BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.04 per $10,000 · paid last 24h −0.008%

Price spread now: Injective against SoDEX+0.069%62s7-day average +0.023% · 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—prices read too far apart to compare

costs, in and out, $10k−$130.131% of the position

Long on SoDEX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.069%, 7d avg +0.023%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.046% dearer against SoDEX than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of +0.023%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 3 days (−0.076% in total) that is about 2.1 days. The two prices were read 62 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	SoDEX BTC-USD	85,272	0.0100	pay 0.0013% / 1h	14m 12s	$59.7M	$336.5M	40x
Short	Injective BTC/USDC PERP	85,331	0.0067	get 0.0008% / 1h	14m 12s	$311K	$25.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SoDEX. 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 SoDEXbpFee InjectivebpOrdersPrice spread, now +0.069%Rate

Funding earned: −$6.96
Price spread: +0.069% → +0.023%: $4.6
Slippage, 4 orders: −$5.05
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$15.43
Costs to cover: 0.131%
Break-even: never at this rate

Slippage from SoDEX: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.7 bp −$471	36.9 bp −$18.4K
Sell Injective live order book, 5 min ago	2.17 bp	2.6 bp −$3	12.7 bp −$127	650.9 bp −$65.1K	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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.067%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	−0.011%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.095%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,262.3	−0.011%	$927.4M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	−0.026%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,273.2	+0.001%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,277.7	+0.007%	$509.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,231.4	−0.048%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,293.7	+0.025%	$185.8M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,275.7	+0.004%	—	$17.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	+0.0067%	1h	85,331	+0.069%	$311K	$25.5M	52x
Bybit BTCUSDT	+0.0081%	8h	85,280.2	+0.010%	$5.10B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	−0.036%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,199.8	−0.085%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,280.4	+0.010%	$168.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,279.5	+0.009%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,230	−0.049%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,264.5	−0.009%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,306.9	+0.041%	$836.0M	$1.67B	50x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,293.5	+0.025%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.075%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.8	+0.021%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,378	+0.124%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	−0.014%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,289.9	+0.021%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,293.3	+0.025%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	−0.046%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	−0.029%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,290.3	+0.021%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,283.8	+0.014%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,286.5	+0.017%	$36.9M	$189.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.107%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.090%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	−0.033%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.072%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,311.6	+0.046%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,253	−0.022%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,258	−0.016%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,278.8	+0.008%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,315.5	+0.051%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,286.9	+0.017%	$29.0M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.105%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,272	long leg	$59.7M	$336.5M	40x
HTX BTC-USDT	+0.0100%	8h	85,258	−0.016%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,276.7	+0.006%	$159.0M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.038%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,251.9	−0.024%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	+0.008%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,314.7	+0.050%	$111.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.111%	$6.6M	$142.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,259	−0.015%	$12.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	−0.020%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.089%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,239.3	−0.038%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,250.5	−0.025%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,247.2	−0.029%	$465K	$18.3M	6.7x	as long as short