BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0182%/8h= −19.9% APRnext payment −$0.23 per $10,000 · paid last 24h −0.053%

Price spread now: Reya against Hibachi−0.120%61s7-day average −0.075% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hibachi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.145%−$14 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.120%, 7d avg −0.075%

Together, before fees−0.094%+ Points / potential airdropHibachi: Active · Reya: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Reya is 0.045% cheaper against Hibachi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.075%). Swap the legs. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,238.4	0.0344	pay 0.0043% / 1h	56m 34s	$718K	$7.0M	30x
Short	Reya BTCRUSDPERP	86,134.9	0.0162	get 0.0020% / 1h	56m 34s	$6.6M	$131.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now −0.120%Rate

Funding earned: −$38.16
Price spread: −0.120% → −0.075%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$57.71
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 1 min ago; Reya: no order-book sample. Net counts fees only.

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, 1 min ago	0.01 bp	5.4 bp −$5	6.0 bp −$60	41.6 bp −$4,158	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 exchanges

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
Hotstuff BTC-PERP	−0.0080%	1h	86,197	−0.048%	$8K	$2K	50x	as long as short
SoDEX BTC-USD	−0.0034%	1h	86,164	−0.086%	$66.0M	$188.1M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,160.2	−0.091%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.8	−0.091%	$421.0M	$566.8M	150x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	−0.062%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	−0.088%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,228.2	−0.012%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	−0.069%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	−0.028%	$301K	$26.1M	52x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,132.3	−0.123%	—	$16.3M	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,186.1	−0.061%	$191.8M	$775.3M	100x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,152.1	−0.100%	$513.4M	$878.2M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,141.7	−0.112%	$5.15B	$8.15B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	−0.062%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,180.5	−0.067%	$943.2M	$637.0M	125x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,161.5	−0.089%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,142	−0.112%	$8.8M	$45.5M	100x	as long as short
Phemex BTCUSDT	+0.0080%	8h	86,164.7	−0.085%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,192	−0.054%	$173.9M	$850.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,190.3	−0.056%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,136.8	−0.118%	$2.99B	$3.99B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,147.4	−0.106%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,139	−0.115%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,210.8	−0.032%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,178.4	−0.070%	$23.7M	$196.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,212	−0.031%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,144.6	−0.109%	$9.46B	$20.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,140.1	−0.114%	$2.62B	$9.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,155	−0.097%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,192.6	−0.053%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.080%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,133.7	−0.121%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,159.8	−0.091%	$38.7M	$195.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.146%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.166%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,177.2	−0.071%	$216.5M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.5	−0.064%	$30.3M	$222.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,204.5	−0.039%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,149	−0.104%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,143.7	−0.110%	$206K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,159.2	−0.092%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,209.1	−0.034%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,171.6	−0.077%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,160.3	−0.091%	$2.28B	$806.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,124.6	−0.132%	$47.0M	$203.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,162.5	−0.088%	—	$81.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,214.4	−0.028%	$112.4M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,191	−0.055%	$11.8M	$732.2M	6.4x	as long as short
Reya BTCRUSDPERPshort	+0.0162%	1h	86,134.9	−0.120%	$6.6M	$131.1M	40x
Hyperliquid BTC	+0.0165%	1h	86,235	−0.004%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,175.9	−0.073%	$9.0M	$37.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,178.9	−0.069%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0233%	1h	86,221.4	−0.020%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-Plong	+0.0344%	1h	86,238.4	long leg	$718K	$7.0M	30x
Aftermath Perps BTCUSD	+0.0442%	1h	86,205.9	−0.038%	$82K	$244K	20x	as long as short