Funding you earn now, next payment 02:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.035%
Price spread now: Hibachi against Lighter RH+0.109%7-day average +0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs+$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$100.104% of the position
Funding, last 7 days+0.301%+$30 on $10k
+Price spread, last 7 days−0.053%−$5 · spread now +0.109%, 7d avg +0.029%
=Together, before fees+0.248%+ Points / potential airdropLighter RH: Points live · Hibachi: Active · farm board+$25 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hibachi is 0.080% dearer against Lighter RH than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.029%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH BTC | 85,713.4 | 0.0096 | pay 0.0012% / 1h | 45m 20s | $23.3M | $145.2M | 50x |
| Short | Hibachi BTC/USDT-P | 85,807.1 | 0.0128 | get 0.0016% / 1h | 45m 20s | $707K | $7.9M | 30x |
Lighter RH BTC
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Lighter RH. 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
- $6.72
- Price spread: +0.109% → +0.029%
- $8.04
- Slippage, 4 orders
- −$1.39
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $4.37
- Costs to cover
- 0.104%
- Break-even
- 2.4 days
Slippage from Lighter RH: live order book, 4 min ago; Hibachi: 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 Lighter RH live order book, 4 min ago | 0.40 bp | 0.4 bp $0 | 0.7 bp −$7 | 3.3 bp −$326 | 23.9 bp −$11.9K |
| Sell Hibachi live order book, 4 min ago | 0.01 bp | 5.1 bp −$5 | 6.7 bp −$67 | 43.8 bp −$4,385 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0144% | 1h | 85,767 | +0.063% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,763 | +0.058% | $8K | $3K | 50x | as long as short |
| BloFin BTC-USDT | −0.0078% | 8h | 85,853 | +0.163% | $415.8M | $658.2M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,744 | +0.036% | $364K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,764.3 | +0.059% | $16.8M | $20.6M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,781.7 | +0.080% | $513K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,727.9 | +0.017% | $36.6M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,810 | +0.113% | $341K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0037% | 8h | 85,742.1 | +0.034% | $497.2M | $1.13B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0041% | 8h | 85,736.5 | +0.027% | $894.0M | $757.2M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0044% | 1h | 85,756.5 | +0.050% | $8.1M | $42.6M | 25x | as long as short |
| BingX BTC-USDT | +0.0053% | 8h | 85,723 | +0.011% | — | $1.59B | — | as long as short |
| Reya BTCRUSDPERP | +0.0053% | 1h | 85,716.8 | +0.004% | $6.7M | $146.1M | 40x | as long as short |
| Bitget BTCUSDT | +0.0067% | 8h | 85,708 | −0.006% | $2.95B | $5.13B | 150x | as long as short |
| ApeX Omni BTCUSDT | +0.0076% | 1h | 85,808.2 | +0.111% | $140.3M | $320.9M | 100x | as long as short |
| HTX BTC-USDT | +0.0077% | 8h | 85,695.9 | −0.020% | $2.27B | $969.0M | 200x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,707 | −0.007% | $2.5M | $1.8M | 20x | as long as short |
| Nado BTC-PERP | +0.0082% | 1h | 85,741.1 | +0.032% | $22.8M | $229.1M | 50x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,721.3 | +0.009% | $5.10B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,702.3 | −0.013% | $9.33B | $24.58B | 150x | as long as short |
| Gate BTC_USDT | +0.0091% | 8h | 85,725.1 | +0.014% | $5.66B | $10.38B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,713.9 | +0.001% | $169.7M | $978.4M | 50x | as long as short |
| Lighter RH BTClong | +0.0096% | 1h | 85,713.4 | long leg | $23.3M | $145.2M | 50x | |
| Popdex BTCUSDT | +0.0096% | 1h | 85,745 | +0.037% | $8.4M | $52.5M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,731 | +0.021% | $210K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,785.2 | +0.084% | $3.8M | $8.7M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,797 | +0.098% | $3.77B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,782.5 | +0.081% | $40.9M | $569.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,723.1 | +0.011% | $5.27B | $9.81B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,724.7 | +0.013% | $2.55B | $12.52B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,765 | +0.060% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,735.8 | +0.026% | $7.3M | $98.1M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,761.6 | +0.056% | $35.1M | $163.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,783.2 | +0.081% | $155.9M | $552.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,787.3 | +0.086% | $278.0M | $944.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,857.1 | +0.168% | $215.7M | $163.7M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,797.7 | +0.098% | $30.4M | $207.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,799.5 | +0.100% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,740 | +0.031% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,724 | +0.012% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,709 | −0.005% | $2.4M | $9.1M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,750.7 | +0.044% | $186K | $709K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,719.8 | +0.007% | $30.0M | $57.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,714.7 | +0.002% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,701 | −0.014% | $60.0M | $337.9M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,700.2 | −0.015% | $154.0M | $478.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,804.9 | +0.107% | $582.3M | $118.5M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0103% | 1h | 85,741.4 | +0.033% | $895.5M | $1.54B | 50x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,679 | −0.040% | $45.0M | $227.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,756.9 | +0.051% | — | $101.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,733.8 | +0.024% | $131.6M | $5.25B | 50x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0128% | 1h | 85,807.1 | +0.109% | $707K | $7.9M | 30x | |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,720.7 | +0.008% | $188.8M | $970.4M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0151% | 1h | 85,814.1 | +0.117% | $77K | $217K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0194% | 1h | 85,725 | +0.014% | $13.8M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0205% | 8h | 85,762 | +0.057% | $9.9M | $769.4M | 6.4x | as long as short |
RISEx BTC/USDC
BingX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
ApeX Omni BTCUSDT
HTX BTC-USDT
Aevo BTC-PERP
Nado BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Lighter BTC
Popdex 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
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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Deribit BTC-PERPETUAL
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP