Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0230%/8h= −25.1% APRpaid last 24h −0.064%

Price spread now: BloFin against Hibachi−0.124%47s7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as 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−$220.223% of the position

Long on Hibachi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now −0.124%, 7d avg −0.046%

Together, before fees−0.323%+ Points / potential airdropHibachi: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BloFin is 0.078% cheaper against Hibachi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.046%). Swap the legs. The two prices were read 47 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	Hibachi BTC/USDT-P	85,468.9	0.0200	pay 0.0025% / 1h	37m 36s	$692K	$7.9M	30x
Short	BloFin BTC-USDT	85,363.3	−0.0030	pay 0.0030% / 8h	4h 37m	$416.0M	$665.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hibachi. 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 HibachibpFee BloFinbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$48.22
Price spread: −0.124% → −0.046%: −$7.79
Slippage, 4 orders: −$1.26
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$78.27
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Hibachi: live order book, 2 min ago; BloFin: live order book, 7 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 Hibachi live order book, 2 min ago	0.01 bp	4.7 bp −$5	4.7 bp −$47	43.1 bp −$4,308	doesn't fit
Sell BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$618	7.2 bp −$3,587

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
Bluefin BTC-PERP	−0.0256%	1h	85,483.2	+0.017%	$207K	$739K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.098%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,452	−0.020%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,374.4	−0.111%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDTshort	−0.0030%	8h	85,363.3	−0.124%	$416.0M	$665.1M	150x
KuCoin XBTUSDTM	−0.0009%	8h	85,410	−0.069%	$919.1M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,448.8	−0.024%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,419	−0.058%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,428.4	−0.047%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,395	−0.087%	$4.9M	$97.3M	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-USDT	+0.0061%	8h	85,410.6	−0.068%	—	$1.54B	—	as long as short
Nado BTC-PERP	+0.0062%	1h	85,437.7	−0.037%	$25.7M	$220.8M	50x	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,407.4	−0.072%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,433.1	−0.042%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,432.5	−0.043%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,416.1	−0.062%	$5.05B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,418.3	−0.059%	$9.35B	$24.06B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,422	−0.055%	$172.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,431.1	−0.044%	$23.7M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,401	−0.079%	$8.4M	$52.7M	100x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,429.1	−0.047%	$149.5M	$484.4M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,475.5	+0.008%	$4.3M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,390	−0.092%	$217K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,502	+0.039%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,446.5	−0.026%	$40.0M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,406.5	−0.073%	$5.23B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,410.2	−0.069%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,423	−0.054%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,415.1	−0.063%	$5.52B	$10.64B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,417.5	−0.060%	$35.7M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	−0.018%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.068%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,454	−0.017%	$214.5M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.1	−0.035%	$139.7M	$314.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,454.6	−0.017%	$30.2M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,477.4	+0.010%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	−0.043%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,439.4	−0.035%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,438.5	−0.036%	$2.5M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,439.7	−0.034%	$29.9M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,414.5	−0.064%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,429	−0.047%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,410.9	−0.068%	$2.26B	$941.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.052%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.6	−0.105%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.3	−0.058%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,463	−0.007%	$116.9M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.082%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,475.5	+0.008%	$894.2M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,442.4	−0.031%	$188.4M	$954.7M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,435.4	−0.039%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-Plong	+0.0200%	1h	85,468.9	long leg	$692K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0200%	1h	85,489.2	+0.024%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,444.9	−0.028%	$13.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,436	−0.039%	$10.4M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,388.1	−0.095%	$499K	$18.9M	6.7x	as long as short