Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.036%

Price spread now: Binance against Hibachi+0.040%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Hibachi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$35 on $10k

Price spread, last 7 days−0.081%−$8 · spread now +0.040%, 7d avg −0.037%

Together, before fees−0.426%+ Points / potential airdropHibachi: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.077% dearer against Hibachi than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.037%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,377.1	0.0320	pay 0.0040% / 1h	56m 59s	$683K	$7.8M	30x
Short	Binance BTCUSDT	85,411.5	0.0100	get 0.0100% / 8h	7h 56m	$9.41B	$25.21B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hibachi. 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 HibachibpFee BinancebpOrdersPrice spread, now +0.040%Rate

Funding earned: −$46.2
Price spread: +0.040% → −0.037%: $7.73
Slippage, 4 orders: −$1.68
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$59.15
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Hibachi: live order book, 2 min ago; Binance: live order book, 2 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, 2 min ago	0.01 bp	6.2 bp −$6	6.5 bp −$65	39.5 bp −$3,949	doesn't fit
Sell Binance live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.1 bp −$3,029

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	85,396	+0.022%	$8K	$2K	50x	as long as short
Phemex BTCUSDT	−0.0052%	8h	85,416.7	+0.046%	$159.5M	$517.0M	150x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.075%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,412.1	+0.041%	$425.2M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,412	+0.041%	$307K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,433.1	+0.066%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	85,406.9	+0.035%	$928.3M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.5	+0.048%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0022%	8h	85,390.1	+0.015%	$502.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	85,413.1	+0.042%	$16.7M	$21.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0041%	1h	85,440.9	+0.075%	$829.4M	$1.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,419.2	+0.049%	$186.4M	$953.7M	100x	as long as short
BingX BTC-USDT	+0.0078%	8h	85,414.4	+0.044%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,430.9	+0.063%	$169.7M	$935.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,428	+0.060%	$23.6M	$133.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,430	+0.062%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,413.9	+0.043%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,400	+0.027%	$264K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,466.7	+0.105%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,397.4	+0.024%	$24.2M	$220.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,441	+0.075%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDTshort	+0.0100%	8h	85,411.5	+0.040%	$9.41B	$25.21B	150x
Bybit BTCUSDT	+0.0100%	8h	85,405	+0.033%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,407.1	+0.035%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,403	+0.030%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,443.3	+0.078%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	+0.006%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,413.4	+0.043%	$5.45B	$9.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,411.4	+0.040%	$5.01B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,408.7	+0.037%	$2.97B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.9	+0.040%	$37.5M	$192.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.130%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,309.9	−0.079%	$282.9M	$958.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.033%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.040%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.125%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,495.1	+0.138%	—	$9.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,327	−0.059%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,422	+0.053%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,419.3	+0.049%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,463.2	+0.101%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,401.4	+0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,409	+0.037%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,412.9	+0.042%	$2.26B	$975.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,389.5	+0.014%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,396.6	+0.023%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,450	+0.085%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,407	+0.035%	$6.6M	$140.7M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.130%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,419	+0.049%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,445	+0.080%	$11.8M	$739.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,437.5	+0.071%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0261%	1h	85,502	+0.146%	$3.79B	$5.12B	40x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,342.7	−0.040%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0320%	1h	85,377.1	long leg	$683K	$7.8M	30x
Perpl BTC	+0.0447%	43m	85,417.3	+0.047%	$471K	$18.4M	6.7x	as long as short