Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −3.9% APRnext payment −$0.04 per $10,000 · paid last 24h −0.038%
Price spread now: Backpack against Hibachi+0.040%7-day average −0.046% · you sell dearer than you buy
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$220.218% of the position
Funding, last 7 days−0.464%−$46 on $10k
+Price spread, last 7 days−0.564%−$56 · spread now +0.040%, 7d avg −0.046%
=Together, before fees−1.028%+ Points / potential airdropHibachi: Active · farm board−$103 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.086% dearer against Hibachi than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.046%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.9 days. At the pace of the last 7 days (−0.464% in total) that is about 31 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,697.9 | 0.0136 | pay 0.0017% / 1h | 29m 34s | $698K | $7.9M | 30x |
| Short | Backpack BTC_USDC_PERP | 85,731.9 | 0.0100 | get 0.0013% / 1h | 29m 34s | $35.3M | $163.2M | 75x |
Hibachi BTC/USDT-P
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hibachi. 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
- −$7.56
- Price spread: +0.040% → −0.046%
- $8.58
- Slippage, 4 orders
- −$2.83
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$20.81
- Costs to cover
- 0.218%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 5 min ago; Backpack: 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 Hibachi live order book, 5 min ago | 0.01 bp | 4.5 bp −$5 | 4.5 bp −$45 | 40.8 bp −$4,083 | doesn't fit |
| Sell Backpack live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.3 bp −$627 | 26.0 bp −$13.0K |
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 | 85,641 | −0.066% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,689 | −0.010% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,734.8 | +0.043% | $364K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,668.8 | −0.034% | $515K | $20.9M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0003% | 1h | 85,754 | +0.066% | $16.8M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,710.9 | +0.015% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,691 | −0.008% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0034% | 8h | 85,718.1 | +0.024% | $509.5M | $1.14B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0035% | 8h | 85,722.9 | +0.029% | $903.5M | $755.0M | 125x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,755.2 | +0.067% | $8.2M | $42.6M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0054% | 8h | 85,738 | +0.047% | — | $1.58B | — | as long as short |
| ApeX Omni BTCUSDT | +0.0056% | 1h | 85,655.9 | −0.049% | $140.1M | $319.3M | 100x | as long as short |
| Reya BTCRUSDPERP | +0.0056% | 1h | 85,695.5 | −0.003% | $6.7M | $146.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0057% | 8h | 85,700 | +0.002% | $2.27B | $952.7M | 200x | as long as short |
| Nado BTC-PERP | +0.0064% | 1h | 85,654.8 | −0.050% | $22.7M | $228.2M | 50x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,732.7 | +0.041% | $2.95B | $5.11B | 150x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,740.4 | +0.050% | $5.07B | $5.72B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,713.7 | +0.018% | $2.5M | $1.8M | 20x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,746.1 | +0.056% | $9.33B | $24.39B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,745.8 | +0.056% | $170.0M | $988.1M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,753.2 | +0.065% | $23.4M | $146.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,746 | +0.056% | $8.4M | $52.0M | 100x | as long as short |
| Gate BTC_USDT | +0.0098% | 8h | 85,743 | +0.053% | $5.61B | $10.52B | 200x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,707 | +0.011% | $206K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,720.9 | +0.027% | $3.8M | $8.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,811 | +0.132% | $3.77B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,768.2 | +0.082% | $40.3M | $571.4M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,752.5 | +0.064% | $5.30B | $9.78B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,744.3 | +0.054% | $2.54B | $12.41B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,749 | +0.060% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,715.8 | +0.021% | $7.3M | $98.2M | 40x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,731.9 | +0.040% | $35.3M | $163.2M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,640.3 | −0.067% | $156.2M | $559.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,632.3 | −0.076% | $278.5M | $946.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,580.1 | −0.137% | $214.9M | $167.6M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,647.7 | −0.059% | $30.3M | $208.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,735.3 | +0.044% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,696 | −0.002% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,704 | +0.007% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,718.4 | +0.024% | $2.4M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,755.8 | +0.068% | $186K | $708K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,714.5 | +0.019% | $30.0M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,658.5 | −0.046% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,727 | +0.034% | $60.0M | $337.5M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,732 | +0.040% | $153.2M | $480.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,587.5 | −0.129% | $583.6M | $150.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,709.6 | +0.014% | $43.9M | $228.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,667.7 | −0.035% | — | $101.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,767.2 | +0.081% | $131.1M | $5.18B | 50x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0136% | 1h | 85,697.9 | long leg | $698K | $7.9M | 30x | |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,754.5 | +0.066% | $188.9M | $965.2M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0164% | 1h | 85,662.2 | −0.042% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0190% | 1h | 85,703.9 | +0.007% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 85,705 | +0.008% | $10.1M | $770.6M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0221% | 1h | 85,772.9 | +0.087% | $894.4M | $1.53B | 50x | as long as short |
BingX BTC-USDT
ApeX Omni BTCUSDT
Reya BTCRUSDPERP
HTX BTC-USDT
Nado BTC-PERP
Bitget BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Gate BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL