Funding you earn now, next payment 07:00 UTC−0.0195%/8h= −21.3% APRnext payment −$0.24 per $10,000 · paid last 24h −0.035%
Price spread now: Nado against Hibachi+0.007%7-day average −0.032% · 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−$13as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Funding, last 3 days (all we have)−0.123%−$12 on $10k
+Price spread, last 7 days−0.044%−$4 · spread now +0.007%, 7d avg −0.032%
=Together, before fees−0.168%+ Points / potential airdropHibachi: Active · Nado: Active · farm board−$17 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Nado is 0.039% dearer against Hibachi than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.032%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 16 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,422.4 | 0.0240 | pay 0.0030% / 1h | 57m 16s | $691K | $8.0M | 30x |
| Short | Nado BTC-PERP | 85,428.1 | 0.0045 | get 0.0006% / 1h | 57m 16s | $24.5M | $222.7M | 50x |
Hibachi BTC/USDT-P
Nado BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- −$40.9
- Price spread: +0.007% → −0.032%
- $3.86
- Slippage, 4 orders
- −$1.36
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$54.4
- Costs to cover
- 0.174%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 2 min ago; Nado: live order book, 2 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, 2 min ago | 0.01 bp | 5.7 bp −$6 | 6.1 bp −$61 | 37.8 bp −$3,776 | doesn't fit |
| Sell Nado live order book, 2 min ago | 0.06 bp | 3.6 bp −$4 | 3.7 bp −$37 | 5.1 bp −$514 | 11.4 bp −$5,684 |
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 | −0.0111% | 1h | 85,444 | +0.025% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,437 | +0.017% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0049% | 8h | 85,370 | −0.061% | $927.3M | $772.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,384.4 | −0.044% | $420.4M | $683.7M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,375 | −0.055% | $513.4M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,435.2 | +0.015% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,398.1 | −0.028% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,396.3 | −0.031% | $527K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,392.1 | −0.035% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERPshort | +0.0045% | 1h | 85,428.1 | +0.007% | $24.5M | $222.7M | 50x |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | −0.020% | $339K | $26.8M | 52x | as long as short |
| Deribit BTC-PERPETUAL | +0.0070% | 1h | 85,413.6 | −0.010% | $867.6M | $1.63B | 50x | as long as short |
| BingX BTC-USDC | +0.0070% | 8h | 85,354.8 | −0.079% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0087% | 8h | 85,389 | −0.039% | $149.3M | $507.8M | 150x | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,376.4 | −0.054% | $2.95B | $5.18B | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,386.4 | −0.042% | $187.8M | $955.5M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,393.1 | −0.034% | $170.7M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,391.7 | −0.036% | $23.6M | $147.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,382 | −0.047% | $8.3M | $55.9M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,383.1 | −0.046% | $5.02B | $5.72B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,373.5 | −0.057% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,377.7 | −0.052% | $9.44B | $24.98B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,350 | −0.085% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,467.1 | +0.052% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,470 | +0.056% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,432.6 | +0.012% | $40.1M | $602.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,379 | −0.051% | $5.14B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,380.7 | −0.049% | $2.59B | $12.24B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,395 | −0.032% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,384.5 | −0.044% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,389.5 | −0.039% | $5.51B | $10.94B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,367 | −0.065% | $36.8M | $180.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,449.7 | +0.032% | $155.0M | $560.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,371.2 | −0.060% | $279.6M | $950.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,473.2 | +0.060% | $214.6M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,469.9 | +0.056% | $139.7M | $314.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,420.3 | −0.002% | $30.1M | $206.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,458.6 | +0.042% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,388 | −0.040% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,390.4 | −0.037% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,386 | −0.043% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,418 | −0.005% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,364.9 | −0.067% | $30.0M | $47.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,409.8 | −0.015% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,377 | −0.053% | $59.8M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,385.5 | −0.043% | $2.26B | $959.9M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | +0.064% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,354.6 | −0.079% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,418.4 | −0.005% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,415.9 | −0.008% | $117.0M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0122% | 1h | 85,384.1 | −0.045% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,392.7 | −0.035% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,399.7 | −0.027% | $8.8M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 85,429 | +0.008% | $11.5M | $743.4M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0237% | 1h | 85,457.5 | +0.041% | $79K | $229K | 20x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0240% | 1h | 85,422.4 | long leg | $691K | $8.0M | 30x |
Injective BTC/USDC PERP
Deribit BTC-PERPETUAL
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
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
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
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Kalshi KXBTCPERP
Aftermath Perps BTCUSD