Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.032%

Price spread now: Bybit against Hibachi+0.056%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on Hibachi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$36 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.056%, 7d avg −0.037%

Together, before fees−0.467%+ Points / potential airdropHibachi: Active · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.093% dearer against Hibachi than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.037%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,356	0.0240	pay 0.0030% / 1h	27m 50s	$685K	$7.9M	30x
Short	Bybit BTCUSDT	85,403.7	0.0100	get 0.0100% / 8h	1h 27m	$5.15B	$9.99B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$29.41
Price spread: +0.056% → −0.037%: $9.3
Slippage, 4 orders: −$0.95
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.06
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	0.01 bp	4.8 bp −$5	5.8 bp −$58	41.7 bp −$4,168	doesn't fit
Sell Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.5 bp −$551	6.7 bp −$3,342

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	−0.0082%	1h	85,329	−0.032%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	−0.050%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,383.8	+0.033%	$928.5M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.051%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,400	+0.052%	$513.1M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,330.8	−0.029%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,329.2	−0.031%	$492K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.086%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,348.2	−0.009%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,317.7	−0.045%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.128%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,402.2	+0.054%	—	$1.56B	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	−0.058%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,330.5	−0.030%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,358.6	+0.003%	$185.5M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,442.1	+0.101%	$2.97B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,400.9	+0.053%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,413.8	+0.068%	$9.43B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,359.1	+0.004%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,353.9	−0.002%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,325	−0.036%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.060%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,403.7	+0.056%	$5.15B	$9.99B	150x
Paradex BTC-USD-PERP	+0.0100%	8h	85,390.7	+0.041%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,442	+0.101%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.5	+0.004%	$39.9M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,449.9	+0.110%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,315	−0.048%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,318.7	−0.044%	$5.1M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,406.6	+0.059%	$5.55B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,354.9	−0.001%	$37.1M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.094%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.104%	$279.4M	$951.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.073%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,321.9	−0.040%	$30.1M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,383.9	+0.033%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,328	−0.033%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,337	−0.022%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,337.2	−0.022%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,376.4	+0.024%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.166%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,313.5	−0.050%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,340	−0.019%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326.2	−0.035%	$2.26B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,353.2	−0.003%	$152.2M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.101%	$683.1M	$415.1M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,382.5	+0.031%	$862.2M	$1.64B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.5	+0.028%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,332.2	−0.028%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,380.5	+0.029%	$115.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.057%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,358	+0.002%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,348	−0.009%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,357.3	+0.002%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-Plong	+0.0240%	1h	85,356	long leg	$685K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0259%	1h	85,324.1	−0.037%	$79K	$230K	20x	as long as short