Funding you earn now, next payment 11:00 UTC+0.0315%/8h= +34.4% APRnext payment +$0.39 per $10,000 · paid last 24h +0.036%
Price spread now: Hibachi against Kraken Futures+0.074%7-day average +0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs+$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$210.211% of the position
Funding, last 7 days+0.321%+$32 on $10k
+Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.074%, 7d avg +0.024%
=Together, before fees+0.331%+ Points / potential airdropHibachi: Active · farm board+$33 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hibachi is 0.050% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.024%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 86,126.6 | 0.0029 | pay 0.0004% / 1h | 53m 45s | $191.2M | $772.3M | 100x |
| Short | Hibachi BTC/USDT-P | 86,190 | 0.0344 | get 0.0043% / 1h | 53m 45s | $716K | $7.0M | 30x |
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Kraken Futures. 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
- $66.05
- Price spread: +0.074% → +0.024%
- $5.01
- Slippage, 4 orders
- −$2.07
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $49.99
- Costs to cover
- 0.211%
- Break-even
- 1.7 days
Slippage from Kraken Futures: live order book, 4 min ago; Hibachi: live order book, 3 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 Kraken Futures live order book, 4 min ago | 0.06 bp | 6.1 bp −$6 | 6.9 bp −$69 | 8.1 bp −$806 | 9.5 bp −$4,766 |
| Sell Hibachi live order book, 3 min ago | 0.01 bp | 4.5 bp −$5 | 4.6 bp −$46 | 42.0 bp −$4,196 | doesn't fit |
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 | +0.082% | $8K | $2K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 86,128 | +0.002% | $363K | $2.0M | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 86,143.8 | +0.020% | $421.0M | $566.5M | 150x | as long as short |
| SoDEX BTC-USD | −0.0012% | 1h | 86,112 | −0.017% | $65.9M | $188.0M | 40x | as long as short |
| ApeX Omni BTCUSDT | −0.0004% | 1h | 86,185.3 | +0.068% | $138.2M | $295.1M | 100x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 86,119.6 | −0.008% | $16.9M | $14.6M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,161.8 | +0.041% | $482K | $13.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,119.1 | −0.009% | $36.8M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0009% | 1h | 86,214 | +0.101% | $301K | $26.1M | 52x | as long as short |
| Aster BTCUSDT | +0.0029% | 8h | 86,099.7 | −0.031% | $513.3M | $876.5M | 200x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
SoDEX BTC-USD
ApeX Omni BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDTShow all 55 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_XBTUSDlong | +0.0029% | 1h | 86,126.6 | long leg | $191.2M | $772.3M | 100x | |
| BingX BTC-USDT | +0.0030% | 8h | 86,124.5 | −0.002% | — | $1.34B | — | as long as short |
| Bybit BTCUSDT | +0.0036% | 8h | 86,104.7 | −0.025% | $5.15B | $8.14B | 150x | as long as short |
| Phoenix BTC | +0.0053% | 1h | 86,185 | +0.068% | $2.0M | $7.8M | 40x | as long as short |
| KuCoin XBTUSDTM | +0.0053% | 8h | 86,106.3 | −0.024% | $943.1M | $636.0M | 125x | as long as short |
| Popdex BTCUSDT | +0.0064% | 1h | 86,117 | −0.011% | $8.8M | $45.5M | 100x | as long as short |
| Gate BTC_USDT | +0.0067% | 8h | 86,122.7 | −0.005% | $5.52B | $8.88B | 200x | as long as short |
| Phemex BTCUSDT | +0.0081% | 8h | 86,106.1 | −0.024% | $170.7M | $479.5M | 150x | as long as short |
| Bitget BTCUSDT | +0.0095% | 8h | 86,108 | −0.022% | $2.99B | $3.98B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,115.7 | −0.013% | $173.8M | $851.5M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,117.6 | −0.010% | $23.6M | $118.7M | 50x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 86,095.6 | −0.036% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,101 | −0.030% | $219K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,146.8 | +0.024% | $6.0M | $7.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,118.5 | −0.009% | $23.5M | $196.4M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,146.4 | +0.023% | $40.4M | $570.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 86,103 | −0.027% | $9.46B | $20.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,107.5 | −0.022% | $2.62B | $9.51B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,102 | −0.029% | $4.0M | $15.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,147.6 | +0.024% | $4.2M | $90.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,169.3 | +0.050% | $716.4M | $134.3M | 40x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 86,101 | −0.030% | $5.19B | $4.82B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,098.1 | −0.033% | $38.7M | $196.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,125.5 | −0.001% | $158.0M | $474.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,136.3 | +0.011% | $290.0M | $813.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,152.6 | +0.030% | $216.4M | $133.7M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,149 | +0.026% | $30.3M | $222.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,180.2 | +0.062% | — | $9.3M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,124 | −0.003% | $11.1M | $12.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,117 | −0.011% | $205K | $3.2M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,108.9 | −0.021% | $2.7M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,155.2 | +0.033% | $195K | $564K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,124.6 | −0.002% | $3.2M | $6.7M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,105.8 | −0.024% | $2.27B | $804.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,101.7 | −0.029% | $47.0M | $203.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 86,125.9 | −0.001% | — | $81.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,157.1 | +0.035% | $112.2M | $4.98B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0160% | 8h | 86,144 | +0.020% | $11.8M | $732.4M | 6.4x | as long as short |
| Reya BTCRUSDPERP | +0.0163% | 1h | 86,095.2 | −0.036% | $6.6M | $131.1M | 40x | as long as short |
| Hyperliquid BTC | +0.0167% | 1h | 86,202 | +0.088% | $3.97B | $4.35B | 40x | as long as short |
| RISEx BTC/USDC | +0.0187% | 1h | 86,146 | +0.023% | $8.9M | $37.3M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0197% | 1h | 86,167.6 | +0.048% | $822.7M | $1.51B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0210% / S −0.0250% | 1h | 86,116.6 | −0.012% | $15.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0344% | 1h | 86,190 | +0.074% | $716K | $7.0M | 30x | |
| Aftermath Perps BTCUSD | +0.0452% | 1h | 86,168.3 | +0.048% | $81K | $242K | 20x | as long as short |
BingX BTC-USDT
Bybit BTCUSDT
Phoenix BTC
KuCoin XBTUSDTM
Popdex BTCUSDT
Gate BTC_USDT
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kalshi KXBTCPERP
Reya BTCRUSDPERP
Hyperliquid BTC
RISEx BTC/USDC
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD