Funding you earn now, next payment 06:00 UTC+0.0132%/8h= +14.5% APRnext payment +$0.17 per $10,000 · paid last 24h +0.035%
Price spread now: Hibachi against Bulk+0.067%7-day average +0.038% · 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−$13as in the Price arb table
costs, in and out, $10k−$160.165% of the position
Funding, last 4 days (all we have)+0.117%+$12 on $10k
+Price spread, last 7 days−0.031%−$3 · spread now +0.067%, 7d avg +0.038%
=Together, before fees+0.086%+ Points / potential airdropHibachi: Active · farm board+$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hibachi is 0.030% dearer against Bulk than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.038%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,501.7 | 0.0100 | pay 0.0013% / 1h | 5m 45s | $682.6M | $531.9M | 40x |
| Short | Hibachi BTC/USDT-P | 85,559.3 | 0.0232 | get 0.0029% / 1h | 5m 45s | $694K | $8.0M | 30x |
Bulk BTC-USD
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Bulk. 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
- $27.72
- Price spread: +0.067% → +0.038%
- $2.99
- Slippage, 4 orders
- −$0.49
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $14.22
- Costs to cover
- 0.165%
- Break-even
- 3.4 days
Slippage from Bulk: live order book, 3 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 Bulk live order book, 3 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.6 bp −$357 | 4.6 bp −$2,277 |
| Sell Hibachi live order book, 3 min ago | 0.01 bp | 4.6 bp −$5 | 4.9 bp −$49 | 44.1 bp −$4,407 | 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 | 85,541.4 | +0.046% | $524K | $18.3M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,557 | +0.065% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,520 | +0.021% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0051% | 8h | 85,557.5 | +0.065% | $930.0M | $772.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0024% | 8h | 85,524.7 | +0.027% | $417.9M | $683.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,549.9 | +0.056% | $514.5M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,569.3 | +0.079% | $355K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,538.3 | +0.043% | $16.8M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,569.9 | +0.080% | $36.6M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,349 | −0.179% | $339K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0043% | 1h | 85,537.4 | +0.042% | $24.7M | $222.5M | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0052% | 1h | 85,595.2 | +0.109% | $867.8M | $1.62B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,576.1 | +0.087% | $188.6M | $953.9M | 100x | as long as short |
| BingX BTC-USDC | +0.0069% | 8h | 85,548.1 | +0.054% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0078% | 8h | 85,560.4 | +0.069% | $149.0M | $506.8M | 150x | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,550.5 | +0.057% | $2.96B | $5.18B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,572.5 | +0.083% | $171.5M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,575.7 | +0.087% | $23.7M | $149.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,563 | +0.072% | $8.4M | $55.9M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,569 | +0.079% | $5.02B | $5.76B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,554.9 | +0.062% | $2.4M | $6.7M | 20x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,601.5 | +0.117% | $117.2M | $5.45B | 50x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,569.9 | +0.080% | $9.46B | $24.92B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,533 | +0.037% | $236K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,609.6 | +0.126% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,640 | +0.162% | $3.76B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,583.5 | +0.096% | $40.1M | $598.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,549.4 | +0.056% | $5.16B | $9.98B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,551.4 | +0.058% | $2.59B | $12.26B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,536 | +0.040% | $3.8M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,557.2 | +0.065% | $4.6M | $98.8M | 40x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,501.7 | long leg | $682.6M | $531.9M | 40x | |
| Gate BTC_USDT | +0.0100% | 8h | 85,566 | +0.075% | $5.52B | $11.10B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,558.4 | +0.066% | $36.5M | $178.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,535.9 | +0.040% | $155.0M | $560.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,513.1 | +0.013% | $280.1M | $951.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,550.7 | +0.057% | $214.8M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,544.6 | +0.050% | $139.8M | $314.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,514.8 | +0.015% | $30.2M | $207.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,616.2 | +0.134% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,555 | +0.062% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,561.1 | +0.069% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,571.9 | +0.082% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,605.9 | +0.122% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,546.9 | +0.053% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,505.8 | +0.005% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,561 | +0.069% | $59.9M | $336.3M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,549.9 | +0.056% | $2.26B | $942.4M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,547 | +0.053% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,549.5 | +0.056% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0120% | 1h | 85,550.4 | +0.057% | $6.6M | $147.5M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,566.5 | +0.076% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 85,572 | +0.082% | $11.6M | $743.1M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0227% | 1h | 85,508.4 | +0.008% | $79K | $228K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0232% | 1h | 85,559.3 | +0.067% | $694K | $8.0M | 30x | |
| RISEx BTC/USDC | +0.0257% | 1h | 85,584.2 | +0.097% | $8.7M | $43.2M | 25x | as long as short |
Nado BTC-PERP
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Coinbase International BTC-PERP-INTX
Binance 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
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
RISEx BTC/USDC