BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0140%/8h= −15.3% APRnext payment −$0.18 per $10,000 · paid last 24h −0.031%

Price spread now: Bullet against Hibachi−0.009%7-day average −0.032% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Hibachi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.130%−$13 on $10k

Price spread, last 7 days−0.026%−$3 · spread now −0.009%, 7d avg −0.032%

Together, before fees−0.157%+ Points / potential airdropHibachi: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.023% dearer against Hibachi than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.032%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,306.3	0.0240	pay 0.0030% / 1h	30m 55s	$685K	$7.9M	30x
Short	Bullet BTC-USD	85,298.8	0.0100	get 0.0013% / 1h	30m 55s	$202K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$29.4
Price spread: −0.009% → −0.032%: $2.3
Slippage, 4 orders: −$2.42
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$46.52
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; Bullet: live order book, 3 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, 3 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	40.3 bp −$4,031	doesn't fit
Sell Bullet live order book, 3 min ago	0.06 bp	5.1 bp −$5	8.1 bp −$81	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
Phoenix BTC	−0.0082%	1h	85,293	−0.016%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	−0.032%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,288.4	−0.021%	$927.6M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,298.9	−0.009%	$421.2M	$682.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,292.3	−0.016%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,310	+0.004%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,312.6	+0.007%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.028%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	+0.007%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,279.2	−0.032%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.070%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,281.5	−0.029%	—	$17.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	0.000%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,294.4	−0.014%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,309.4	+0.004%	$185.8M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,298.8	−0.009%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,298.8	−0.009%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,299.9	−0.008%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,310.7	+0.005%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,312.4	+0.007%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,292	−0.017%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,270	−0.043%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,295.6	−0.013%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,340.4	+0.040%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.082%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,313.1	+0.008%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,306.9	+0.001%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,263	−0.051%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,291.5	−0.017%	$5.1M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,303.3	−0.004%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,296.8	−0.011%	$36.9M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.115%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	−0.061%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	−0.012%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	−0.054%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,351.9	+0.053%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,298	−0.010%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,298.8	−0.009%	$202K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,305.5	−0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,345.5	+0.046%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.108%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,279	−0.032%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,302	−0.005%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,273	−0.039%	$2.26B	$967.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,311.7	+0.006%	$151.6M	$509.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.043%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,278.3	−0.033%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,287.7	−0.022%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,337.3	+0.036%	$116.0M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,340.5	+0.040%	$862.2M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,289.1	−0.020%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,312	+0.007%	$11.8M	$741.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,317.4	+0.013%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	+0.003%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-Plong	+0.0240%	1h	85,306.3	long leg	$685K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0269%	1h	85,294.8	−0.013%	$79K	$230K	20x	as long as short