Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.034%

Price spread now: Bybit against Hibachi−0.104%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$220.225% of the position

Long on Hibachi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.104%, 7d avg −0.037%

Together, before fees−0.291%+ Points / potential airdropHibachi: Active · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.066% cheaper against Hibachi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,624.4	0.0200	pay 0.0025% / 1h	39m 08s	$699K	$7.9M	30x
Short	Bybit BTCUSDT	85,535.5	0.0100	get 0.0100% / 8h	5h 39m	$5.33B	$9.57B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$21
Price spread: −0.104% → −0.037%: −$6.64
Slippage, 4 orders: −$2.45
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$50.09
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 min ago; Bybit: 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	5.0 bp −$5	6.0 bp −$60	38.8 bp −$3,875	doesn't fit
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.2 bp −$624	8.3 bp −$4,133

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	−0.0160%	1h	85,585	−0.046%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,598	−0.031%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,548.7	−0.088%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,520.2	−0.122%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596	−0.033%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,541.2	−0.097%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,546.6	−0.091%	$22.7M	$221.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,512.7	−0.130%	$917.6M	$753.2M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,527.3	−0.113%	$515.3M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,545.2	−0.092%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0066%	8h	85,525	−0.116%	$2.27B	$932.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,546.8	−0.091%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,538.3	−0.101%	$2.95B	$5.02B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	85,560.3	−0.075%	$893.3M	$1.52B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.054%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,522.4	−0.119%	$148.2M	$478.5M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,516.6	−0.126%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,526.2	−0.115%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,524.4	−0.117%	$9.32B	$23.88B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,523.7	−0.118%	$5.04B	$5.61B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,526.3	−0.115%	$169.7M	$987.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,529.8	−0.110%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,547	−0.090%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,594.3	−0.035%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.116%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,604	−0.024%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,589.5	−0.041%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,535.5	−0.104%	$5.33B	$9.57B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,537.5	−0.101%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,534	−0.106%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,515.2	−0.128%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.072%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,546.6	−0.091%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.8	−0.123%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.141%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.087%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	−0.039%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	−0.024%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,620.2	−0.005%	$30.3M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,616.3	−0.009%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.087%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,538.6	−0.100%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.5	−0.126%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,562.2	−0.073%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,521.8	−0.120%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	−0.121%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,498.3	−0.147%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,583.7	−0.047%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,556.8	−0.079%	$130.4M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,575.2	−0.057%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,546.2	−0.091%	$187.9M	$947.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,573.8	−0.059%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0200%	1h	85,624.4	long leg	$699K	$7.9M	30x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,537.9	−0.101%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0213%	8h	85,591	−0.039%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,596.3	−0.033%	$522K	$19.4M	6.7x	as long as short