BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0052%/8h= +5.7% APRnext payment +$0.07 per $10,000 · paid last 24h −0.041%

Price spread now: Bulk against Hibachi+0.162%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on Hibachi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.110%−$11 on $10k

Price spread, last 7 days−0.208%−$21 · spread now +0.162%, 7d avg −0.039%

Together, before fees−0.317%+ Points / potential airdropHibachi: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bulk is 0.201% dearer against Hibachi than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 3 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,562.5	0.0048	pay 0.0006% / 1h	33m 10s	$729K	$8.2M	30x
Short	Bulk BTC-USD	86,703.1	0.0100	get 0.0013% / 1h	33m 10s	$573.0M	$18.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.162%Rate

Funding earned: $10.92
Price spread: +0.162% → −0.039%: $20.1
Slippage, 4 orders: −$0.93
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $14.08
Costs to cover: 0.169%
Break-even: from the start

Slippage from Hibachi: live order book, 1 min ago; Bulk: live order book, 1 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, 1 min ago	0.01 bp	4.9 bp −$5	5.0 bp −$50	64.2 bp −$6,420	doesn't fit
Sell Bulk live order book, 1 min ago	0.27 bp	3.8 bp −$4	3.8 bp −$38	4.6 bp −$456	5.2 bp −$2,624

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
Bluefin BTC-PERP	−0.0571%	1h	86,515	−0.055%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.075%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0110%	1h	86,586	+0.027%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,509	−0.062%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,473.1	−0.103%	$504.6M	$1.15B	200x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	−0.037%	$17.1M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,531.3	−0.036%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,506.4	−0.065%	$851.3M	$708.6M	125x	as long as short
Perpl BTC	0.0000%	43m	86,519.8	−0.049%	$419K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,528.8	−0.039%	$923.1M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,517.1	−0.052%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,521.1	−0.048%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,491.1	−0.082%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.004%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,488.2	−0.086%	$149.8M	$475.8M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,484.5	−0.090%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,490.3	−0.083%	$2.95B	$5.08B	150x	as long as short
Hibachi BTC/USDT-Plong	+0.0048%	1h	86,562.5	long leg	$729K	$8.2M	30x
MEXC BTC_USDT	+0.0060%	8h	86,505.2	−0.066%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,485.8	−0.089%	$9.41B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,479.7	−0.096%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,487.8	−0.086%	$5.85B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,479.2	−0.096%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,491	−0.083%	$60.5M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,502	−0.070%	$171.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,512.5	−0.058%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,519	−0.050%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,503	−0.069%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,550.6	−0.014%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,518.4	−0.051%	$21.7M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,593	+0.035%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	−0.017%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,484.8	−0.090%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,514	−0.056%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,587.8	+0.029%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,703.1	+0.162%	$573.0M	$18.8M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,491	−0.083%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	−0.024%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	−0.061%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	−0.021%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	−0.022%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,563.2	+0.001%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,558.5	−0.005%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,516	−0.054%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,500.1	−0.072%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,496.5	−0.076%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,495.3	−0.078%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,515.5	−0.054%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,476.7	−0.099%	$2.30B	$965.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,475.8	−0.100%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,542.7	−0.023%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,530	−0.038%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,520.5	−0.049%	$191.1M	$937.6M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,473.2	−0.103%	$414.5M	$651.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0216%	1h	86,509.3	−0.061%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,540	−0.026%	$9.6M	$729.3M	6.4x	as long as short