Funding you earn now, next payment 06:00 UTC+0.0152%/8h= +16.7% APRpaid last 24h +0.047%
Price spread now: Hibachi against Phemex+0.015%48s7-day average +0.040% · you sell dearer than you buy
Net, funding: paid 7d − costs+$17as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$220.216% of the position
Funding, last 7 days+0.386%+$39 on $10k
+Price spread, last 4 days (all we have)+0.048%+$5 · spread now +0.015%, 7d avg +0.040%
=Together, before fees+0.434%+ Points / potential airdropHibachi: Active · farm board+$43 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hibachi is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.040%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$5 a day). The two prices were read 48 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 | Phemex BTCUSDT | 85,293.1 | 0.0072 | pay 0.0072% / 8h | 2h 35m | $149.1M | $503.5M | 150x |
| Short | Hibachi BTC/USDT-P | 85,306 | 0.0224 | get 0.0028% / 1h | 35m 31s | $719K | $8.0M | 30x |
Phemex BTCUSDT
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Phemex. 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
- $32.01
- Price spread: +0.015% → +0.040%
- −$2.51
- Slippage, 4 orders
- −$0.64
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $7.86
- Costs to cover
- 0.216%
- Break-even
- 5.3 days
Slippage from Phemex: 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 Phemex live order book, 4 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 7.2 bp −$720 | doesn't fit |
| Sell Hibachi live order book, 4 min ago | 0.01 bp | 4.5 bp −$5 | 4.7 bp −$47 | 70.0 bp −$7,004 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,316.9 | +0.028% | $526K | $18.8M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,251 | −0.049% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,326 | +0.039% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0053% | 8h | 85,305.8 | +0.015% | $922.7M | $763.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0036% | 8h | 85,275.9 | −0.020% | $421.2M | $680.0M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,315.4 | +0.026% | $383K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0014% | 8h | 85,319 | +0.030% | $513.0M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,282.6 | −0.012% | $16.7M | $21.7M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,333.5 | +0.047% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0014% | 1h | 85,308 | +0.017% | $24.6M | $222.8M | 50x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.080% | $338K | $26.8M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,313.6 | +0.024% | $187.5M | $956.8M | 100x | as long as short |
| SoDEX BTC-USD | +0.0062% | 1h | 85,282 | −0.013% | $59.7M | $335.9M | 40x | as long as short |
| BingX BTC-USDC | +0.0066% | 8h | 85,304 | +0.013% | — | $17.4M | — | as long as short |
| Bullet BTC-USD | +0.0068% | 1h | 85,321 | +0.033% | $206K | $3.3M | 20x | as long as short |
| Phemex BTCUSDTlong | +0.0072% | 8h | 85,293.1 | long leg | $149.1M | $503.5M | 150x | |
| Aevo BTC-PERP | +0.0080% | 1h | 85,273.7 | −0.023% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0083% | 8h | 85,322.6 | +0.035% | $2.95B | $5.17B | 150x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 85,323.6 | +0.036% | $5.06B | $5.69B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,323.5 | +0.036% | $9.42B | $24.82B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,319.3 | +0.031% | $171.3M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,321 | +0.033% | $23.7M | $148.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,308 | +0.017% | $8.3M | $55.6M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,335 | +0.049% | $117.1M | $5.34B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,285 | −0.009% | $238K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,363.8 | +0.083% | $5.6M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,396 | +0.121% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,337.7 | +0.052% | $40.1M | $595.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,324.8 | +0.037% | $5.16B | $9.92B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,328.3 | +0.041% | $2.58B | $12.19B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,296 | +0.003% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,315.2 | +0.026% | $4.6M | $99.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,324.1 | +0.036% | $679.5M | $626.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,308.8 | +0.018% | $5.52B | $10.88B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,291.3 | −0.002% | $36.0M | $174.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,263.5 | −0.035% | $156.5M | $568.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,240.8 | −0.061% | $278.9M | $942.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,264.2 | −0.034% | $214.3M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,275.4 | −0.021% | $139.4M | $315.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,252.5 | −0.048% | $30.1M | $206.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,376.2 | +0.097% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,316 | +0.027% | $11.0M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,279.2 | −0.016% | $2.4M | $9.1M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,329.6 | +0.043% | $217K | $750K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,259.5 | −0.039% | $30.1M | $50.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,261.7 | −0.037% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,277.5 | −0.018% | $2.26B | $953.1M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,285.9 | −0.008% | $45.3M | $238.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,322.7 | +0.035% | — | $107.0M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0113% | 1h | 85,320.5 | +0.032% | $6.6M | $147.4M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0135% | 1h | 85,331.1 | +0.044% | $872.4M | $1.61B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,323.9 | +0.036% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0176% | 8h | 85,318 | +0.029% | $11.4M | $747.6M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0216% | 1h | 85,312.5 | +0.023% | $79K | $225K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0224% | 1h | 85,306 | +0.015% | $719K | $8.0M | 30x | |
| RISEx BTC/USDC | +0.0257% | 1h | 85,335.1 | +0.049% | $8.7M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
SoDEX BTC-USD
BingX BTC-USDC
Bullet BTC-USD
Aevo BTC-PERP
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
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
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
RISEx BTC/USDC