Funding you earn now, next payment 22:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.09 per $10,000 · paid last 24h −0.225%
Price spread now: Bluefin against Hibachi+0.007%7-day average −0.065% · you sell dearer than you buy
Net, funding: paid 7d − costs−$83as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$220.219% of the position
Funding, last 7 days−0.608%−$61 on $10k
+Price spread, last 3 days (all we have)−0.117%−$12 · spread now +0.007%, 7d avg −0.065%
=Together, before fees−0.725%+ Points / potential airdropHibachi: Active · farm board−$73 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Bluefin is 0.071% dearer against Hibachi than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.065%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 7 days (−0.608% in total) that is about 20 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 86,580.5 | 0.0176 | pay 0.0022% / 1h | 4m 52s | $780K | $7.9M | 30x |
| Short | Bluefin BTC-PERP | 86,586.2 | 0.0100 | get 0.0013% / 1h | 4m 52s | $140K | $619K | 40x |
Hibachi BTC/USDT-P
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin 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
- −$15.96
- Price spread: +0.007% → −0.065%
- $7.15
- Slippage, 4 orders
- −$5.89
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$30.71
- Costs to cover
- 0.219%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 4 min ago; Bluefin: live order book, 19 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, 4 min ago | 0.01 bp | 4.5 bp −$5 | 4.5 bp −$45 | 42.5 bp −$4,250 | doesn't fit |
| Sell Bluefin live order book, 19 min ago | 1.09 bp | 5.6 bp −$6 | 9.9 bp −$99 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps BTCUSD | −0.0253% | 1h | 86,631.5 | +0.059% | $85K | $188K | 20x | as long as short |
| Perpl BTC | −0.0223% | 43m | 86,580.9 | 0.000% | $425K | $24.6M | 6.7x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,554 | −0.031% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,555 | −0.029% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0063% | 1h | 86,591.4 | +0.012% | $17.6M | $20.6M | 50x | as long as short |
| Aster BTCUSDT | −0.0003% | 8h | 86,548.4 | −0.037% | $505.3M | $1.16B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,578.6 | −0.002% | $360K | $2.4M | 50x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,595.1 | +0.017% | $927.3M | $1.47B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,586.1 | +0.006% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0005% | 8h | 86,545.9 | −0.040% | $850.6M | $709.5M | 125x | as long as short |
Aftermath Perps BTCUSD
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
Aster BTCUSDT
01 Exchange BTCUSD
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,556.3 | −0.028% | $6.7M | $144.5M | 40x | as long as short |
| BingX BTC-USDT | +0.0029% | 8h | 86,563.4 | −0.020% | — | $1.59B | — | as long as short |
| Phemex BTCUSDT | +0.0032% | 8h | 86,563.2 | −0.020% | $149.6M | $472.0M | 150x | as long as short |
| Bitget BTCUSDT | +0.0037% | 8h | 86,561.7 | −0.022% | $2.95B | $5.09B | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,770 | +0.219% | $316K | $26.8M | 52x | as long as short |
| Aevo BTC-PERP | +0.0056% | 1h | 86,559.6 | −0.024% | $2.4M | $1.3M | 20x | as long as short |
| Binance BTCUSDT | +0.0058% | 8h | 86,558.5 | −0.025% | $9.42B | $24.39B | 150x | as long as short |
| MEXC BTC_USDT | +0.0058% | 8h | 86,558.6 | −0.025% | $5.18B | $5.72B | 500x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,584.8 | +0.005% | $8.9M | $42.7M | 25x | as long as short |
| Gate BTC_USDT | +0.0080% | 8h | 86,562.1 | −0.021% | $5.84B | $10.71B | 200x | as long as short |
| Bybit BTCUSDT | +0.0083% | 8h | 86,564 | −0.019% | $5.27B | $9.74B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0096% | 8h | 86,573.6 | −0.008% | $2.55B | $12.73B | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,571.8 | −0.010% | $172.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,581 | +0.001% | $24.1M | $154.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,559 | −0.025% | $8.5M | $52.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,549 | −0.036% | $202K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,612.1 | +0.036% | $4.8M | $8.3M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,560.8 | −0.023% | $21.7M | $234.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,630 | +0.057% | $3.81B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,596 | +0.018% | $40.9M | $498.0M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,564 | −0.019% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,631.7 | +0.059% | $7.4M | $94.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,682.4 | +0.118% | $572.6M | $21.1M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,562.7 | −0.021% | $38.5M | $151.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,546.2 | −0.040% | $159.9M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,621.5 | +0.047% | $279.7M | $941.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,613.4 | +0.038% | $217.6M | $186.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,593.8 | +0.015% | $141.7M | $322.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,597.5 | +0.020% | $30.7M | $203.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,613.5 | +0.038% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,560 | −0.024% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,559.9 | −0.024% | $190K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,573.4 | −0.008% | $2.4M | $8.6M | 100x | as long as short |
| Bluefin BTC-PERPshort | +0.0100% | 1h | 86,586.2 | +0.007% | $140K | $619K | 40x | |
| Derive BTC-PERP | +0.0100% | 1h | 86,568 | −0.015% | $30.0M | $61.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,562.4 | −0.021% | $3.4M | $5.5M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,559 | −0.025% | $60.5M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,553.3 | −0.031% | $2.30B | $960.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,549.4 | −0.036% | $46.4M | $226.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,585.9 | +0.006% | — | $98.9M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0117% | 1h | 86,596 | +0.018% | $187.1M | $934.8M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,612.4 | +0.037% | $131.8M | $5.83B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0172% | 8h | 86,598 | +0.020% | $9.5M | $727.6M | 6.4x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0176% | 1h | 86,580.5 | long leg | $780K | $7.9M | 30x | |
| BloFin BTC-USDT | +0.0178% | 8h | 86,558.6 | −0.025% | $416.4M | $655.6M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0209% | 1h | 86,580.7 | 0.000% | $15.0M | — | 200x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Injective BTC/USDC PERP
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
RISEx BTC/USDC
Gate BTC_USDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Kalshi KXBTCPERP
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]