Funding you earn now, next payment 06:00 UTC−0.0209%/8h= −22.9% APRnext payment −$0.26 per $10,000 · paid last 24h −0.059%
Price spread now: Injective against Hibachi−0.082%7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$170.171% of the position
Funding, last 7 days−0.341%−$34 on $10k
+Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.082%, 7d avg −0.021%
=Together, before fees−0.328%+ Points / potential airdropHibachi: Active · farm board−$33 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 0.062% cheaper against Hibachi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.021%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,419.4 | 0.0232 | pay 0.0029% / 1h | 15m 00s | $689K | $8.0M | 30x |
| Short | Injective BTC/USDC PERP | 85,349 | 0.0023 | get 0.0003% / 1h | 15m 00s | $339K | $26.8M | 52x |
Hibachi BTC/USDT-P
Injective BTC/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$43.9
- Price spread: −0.082% → −0.021%
- −$6.15
- Slippage, 4 orders
- −$8.04
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$67.11
- Costs to cover
- 0.171%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 4 min ago; Injective: live order book, 4 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 | 4.7 bp −$5 | 4.9 bp −$49 | 41.6 bp −$4,156 | doesn't fit |
| Sell Injective live order book, 4 min ago | 1.87 bp | 3.9 bp −$4 | 14.3 bp −$143 | 597.3 bp −$59.7K | 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,396.2 | −0.027% | $526K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,391 | −0.033% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,415 | −0.005% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0053% | 8h | 85,376.5 | −0.050% | $923.3M | $765.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0029% | 8h | 85,388.6 | −0.036% | $419.8M | $682.0M | 150x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,379.2 | −0.047% | $513.0M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,406 | −0.016% | $354K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,386.9 | −0.038% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,395.8 | −0.028% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERPshort | +0.0023% | 1h | 85,349 | −0.082% | $339K | $26.8M | 52x |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0041% | 1h | 85,384.2 | −0.041% | $24.8M | $222.6M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,408.3 | −0.013% | $187.4M | $955.1M | 100x | as long as short |
| BingX BTC-USDC | +0.0067% | 8h | 85,378.1 | −0.048% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0076% | 8h | 85,384.4 | −0.041% | $147.9M | $505.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0086% | 8h | 85,386.3 | −0.039% | $2.95B | $5.16B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,383.6 | −0.042% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,396.9 | −0.026% | $5.05B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0091% | 8h | 85,396.9 | −0.026% | $9.45B | $24.86B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,399.4 | −0.023% | $171.1M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,404.6 | −0.017% | $23.7M | $148.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,396 | −0.027% | $8.3M | $55.8M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,425.8 | +0.007% | $117.1M | $5.42B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,370 | −0.058% | $239K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,445.8 | +0.031% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,474 | +0.064% | $3.75B | $5.07B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,423.3 | +0.005% | $40.0M | $597.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,389.6 | −0.035% | $5.15B | $9.95B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,398 | −0.025% | $2.58B | $12.21B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,386 | −0.039% | $3.8M | $17.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,403.1 | −0.019% | $4.6M | $98.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.299% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,389.6 | −0.035% | $5.50B | $11.04B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,386.3 | −0.039% | $36.3M | $176.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,365.9 | −0.063% | $154.5M | $559.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,351.5 | −0.079% | $279.6M | $950.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,345.8 | −0.086% | $214.4M | $167.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,371.5 | −0.056% | $139.6M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,363.6 | −0.065% | $30.1M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,459 | +0.046% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,387 | −0.038% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,388.5 | −0.036% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,392.7 | −0.031% | $2.6M | $9.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,434.4 | +0.018% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,365.1 | −0.064% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,375.3 | −0.052% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,390 | −0.034% | $59.8M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,382.4 | −0.043% | $2.26B | $941.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,358.4 | −0.071% | $45.0M | $239.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,395.9 | −0.027% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0117% | 1h | 85,378.5 | −0.048% | $6.6M | $147.5M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0164% | 1h | 85,431.2 | +0.014% | $866.8M | $1.61B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,390.7 | −0.034% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0196% | 8h | 85,413 | −0.007% | $11.6M | $743.5M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,329.9 | −0.105% | $79K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0232% | 1h | 85,419.4 | long leg | $689K | $8.0M | 30x | |
| RISEx BTC/USDC | +0.0257% | 1h | 85,420.2 | +0.001% | $8.7M | $43.3M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
RISEx BTC/USDC