Funding you earn now, next payment 21:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.01 per $10,000 · paid last 24h +0.031%
Price spread now: Hibachi against Derive−0.052%7-day average +0.045% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.376%+$38 on $10k
+Price spread, last 3 days (all we have)+0.329%+$33 · spread now −0.052%, 7d avg +0.045%
=Together, before fees+0.706%+ Points / potential airdropHibachi: Active · farm board+$71 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hibachi is 0.097% cheaper against Derive than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of +0.045%). If the spread goes back, that is −$10 on $10k: about 27 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.376% in total) that is about 43 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 87,298.3 | 0.0100 | pay 0.0013% / 1h | 31m 22s | $30.2M | $60.6M | 15x |
| Short | Hibachi BTC/USDT-P | 87,253.1 | 0.0112 | get 0.0014% / 1h | 31m 22s | $621K | $6.9M | 30x |
Derive BTC-PERP
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Derive. 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
- $2.52
- Price spread: −0.052% → +0.045%
- −$9.68
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- −$22.16
- Costs to cover
- 0.150%
- Break-even
- 68.6 days
Slippage unknown: Derive: no order-book sample; Hibachi: live order book, 3 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Hibachi live order book, 3 min ago | 0.01 bp | 5.7 bp −$6 | 6.0 bp −$60 | 45.0 bp −$4,497 | doesn't fit |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX BTC-USD | −0.0132% | 1h | 87,273.6 | −0.028% | $18.3M | $19.7M | 50x | as long as short |
| Phoenix BTC | −0.0123% | 1h | 87,236 | −0.071% | $2.2M | $12.0M | 40x | as long as short |
| Perpl BTC | −0.0112% | 43m | 87,288.4 | −0.011% | $417K | $25.9M | 6.7x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 87,251 | −0.054% | $9K | $3K | 50x | as long as short |
| Aftermath Perps BTCUSD | −0.0046% | 1h | 87,028.5 | −0.309% | $86K | $185K | 20x | as long as short |
| ApeX Omni BTCUSDT | −0.0034% | 1h | 86,865.4 | −0.496% | $141.8M | $321.8M | 100x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 87,280.5 | −0.020% | $295K | $2.4M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0005% | 8h | 87,265.6 | −0.037% | $838.8M | $694.6M | 125x | as long as short |
| Phemex BTCUSDT | −0.0003% | 8h | 87,309.5 | +0.013% | $154.2M | $455.7M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 87,311.1 | +0.015% | $37.3M | — | 200x | as long as short |
dYdX BTC-USD
Phoenix BTC
Perpl BTC
Hotstuff BTC-PERP
Aftermath Perps BTCUSD
ApeX Omni BTCUSDT
01 Exchange BTCUSD
KuCoin XBTUSDTM
Phemex BTCUSDT
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0010% | 8h | 87,274.8 | −0.027% | — | $15.2M | — | as long as short |
| RISEx BTC/USDC | +0.0010% | 1h | 87,293.1 | −0.006% | $8.7M | $40.9M | 25x | as long as short |
| Bitget BTCUSDT | +0.0013% | 8h | 87,281.2 | −0.020% | $2.98B | $5.04B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0016% | 1h | 87,280 | −0.021% | $7.0M | $141.9M | 40x | as long as short |
| Aster BTCUSDT | +0.0035% | 8h | 87,278.4 | −0.023% | $510.8M | $1.16B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0035% | 1h | 87,347 | +0.056% | $312K | $26.9M | 52x | as long as short |
| OKX BTC-USDT-SWAP | +0.0036% | 8h | 87,275 | −0.027% | $2.63B | $12.63B | 100x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0041% | 1h | 87,378.8 | +0.092% | $198.8M | $914.1M | 100x | as long as short |
| MEXC BTC_USDT | +0.0044% | 8h | 87,281.8 | −0.019% | $5.22B | $5.52B | 500x | as long as short |
| Binance BTCUSDT | +0.0044% | 8h | 87,283.1 | −0.017% | $9.58B | $23.99B | 150x | as long as short |
| Aevo BTC-PERP | +0.0048% | 1h | 87,284.4 | −0.016% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0060% | 8h | 87,277 | −0.024% | $5.96B | $10.45B | 200x | as long as short |
