Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.036%
Price spread now: Hibachi against Backpack−0.059%7-day average +0.043% · you buy dearer than you sell
Net, funding: paid 7d − costs+$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$210.215% of the position
Funding, last 7 days+0.465%+$46 on $10k
+Price spread, last 7 days+0.532%+$53 · spread now −0.059%, 7d avg +0.043%
=Together, before fees+0.997%+ Points / potential airdropHibachi: Active · farm board+$100 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hibachi is 0.103% cheaper against Backpack than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.043%). If the spread goes back, that is −$10 on $10k: about 3.4 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.465% in total) that is about 37 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,634.3 | 0.0100 | pay 0.0013% / 1h | 41m 32s | $35.1M | $171.7M | 75x |
| Short | Hibachi BTC/USDT-P | 85,583.5 | 0.0200 | get 0.0025% / 1h | 41m 32s | $697K | $7.9M | 30x |
Backpack BTC_USDC_PERP
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Backpack. 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
- $21
- Price spread: −0.059% → +0.043%
- −$10.27
- Slippage, 4 orders
- −$2.45
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- −$10.72
- Costs to cover
- 0.215%
- Break-even
- 10.6 days
Slippage from Backpack: live order book, 3 min ago; Hibachi: 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 Backpack live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.6 bp −$558 | 24.3 bp −$12.1K |
| Sell Hibachi live order book, 3 min ago | 0.01 bp | 6.4 bp −$6 | 7.5 bp −$75 | 46.3 bp −$4,633 | 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 | −0.0160% | 1h | 85,485 | −0.174% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,569 | −0.076% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,540.4 | −0.110% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,602.1 | −0.038% | $416.5M | $662.4M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,593.3 | −0.048% | $16.7M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,656.4 | +0.026% | $36.7M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0010% | 1h | 85,533.6 | −0.118% | $22.7M | $221.7M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0013% | 8h | 85,528.6 | −0.123% | $906.5M | $749.7M | 125x | as long as short |
| Aster BTCUSDT | +0.0021% | 8h | 85,563.2 | −0.083% | $515.6M | $1.11B | 200x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,559.6 | −0.087% | — | $1.54B | — | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
KuCoin XBTUSDTM
Aster BTCUSDT
BingX BTC-USDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0066% | 1h | 85,637.8 | +0.004% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0067% | 8h | 85,548.3 | −0.100% | $2.95B | $5.02B | 150x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,653.9 | +0.023% | $148.4M | $478.4M | 150x | as long as short |
| HTX BTC-USDT | +0.0073% | 8h | 85,650.9 | +0.019% | $2.27B | $932.8M | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | −0.020% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,646.9 | +0.015% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0087% | 8h | 85,614.3 | −0.023% | $2.9M | $6.1M | 100x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,540.4 | −0.110% | $5.04B | $5.60B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,539.4 | −0.111% | $9.32B | $23.91B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,548 | −0.101% | $169.4M | $986.9M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,554.6 | −0.093% | $23.9M | $147.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,541 | −0.109% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,583.3 | −0.060% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,515 | −0.139% | $203K | $7.7M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,622.7 | −0.014% | $3.77B | $4.94B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,579.6 | −0.064% | $40.1M | $571.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,556.1 | −0.091% | $5.33B | $9.59B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,534.1 | −0.117% | $2.56B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,536 | −0.115% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,514.3 | −0.140% | $7.2M | $97.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,562.7 | −0.084% | $616.1M | $358.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,547.9 | −0.101% | $5.55B | $10.46B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,634.3 | long leg | $35.1M | $171.7M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,485 | −0.174% | $154.0M | $550.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,579.7 | −0.064% | $278.9M | $926.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,591.1 | −0.050% | $214.8M | $164.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,603.5 | −0.036% | $140.0M | $316.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,631 | −0.004% | $30.3M | $211.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,610 | −0.028% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,634 | 0.000% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,646.1 | +0.014% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,641.7 | +0.009% | $2.4M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,685.3 | +0.060% | $197K | $721K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,645.3 | +0.013% | $30.0M | $52.5M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,660 | +0.030% | $60.0M | $336.2M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0102% | 1h | 85,692.2 | +0.068% | $893.3M | $1.52B | 50x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,525 | −0.128% | $44.1M | $227.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,617.6 | −0.020% | — | $106.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,693.9 | +0.070% | $130.9M | $5.09B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,565.1 | −0.081% | $8.3M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,683.5 | +0.057% | $187.6M | $947.5M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0194% | 1h | 85,583.1 | −0.060% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0200% | 1h | 85,583.5 | −0.059% | $697K | $7.9M | 30x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0180% | 1h | 85,651.6 | +0.020% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0211% | 8h | 85,664 | +0.035% | $10.5M | $760.4M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,632.2 | −0.002% | $524K | $19.5M | 6.7x | as long as short |
Reya BTCRUSDPERP
Bitget BTCUSDT
Phemex BTCUSDT
HTX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Deribit BTC-PERPETUAL
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC