BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0015%/8h= −1.7% APRnext payment −$0.02 per $10,000 · paid last 24h −0.013%

Price spread now: Reya against Injective−0.128%7-day average −0.033% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.083%+$8 on $10k

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.128%, 7d avg −0.033%

Together, before fees+0.222%+ Points / potential airdropReya: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Reya is 0.095% cheaper against Injective than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.033%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.083%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,617	0.0079	pay 0.0010% / 1h	53m 27s	$340K	$26.9M	52x
Short	Reya BTCRUSDPERP	85,507.2	0.0064	get 0.0008% / 1h	53m 27s	$6.7M	$146.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now −0.128%Rate

Funding earned: −$3.19
Price spread: −0.128% → −0.033%: −$9.51
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Reya: 3 bp × 2 orders: −$6
Net: −$18.72
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 1 min ago; Reya: no order-book sample. Net counts fees only.

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, 1 min ago	2.46 bp	2.7 bp −$3	12.2 bp −$122	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0160%	1h	85,538	−0.092%	$2.2M	$10.3M	40x	as long as short
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.176%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,516	−0.118%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,515.5	−0.119%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0013%	1h	85,501.3	−0.135%	$22.5M	$221.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	−0.099%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.3	−0.049%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,546.6	−0.082%	$515.7M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,524.9	−0.108%	$905.2M	$745.1M	125x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,567.6	−0.058%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0058%	8h	85,496.9	−0.140%	$2.27B	$929.9M	200x	as long as short
Reya BTCRUSDPERPshort	+0.0064%	1h	85,507.2	−0.128%	$6.7M	$146.4M	40x
Bitget BTCUSDT	+0.0067%	8h	85,568.5	−0.057%	$2.95B	$5.01B	150x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,478.4	−0.162%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERPlong	+0.0079%	1h	85,617	long leg	$340K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,570.1	−0.055%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,563.3	−0.063%	$9.33B	$23.82B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,527.9	−0.104%	$5.07B	$5.57B	500x	as long as short
SoDEX BTC-USD	+0.0093%	1h	85,574	−0.050%	$59.9M	$336.3M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,499.9	−0.137%	$169.4M	$982.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,504.6	−0.131%	$23.9M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,519	−0.114%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,547	−0.082%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,487	−0.152%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,581	−0.042%	$3.76B	$4.90B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	−0.098%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,575.9	−0.048%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,579.1	−0.044%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,514	−0.120%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,473.9	−0.167%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.157%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,569.3	−0.056%	$5.57B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487	−0.152%	$34.7M	$169.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	−0.047%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.143%	$278.1M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.174%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,524.1	−0.109%	$30.2M	$211.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,562.7	−0.063%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,507	−0.128%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.7	−0.065%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,577.6	−0.046%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,618.9	+0.002%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,573.7	−0.051%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,506.6	−0.129%	$149.1M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,489.7	−0.149%	$44.3M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,525.1	−0.107%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,547.6	−0.081%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,538.8	−0.091%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,540.4	−0.089%	$187.0M	$949.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,570.1	−0.055%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,527.1	−0.105%	$682K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0195%	1h	85,559.5	−0.067%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,570	−0.055%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,544	−0.085%	$10.4M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,559.5	−0.067%	$509K	$19.6M	6.7x	as long as short