BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0124%/8h= +13.6% APRnext payment +$0.15 per $10,000 · paid last 24h +0.034%

Price spread now: Hibachi against Backpack−0.004%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Backpack Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.465%+$46 on $10k

Price spread, last 7 days+0.396%+$40 · spread now −0.004%, 7d avg +0.040%

Together, before fees+0.861%+ Points / potential airdropHibachi: Active · farm board+$86 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.044% cheaper against Backpack than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.040%). If the spread goes back, that is −$4 on $10k: about 28 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,442.2	0.0100	pay 0.0013% / 1h	17m 00s	$35.6M	$176.7M	75x
Short	Hibachi BTC/USDT-P	85,438.9	0.0224	get 0.0028% / 1h	17m 00s	$702K	$7.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 BackpackbpFee HibachibpOrdersPrice spread, now −0.004%Rate

Funding earned: $26.04
Price spread: −0.004% → +0.040%: −$4.41
Slippage, 4 orders: −$0.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $2.2
Costs to cover: 0.194%
Break-even: 6.4 days

Slippage from Backpack: 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 Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$561	19.9 bp −$9,947
Sell Hibachi live order book, 2 min ago	0.01 bp	4.9 bp −$5	5.4 bp −$54	39.4 bp −$3,944	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	−0.0179%	1h	85,530	+0.103%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,421	−0.025%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,440.6	−0.002%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,429.4	−0.015%	$918.9M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,457.9	+0.018%	$417.9M	$668.5M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,466.3	+0.028%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,454.6	+0.015%	$515.2M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,459.5	+0.020%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,441.4	−0.001%	$25.3M	$221.8M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,442.3	0.000%	$4.6M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,446.7	+0.005%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,451.1	+0.010%	$147.5M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,460.3	+0.021%	$2.94B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,452.5	+0.012%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,470.1	+0.033%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,472.2	+0.035%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,461	+0.022%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,453.3	+0.013%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,472.1	+0.035%	$5.06B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,473.5	+0.037%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,422	−0.024%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,513.1	+0.083%	$5.0M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,532	+0.105%	$3.74B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,480.3	+0.045%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,467.7	+0.030%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,482.2	+0.047%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,442	0.000%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.086%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,470	+0.033%	$5.51B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,442.2	long leg	$35.6M	$176.7M	75x
Variational Omni BTC	+0.0100%	8h	85,443.5	+0.002%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,443.2	+0.001%	$279.1M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,460.3	+0.021%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,462.1	+0.023%	$139.7M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436.8	−0.006%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,497	+0.064%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	+0.009%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,461	+0.022%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,460.2	+0.021%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,496.3	+0.063%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.8	+0.005%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,400.1	−0.049%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,461	+0.022%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449.9	+0.009%	$2.26B	$942.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,434.5	−0.009%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,466	+0.028%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,497.8	+0.065%	$117.2M	$5.19B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,470	+0.033%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,476.7	+0.040%	$187.6M	$955.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0172%	1h	85,501.8	+0.070%	$891.4M	$1.58B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,462.3	+0.023%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,473.6	+0.037%	$8.2M	$42.5M	25x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,472	+0.035%	$10.4M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0223%	1h	85,478.7	+0.043%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0224%	1h	85,438.9	−0.004%	$702K	$7.9M	30x
Perpl BTC	+0.0447%	43m	85,459.1	+0.020%	$497K	$18.8M	6.7x	as long as short