BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0076%/8h= +8.3% APRnext payment +$0.09 per $10,000 · paid last 24h +0.029%

Price spread now: Hibachi against Derive−0.068%7-day average +0.044% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.377%+$38 on $10k

Price spread, last 3 days (all we have)+0.153%+$15 · spread now −0.068%, 7d avg +0.044%

Together, before fees+0.530%+ Points / potential airdropHibachi: Active · farm board+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.112% cheaper against Derive than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of +0.044%). If the spread goes back, that is −$11 on $10k: about 4.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.377% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,645.4	0.0100	pay 0.0013% / 1h	1m 16s	$30.5M	$62.6M	15x
Short	Hibachi BTC/USDT-P	86,586.7	0.0176	get 0.0022% / 1h	1m 16s	$717K	$8.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpFee HibachibpOrdersPrice spread, now −0.068%Rate

Funding earned: $15.96
Price spread: −0.068% → +0.044%: −$11.19
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$10.23
Costs to cover: 0.150%
Break-even: 11.5 days

Slippage unknown: Derive: no order-book sample; Hibachi: live order book, 3 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 Derive no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 3 min ago	0.01 bp	4.8 bp −$5	5.1 bp −$51	67.6 bp −$6,760	doesn't fit

Derive: 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 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	86,570	−0.087%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,554	−0.105%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,652	+0.008%	$333K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,579.5	−0.076%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,577.9	−0.078%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,582.1	−0.073%	$411K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,619	−0.030%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,597.3	−0.056%	$502.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0026%	8h	86,568.3	−0.089%	$834.9M	$728.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0038%	1h	86,585	−0.070%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0044%	8h	86,594.1	−0.059%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,625.6	−0.023%	$152.2M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0057%	8h	86,619	−0.030%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0062%	1h	86,559.6	−0.099%	$17.0M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,594.6	−0.059%	$5.16B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,604.7	−0.047%	$9.45B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,607.5	−0.044%	$2.5M	$1.4M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,610.4	−0.040%	$5.87B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,580.9	−0.074%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.8	−0.071%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,565	−0.093%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,547	−0.114%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,608.3	−0.043%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,566.7	−0.091%	$21.8M	$234.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,659	+0.016%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,597.7	−0.055%	$41.1M	$538.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,608.3	−0.043%	$5.27B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,617.2	−0.032%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,568	−0.089%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,597.3	−0.055%	$7.0M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,560.3	−0.098%	$38.0M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	−0.105%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,559.4	−0.099%	$279.6M	$948.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,495.7	−0.173%	$217.1M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,582.7	−0.072%	$141.8M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,546	−0.115%	$30.7M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,619.4	−0.030%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,588	−0.066%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,596	−0.057%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,609.1	−0.042%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,646.5	+0.001%	$141K	$663K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,645.4	long leg	$30.5M	$62.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,553.5	−0.106%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	−0.032%	$60.6M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,606.6	−0.045%	$2.30B	$968.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.222%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,601.7	−0.050%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,580	−0.075%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,657.9	+0.014%	$193.7M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,666.5	+0.024%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,554.3	−0.105%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0176%	1h	86,586.7	−0.068%	$717K	$8.1M	30x
BloFin BTC-USDT	+0.0196%	8h	86,600	−0.052%	$415.5M	$660.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0226%	1h	86,609.8	−0.041%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,582	−0.073%	$10.3M	$755.2M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0242%	1h	86,666.7	+0.025%	$912.1M	$1.49B	50x	as long as short