Funding you earn now, next payment 02:00 UTC+0.0080%/8h= +8.8% APRnext payment +$0.10 per $10,000 · paid last 24h +0.037%
Price spread now: Hibachi against Popdex+0.082%7-day average +0.035% · 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−$12as in the Price arb table
costs, in and out, $10k−$160.163% of the position
Funding, last 3 days (all we have)+0.114%+$11 on $10k
+Price spread, last 7 days−0.033%−$3 · spread now +0.082%, 7d avg +0.035%
=Together, before fees+0.081%+ Points / potential airdropHibachi: Active · farm board+$8 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hibachi is 0.047% dearer against Popdex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.035%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Popdex BTCUSDT | 85,599 | 0.0096 | pay 0.0012% / 1h | 2m 01s | $8.4M | $51.6M | 100x |
| Short | Hibachi BTC/USDT-P | 85,669.3 | 0.0176 | get 0.0022% / 1h | 2m 01s | $682K | $7.8M | 30x |
Popdex BTCUSDT
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Popdex. 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
- $16.8
- Price spread: +0.082% → +0.035%
- $4.72
- Slippage, 4 orders
- −$0.87
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $5.25
- Costs to cover
- 0.163%
- Break-even
- 4.8 days
Slippage from Popdex: live order book, 2 min ago; Hibachi: 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 Popdex live order book, 2 min ago | 0.17 bp | 3.4 bp −$3 | 3.4 bp −$34 | 3.8 bp −$383 | 5.3 bp −$2,630 |
| Sell Hibachi live order book, 2 min ago | 0.01 bp | 4.5 bp −$5 | 4.6 bp −$46 | 43.0 bp −$4,302 | doesn't fit |
BTC on 55 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 | 85,616 | +0.020% | $2.1M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,647 | +0.056% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,598.8 | 0.000% | $361K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,643.5 | +0.052% | $16.8M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,605.6 | +0.008% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,661 | +0.072% | $340K | $26.9M | 52x | as long as short |
| KuCoin XBTUSDTM | +0.0024% | 8h | 85,573.9 | −0.029% | $902.0M | $748.9M | 125x | as long as short |
| Aster BTCUSDT | +0.0024% | 8h | 85,583.5 | −0.018% | $516.0M | $1.12B | 200x | as long as short |
| Nado BTC-PERP | +0.0031% | 1h | 85,601.9 | +0.003% | $22.6M | $225.6M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,623.4 | +0.028% | $8.4M | $42.2M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
KuCoin XBTUSDTM
Aster BTCUSDT
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0056% | 8h | 85,582.2 | −0.020% | — | $17.0M | — | as long as short |
| HTX BTC-USDT | +0.0059% | 8h | 85,587.6 | −0.013% | $2.27B | $933.7M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0062% | 1h | 85,594.9 | −0.005% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,576 | −0.027% | $2.94B | $5.03B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,583.1 | −0.019% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0082% | 8h | 85,587.4 | −0.014% | $2.9M | $6.5M | 100x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,586.1 | −0.015% | $5.07B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,586.5 | −0.015% | $9.33B | $23.97B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,592.8 | −0.007% | $170.3M | $996.9M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,598.7 | 0.000% | $23.9M | $149.0M | 50x | as long as short |
| Popdex BTCUSDTlong | +0.0096% | 1h | 85,599 | long leg | $8.4M | $51.6M | 100x | |
| ApeX Omni BTCUSDT | +0.0097% | 1h | 85,611.5 | +0.015% | $140.0M | $317.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,634.3 | +0.041% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,568 | −0.036% | $205K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,651 | +0.061% | $3.76B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,623 | +0.028% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,591 | −0.009% | $5.32B | $9.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,587.5 | −0.013% | $2.56B | $12.17B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,593 | −0.007% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,565.2 | −0.039% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,597.7 | −0.002% | $5.58B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,582.7 | −0.019% | $35.0M | $168.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,602.8 | +0.004% | $154.0M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,588.5 | −0.012% | $278.4M | $938.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,608.4 | +0.011% | $214.9M | $162.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.7 | +0.034% | $30.3M | $210.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,656 | +0.067% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,592 | −0.008% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,595.6 | −0.004% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,592.6 | −0.007% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,631.4 | +0.038% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,589.7 | −0.011% | $30.0M | $52.7M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,588 | −0.013% | $59.9M | $336.4M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,586.5 | −0.015% | $150.4M | $480.0M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | −0.007% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,560.7 | −0.045% | $44.1M | $227.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,605 | +0.007% | — | $101.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,625 | +0.030% | $130.7M | $5.09B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,608.7 | +0.011% | $187.0M | $952.7M | 100x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0176% | 1h | 85,669.3 | +0.082% | $682K | $7.8M | 30x | |
| Aftermath Perps BTCUSD | +0.0182% | 1h | 85,626.4 | +0.032% | $78K | $219K | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0190% | 1h | 85,635.8 | +0.043% | $894.9M | $1.52B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,601.1 | +0.002% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,623 | +0.028% | $10.2M | $765.4M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,619.1 | +0.023% | $511K | $19.9M | 6.7x | as long as short |
BingX BTC-USDC
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
ApeX Omni BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
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
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC