BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0091%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h −0.017%

Price spread now: Injective against Nado+0.129%7-day average +0.024% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$140.139% of the position

Long on Nado Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.129%, 7d avg +0.024%

Together, before fees−0.297%+ Points / potential airdropNado: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.105% dearer against Nado than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of +0.024%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,103.1	0.0100	pay 0.0012% / 1h	53m 09s	$23.5M	$196.2M	50x
Short	Injective BTC/USDC PERP	86,214	0.0009	get 0.0001% / 1h	53m 09s	$301K	$26.1M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Nado. 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 NadobpFee InjectivebpOrdersPrice spread, now +0.129%Rate

Funding earned: −$19.15
Price spread: +0.129% → +0.024%: $10.48
Slippage, 4 orders: −$6.84
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$22.52
Costs to cover: 0.139%
Break-even: never at this rate

Slippage from Nado: 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 Nado live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$480	9.5 bp −$4,747
Sell Injective live order book, 4 min ago	2.73 bp	2.7 bp −$3	9.1 bp −$91	565.4 bp −$56.5K	doesn't fit

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	+0.027%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.109%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,109.5	+0.007%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.013%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	−0.0011%	1h	86,100	−0.004%	$65.9M	$188.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,119.6	+0.019%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	+0.006%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.010%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0009%	1h	86,214	+0.129%	$301K	$26.1M	52x
Aster BTCUSDT	+0.0029%	8h	86,099	−0.005%	$513.3M	$875.9M	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	86,122.6	+0.023%	$191.2M	$770.6M	100x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,071.3	−0.037%	—	$16.3M	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,098.3	−0.006%	$5.15B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.061%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,104.5	+0.002%	$943.0M	$636.0M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,098.9	−0.005%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,096	−0.008%	$8.8M	$45.4M	100x	as long as short
Phemex BTCUSDT	+0.0081%	8h	86,096.9	−0.007%	$170.7M	$479.4M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,095.1	−0.009%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,117.1	+0.016%	$173.9M	$851.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,113.1	+0.012%	$23.5M	$118.7M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,087.7	−0.018%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0099%	8h	86,098.7	−0.005%	$2.27B	$805.1M	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,078	−0.029%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,146.8	+0.051%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,103.1	long leg	$23.5M	$196.2M	50x
Pacifica BTC	+0.0100%	1h	86,146.4	+0.050%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,100.4	−0.003%	$9.46B	$20.62B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,100.4	−0.003%	$2.62B	$9.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,110	+0.008%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,133.8	+0.036%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.077%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,097	−0.007%	$5.19B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,094.4	−0.010%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.026%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.039%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.057%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.056%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,159.6	+0.066%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,106	+0.003%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,103	0.000%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,097	−0.007%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,149.8	+0.054%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,124.6	+0.025%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,076	−0.031%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,114.2	+0.013%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,153.6	+0.059%	$112.3M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,134	+0.036%	$11.8M	$732.6M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,081.8	−0.025%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,190	+0.101%	$3.97B	$4.35B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,122.8	+0.023%	$8.9M	$37.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,161.1	+0.067%	$822.7M	$1.51B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,110.4	+0.009%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,175.6	+0.084%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0453%	1h	86,154.7	+0.060%	$79K	$245K	20x	as long as short