Funding you earn now, next payment 11:00 UTC−0.0161%/8h= −17.6% APRnext payment −$0.20 per $10,000 · paid last 24h −0.005%
Price spread now: Injective against Reya−0.022%52s7-day average +0.035% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.092%−$9 on $10k
+Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.022%, 7d avg +0.035%
=Together, before fees−0.109%+ Points / potential airdropReya: Active · farm board−$11 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Injective is 0.057% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.035%). Swap the legs. The two prices were read 52 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 | Reya BTCRUSDPERP | 85,807 | 0.0170 | pay 0.0021% / 1h | 7m 44s | $6.6M | $128.9M | 40x |
| Short | Injective BTC/USDC PERP | 85,788 | 0.0009 | get 0.0001% / 1h | 7m 44s | $320K | $30.2M | 52x |
Reya BTCRUSDPERP
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Reya. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$33.8
- Price spread: −0.022% → +0.035%
- −$5.74
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$45.56
- Costs to cover
- 0.060%
- Break-even
- never at this rate
Slippage unknown: Reya: no order-book sample; Injective: live order book, 5 min ago. 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 Reya no order-book sample | — | — | — | — | — |
| Sell Injective live order book, 5 min ago | 2.33 bp | 2.4 bp −$2 | 9.6 bp −$96 | doesn't fit | doesn't fit |
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 56 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 | 85,779 | −0.033% | $2.1M | $7.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,195 | +0.452% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0043% | 8h | 85,800.1 | −0.008% | $421.5M | $548.9M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,814.5 | +0.009% | $367K | $1.9M | 50x | as long as short |
| SoDEX BTC-USD | −0.0011% | 1h | 85,823 | +0.019% | $65.8M | $187.7M | 40x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,799.2 | −0.009% | $466K | $13.4M | 6.7x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,844.4 | +0.044% | $16.8M | $13.6M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,829.1 | +0.026% | $36.9M | — | 200x | as long as short |
| Injective BTC/USDC PERPshort | +0.0009% | 1h | 85,788 | −0.022% | $320K | $30.2M | 52x | |
| Aster BTCUSDT | +0.0013% | 8h | 85,827.6 | +0.024% | $511.0M | $846.5M | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
SoDEX BTC-USD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDTShow all 56 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_XBTUSD | +0.0030% | 1h | 85,837.8 | +0.036% | $192.0M | $751.2M | 100x | as long as short |
| BingX BTC-USDT | +0.0043% | 8h | 85,840.2 | +0.039% | — | $1.30B | — | as long as short |
| Popdex BTCUSDT | +0.0048% | 1h | 85,812 | +0.006% | $8.6M | $45.5M | 100x | as long as short |
| KuCoin XBTUSDTM | +0.0052% | 8h | 85,823.1 | +0.019% | $940.5M | $636.0M | 125x | as long as short |
| Bybit BTCUSDT | +0.0057% | 8h | 85,841.1 | +0.040% | $5.13B | $8.05B | 150x | as long as short |
| HTX BTC-USDT | +0.0067% | 8h | 85,810.7 | +0.004% | $2.27B | $786.8M | 200x | as long as short |
| Phemex BTCUSDT | +0.0068% | 8h | 85,820.3 | +0.015% | $169.8M | $476.2M | 150x | as long as short |
| Gate BTC_USDT | +0.0074% | 8h | 85,842.2 | +0.041% | $5.51B | $9.04B | 200x | as long as short |
| MEXC BTC_USDT | +0.0076% | 8h | 85,834.7 | +0.032% | $5.16B | $4.91B | 500x | as long as short |
| Binance BTCUSDT | +0.0077% | 8h | 85,834 | +0.031% | $9.40B | $20.28B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,801.2 | −0.007% | $2.4M | $6.8M | 20x | as long as short |
| Bitget BTCUSDT | +0.0088% | 8h | 85,838.2 | +0.036% | $3.00B | $3.89B | 150x | as long as short |
| GRVT BTC_USDT_Perp | +0.0091% | 8h | 85,780 | −0.032% | $215.5M | $132.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0096% | 1h | 85,825 | +0.021% | $211K | $3.2M | 20x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,852.8 | +0.053% | $173.1M | $874.3M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,855.8 | +0.057% | $23.7M | $121.7M | 50x | as long as short |
| Nado BTC-PERP | +0.0097% | 1h | 85,827.1 | +0.023% | $23.0M | $190.6M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,815 | +0.009% | $230K | $8.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,860 | +0.062% | $5.9M | $7.3M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,870.4 | +0.074% | $40.0M | $571.4M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,855.1 | +0.056% | $2.62B | $9.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,809 | +0.002% | $3.9M | $14.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,839.8 | +0.038% | $4.9M | $91.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,846.4 | +0.046% | $713.8M | $100.1M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,807.7 | +0.001% | $38.0M | $194.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,758.6 | −0.056% | $155.2M | $472.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,762.7 | −0.052% | $289.2M | $737.2M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,763.4 | −0.051% | $137.7M | $288.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,786.7 | −0.024% | $30.2M | $226.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,863.8 | +0.066% | — | $10.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,814 | +0.008% | $11.0M | $11.9M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,816.7 | +0.011% | $2.6M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,849.7 | +0.050% | $143K | $607K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,867.5 | +0.070% | $29.0M | $44.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,816.3 | +0.011% | $3.3M | $6.7M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,810.1 | +0.004% | $47.0M | $192.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,839.9 | +0.038% | — | $79.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 85,866.9 | +0.070% | $112.3M | $4.94B | 50x | as long as short |
| Hyperliquid BTC | +0.0147% | 1h | 85,920 | +0.132% | $3.94B | $4.17B | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0156% | 8h | 85,840 | +0.038% | $12.0M | $735.6M | 6.4x | as long as short |
| Reya BTCRUSDPERPlong | +0.0170% | 1h | 85,807 | long leg | $6.6M | $128.9M | 40x | |
| RISEx BTC/USDC | +0.0187% | 1h | 85,862.2 | +0.064% | $9.0M | $35.7M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0211% / S −0.0250% | 1h | 85,780.6 | −0.031% | $15.5M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0213% | 1h | 85,869.9 | +0.073% | $820.4M | $1.50B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0320% | 1h | 85,836.4 | +0.034% | $690K | $6.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0362% | 1h | 85,838 | +0.036% | $79K | $228K | 20x | as long as short |
Kraken Futures PF_XBTUSD
BingX BTC-USDT
Popdex BTCUSDT
KuCoin XBTUSDTM
Bybit BTCUSDT
HTX BTC-USDT
Phemex BTCUSDT
Gate BTC_USDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Bitget BTCUSDT
GRVT BTC_USDT_Perp
Bullet BTC-USD
Lighter BTC
Lighter RH BTC
Nado BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hyperliquid BTC
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD