−0.036%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471	−0.050%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.083%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.5	−0.001%	$279.3M	$928.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.028%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.090%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.041%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,544.4	+0.036%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,486	−0.033%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489.2	−0.029%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,482.7	−0.037%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,525.5	+0.013%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,477.4	−0.043%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,477.1	−0.043%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,476.1	−0.044%	$2.26B	$948.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,479.3	−0.041%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,453.8	−0.070%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,521.2	+0.008%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,519	+0.006%	$117.4M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,506	−0.009%	$187.6M	$954.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,520.1	+0.007%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,504.4	−0.011%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0197%	8h	85,527	+0.015%	$11.7M	$754.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,544.6	+0.036%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,531.5	+0.020%	$697K	$7.9M	30x	as long as short