| SoDEX BTC-USD | +0.0071% | 1h | 87,282 | −0.019% | $57.5M | $332.5M | 40x | as long as short |
| Bybit BTCUSDT | +0.0078% | 8h | 87,283.5 | −0.017% | $5.35B | $9.56B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0085% | 1h | 87,381.4 | +0.095% | $933.4M | $1.32B | 50x | as long as short |
| Bulk BTC-USD | +0.0090% | 1h | 87,280.5 | −0.020% | $575.7M | $25.9M | 40x | as long as short |
| Orderly PERP_BTC_USDC | +0.0092% | 8h | 87,300.2 | +0.002% | $2.5M | $8.2M | 100x | as long as short |
| Variational Omni BTC | +0.0092% | 8h | 86,903.5 | −0.452% | $165.1M | $544.5M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 87,262.8 | −0.041% | $174.5M | $999.5M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 87,268.1 | −0.035% | $24.6M | $148.5M | 50x | as long as short |
| GRVT BTC_USDT_Perp | +0.0096% | 8h | 86,876.6 | −0.483% | $218.0M | $185.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 87,255 | −0.050% | $8.6M | $51.7M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 87,306.1 | +0.009% | $4.4M | $7.7M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 87,267 | −0.036% | $186K | $6.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 87,238.6 | −0.068% | $23.4M | $235.0M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 87,279.9 | −0.021% | $37.0M | $459.3M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 87,281 | −0.020% | $4.0M | $18.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 87,337.1 | +0.044% | $7.5M | $93.9M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 87,283.1 | −0.017% | $38.8M | $143.2M | 75x | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,866.8 | −0.494% | $285.4M | $919.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,875.9 | −0.484% | $30.8M | $206.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 87,314.4 | +0.018% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 87,292 | −0.007% | $11.1M | $13.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 87,284 | −0.016% | $230K | $3.4M | 20x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 87,266.4 | −0.037% | $161K | $574K | 40x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 87,298.3 | long leg | $30.2M | $60.6M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 87,341.9 | +0.050% | $3.5M | $5.7M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 87,303.5 | +0.006% | $2.32B | $932.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 87,256.6 | −0.048% | $46.7M | $227.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 87,351.2 | +0.061% | — | $94.2M | 500x | as long as short |
| Kalshi KXBTCPERP | +0.0111% | 8h | 87,291 | −0.008% | $9.5M | $714.3M | 6.4x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0112% | 1h | 87,253.1 | −0.052% | $621K | $6.9M | 30x | |
| Coinbase International BTC-PERP-INTX | +0.0136% | 1h | 87,397 | +0.113% | $132.3M | $5.99B | 50x | as long as short |
| BloFin BTC-USDT | +0.0165% | 8h | 86,924.3 | −0.428% | $422.5M | $630.4M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0177% / S −0.0196% | 1h | 87,299.6 | +0.001% | $14.1M | — | 200x | as long as short |
| Hyperliquid BTC | +0.0265% | 1h | 87,370 | +0.082% | $4.04B | $4.92B | 40x | as long as short |
BingX BTC-USDC
RISEx BTC/USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Aster BTCUSDT
Injective BTC/USDC PERP
OKX BTC-USDT-SWAP
Kraken Futures PF_XBTUSD
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
SoDEX BTC-USD
Bybit BTCUSDT
Deribit BTC-PERPETUAL
Bulk BTC-USD
Orderly PERP_BTC_USDC
Variational Omni BTC
Lighter BTC
Lighter RH BTC
GRVT BTC_USDT_Perp
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Nado BTC-PERP
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Backpack BTC_USDC_PERP
edgeX BTCUSDC
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kalshi KXBTCPERP
Coinbase International BTC-PERP-INTX
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Hyperliquid BTC