Funding you earn now, next payment 05:00 UTC−0.0105%/8h= −11.5% APRnext payment −$0.13 per $10,000 · paid last 24h −0.036%
Price spread now: Kraken Futures against Hibachi−0.078%7-day average −0.022% · you buy dearer than you sell
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$210.207% of the position
Funding, last 7 days−0.319%−$32 on $10k
+Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.078%, 7d avg −0.022%
=Together, before fees−0.289%+ 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 Kraken Futures is 0.056% cheaper against Hibachi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.022%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,520.9 | 0.0240 | pay 0.0030% / 1h | 24m 56s | $697K | $7.9M | 30x |
| Short | Kraken Futures PF_XBTUSD | 85,454.1 | 0.0135 | get 0.0017% / 1h | 24m 56s | $187.6M | $954.8M | 100x |
Hibachi BTC/USDT-P
Kraken Futures PF_XBTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$22
- Price spread: −0.078% → −0.022%
- −$5.64
- Slippage, 4 orders
- −$1.74
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$48.38
- Costs to cover
- 0.207%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 4 min ago; Kraken Futures: 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 | 5.0 bp −$5 | 6.0 bp −$60 | 41.4 bp −$4,136 | doesn't fit |
| Sell Kraken Futures live order book, 4 min ago | 0.06 bp | 5.4 bp −$5 | 6.0 bp −$60 | 7.1 bp −$710 | 9.0 bp −$4,506 |
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 | −0.0140% | 1h | 85,490 | −0.036% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,452 | −0.081% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0042% | 8h | 85,434.2 | −0.101% | $918.0M | $757.4M | 125x | as long as short |
| BloFin BTC-USDT | −0.0021% | 8h | 85,435.4 | −0.100% | $419.0M | $675.3M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,451.2 | −0.081% | $365K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0002% | 8h | 85,427.6 | −0.109% | $514.5M | $1.10B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,468 | −0.062% | $501K | $18.7M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,450.2 | −0.083% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0004% | 1h | 85,455.1 | −0.077% | $24.5M | $223.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0038% | 1h | 85,485.8 | −0.041% | $16.8M | $21.2M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,514 | −0.008% | $339K | $26.9M | 52x | as long as short |
| SoDEX BTC-USD | +0.0062% | 1h | 85,434 | −0.102% | $59.9M | $336.0M | 40x | as long as short |
| BingX BTC-USDT | +0.0065% | 8h | 85,436.1 | −0.099% | — | $1.55B | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0071% | 1h | 85,477.6 | −0.051% | $884.7M | $1.59B | 50x | as long as short |
| Phemex BTCUSDT | +0.0073% | 8h | 85,437.3 | −0.098% | $148.3M | $495.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,429.9 | −0.106% | $2.95B | $5.11B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,453.9 | −0.078% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,453.8 | −0.078% | $24.0M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,439 | −0.096% | $8.4M | $55.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,422 | −0.116% | $2.7M | $2.0M | 20x | as long as short |
| MEXC BTC_USDT | +0.0099% | 8h | 85,430.6 | −0.106% | $5.06B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0099% | 8h | 85,430.2 | −0.106% | $9.43B | $24.42B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,433 | −0.103% | $208K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,523.5 | +0.003% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,516 | −0.006% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,498 | −0.027% | $40.1M | $588.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,431.2 | −0.105% | $5.18B | $9.86B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,447 | −0.086% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,450 | −0.083% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,451.4 | −0.081% | $4.7M | $100.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,517.4 | −0.004% | $680.3M | $725.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,438.9 | −0.096% | $5.53B | $10.82B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,434.8 | −0.101% | $36.0M | $178.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453 | −0.079% | $154.1M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,480.4 | −0.047% | $279.2M | $928.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,538.4 | +0.020% | $215.0M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,498.2 | −0.026% | $139.9M | $315.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,486 | −0.041% | $30.2M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,509.6 | −0.013% | — | $11.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,439 | −0.096% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,435 | −0.100% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,430.7 | −0.105% | $2.5M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,478.1 | −0.050% | $206K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,427.3 | −0.109% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,433 | −0.103% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,433.6 | −0.102% | $2.26B | $948.8M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0100% | 1h | 85,430.9 | −0.105% | $6.6M | $147.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,405.8 | −0.135% | $45.1M | $233.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,476.5 | −0.052% | — | $107.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,478 | −0.050% | $117.2M | $5.25B | 50x | as long as short |
| Kraken Futures PF_XBTUSDshort | +0.0135% | 1h | 85,454.1 | −0.078% | $187.6M | $954.8M | 100x | |
| RISEx BTC/USDC | +0.0174% | 1h | 85,470 | −0.059% | $8.6M | $43.0M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0149% | 1h | 85,450.8 | −0.082% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0182% | 8h | 85,490 | −0.036% | $11.7M | $754.3M | 6.4x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0240% | 1h | 85,520.9 | long leg | $697K | $7.9M | 30x | |
| Aftermath Perps BTCUSD | +0.0252% | 1h | 85,524.2 | +0.004% | $78K | $221K | 20x | as long as short |
Injective BTC/USDC PERP
SoDEX BTC-USD
BingX BTC-USDT
Deribit BTC-PERPETUAL
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
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
HTX BTC-USDT
Reya BTCRUSDPERP
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD