BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0135%/8h= −14.8% APRnext payment −$0.17 per $10,000 · paid last 24h −0.023%

Price spread now: Injective against Pacifica+0.056%99s7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as 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−$130.128% of the position

Long on Pacifica Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.113%−$11 · spread now +0.056%, 7d avg −0.015%

Together, before fees−0.156%+ Points / potential airdropPacifica: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.071% dearer against Pacifica than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.015%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 7 days (−0.043% in total) that is about 12 days. The two prices were read 99 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	Pacifica BTC	86,552.9	0.0100	pay 0.0013% / 1h	49m 38s	$40.8M	$524.0M	50x
Short	Injective BTC/USDC PERP	86,601	−0.0035	pay 0.0004% / 1h	49m 38s	$333K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Pacifica. 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 PacificabpFee InjectivebpOrdersPrice spread, now +0.056%Rate

Funding earned: −$28.3
Price spread: +0.056% → −0.015%: $7.05
Slippage, 4 orders: −$4.78
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$34.05
Costs to cover: 0.128%
Break-even: never at this rate

Slippage from Pacifica: live order book, 5 min ago; Injective: 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 Pacifica live order book, 5 min ago	0.06 bp	4.1 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 5 min ago	1.56 bp	2.8 bp −$3	12.9 bp −$129	doesn't fit	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	−0.0118%	1h	86,543	−0.011%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.045%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPshort	−0.0035%	1h	86,601	+0.056%	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,523.5	−0.034%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,526.3	−0.031%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,518.5	−0.040%	$502.2M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,544.4	−0.010%	$916.6M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,547.5	−0.006%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,509.6	−0.050%	$850.0M	$714.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,540.4	−0.014%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0037%	1h	86,542.1	−0.012%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDT	+0.0041%	8h	86,516.9	−0.042%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,511.8	−0.047%	$149.7M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,510.6	−0.049%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,510	−0.050%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,510.1	−0.049%	$9.42B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,516.8	−0.042%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,515	−0.044%	$5.87B	$10.71B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,522.8	−0.035%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,539.2	−0.016%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,510	−0.050%	$8.5M	$52.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0100%	1h	86,542.4	−0.012%	$79K	$220K	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,492	−0.070%	$205K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,540	−0.015%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,566.6	+0.016%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,593	+0.046%	$3.79B	$5.11B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,552.9	long leg	$40.8M	$524.0M	50x
Bybit BTCUSDT	+0.0100%	8h	86,515.7	−0.043%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,519.6	−0.038%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,526	−0.031%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,548.6	−0.005%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	+0.009%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,510.8	−0.049%	$37.9M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.032%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	−0.013%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	−0.012%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,585.9	+0.038%	$141.5M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,532.3	−0.024%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,596.6	+0.050%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,546	−0.008%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,531	−0.025%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,529.5	−0.027%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.2	+0.004%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,555	+0.002%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,516.1	−0.042%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,506	−0.054%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,513.4	−0.046%	$2.30B	$969.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,494	−0.068%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,550.2	−0.003%	—	$99.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,535.6	−0.020%	$193.5M	$951.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,544.8	−0.009%	$416K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,552.1	−0.001%	$132.7M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,578.4	+0.030%	$722K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,543.2	−0.011%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,530.5	−0.026%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,575	+0.026%	$9.7M	$740.6M	6.4x	as long as short