BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRnext payment −$0.10 per $10,000 · paid last 24h −0.024%

Price spread now: Injective against Polymarket Perps+0.131%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$150.153% of the position

Long on Polymarket Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.154%−$15 · spread now +0.131%, 7d avg +0.015%

Together, before fees−0.211%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.116% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.015%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.8 days. At the pace of the last 7 days (−0.058% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	85,549	0.0100	pay 0.0013% / 1h	0m 47s	$11.0M	$14.1M	50x
Short	Injective BTC/USDC PERP	85,661	0.0020	get 0.0002% / 1h	0m 47s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Polymarket Perps. 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 Polymarket PerpsbpFee InjectivebpOrdersPrice spread, now +0.131%Rate

Funding earned: −$16.81
Price spread: +0.131% → +0.015%: $11.58
Slippage, 4 orders: −$7.3
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$20.55
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Injective: 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 Polymarket Perps live order book, 3 min ago	0.06 bp	4.6 bp −$5	5.8 bp −$58	8.0 bp −$796	doesn't fit
Sell Injective live order book, 3 min ago	2.04 bp	3.0 bp −$3	11.8 bp −$118	doesn't fit	doesn't fit

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	−0.0144%	1h	85,616	+0.078%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,601	+0.061%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,553.7	+0.005%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,582.9	+0.040%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.3	+0.024%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0020%	1h	85,661	+0.131%	$340K	$26.9M	52x
Aster BTCUSDT	+0.0022%	8h	85,526.4	−0.026%	$515.6M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,513.2	−0.042%	$901.5M	$748.9M	125x	as long as short
Nado BTC-PERP	+0.0032%	1h	85,552.1	+0.004%	$22.6M	$225.2M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,585	+0.042%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,518	−0.036%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0058%	8h	85,555.5	+0.008%	$2.27B	$933.0M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,547.8	−0.001%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,526.1	−0.027%	$2.94B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,548.3	−0.001%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,564.8	+0.018%	$2.9M	$6.5M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,528.1	−0.024%	$5.07B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,527.4	−0.025%	$9.32B	$23.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,530.8	−0.021%	$170.2M	$997.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,539.4	−0.011%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,553	+0.005%	$8.4M	$51.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,575.4	+0.031%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,534	−0.018%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,594.5	+0.053%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,565.3	+0.019%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,530.3	−0.022%	$5.32B	$9.62B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,525.1	−0.028%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,569	+0.023%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,530.7	−0.021%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,540.2	−0.010%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,545.5	−0.004%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.005%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,613.3	+0.075%	$278.5M	$939.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.088%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,624.5	+0.088%	$140.0M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,623.8	+0.087%	$30.3M	$210.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,620.5	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,549	long leg	$11.0M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	85,559	+0.012%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.2	+0.010%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,594.9	+0.054%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,554.5	+0.006%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,551	+0.002%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,554.3	+0.006%	$150.2M	$479.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.052%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,507.8	−0.048%	$44.1M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,569.3	+0.024%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,592	+0.050%	$130.7M	$5.08B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,575.6	+0.031%	$187.0M	$952.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0183%	1h	85,619	+0.082%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,631.9	+0.097%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,565.7	+0.020%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	85,603.3	+0.063%	$894.9M	$1.52B	50x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,586	+0.043%	$10.2M	$765.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,605.3	+0.066%	$511K	$19.9M	6.7x	as long as short