Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRnext payment −$0.04 per $10,000 · paid last 24h −0.029%
Price spread now: Derive against Hibachi−0.192%7-day average −0.044% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.377%−$38 on $10k
+Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.192%, 7d avg −0.044%
=Together, before fees−0.266%+ Points / potential airdropHibachi: Active · farm board−$27 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.148% cheaper against Hibachi than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.044%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 86,135.7 | 0.0128 | pay 0.0016% / 1h | 2m 56s | $722K | $8.0M | 30x |
| Short | Derive BTC-PERP | 85,970.5 | 0.0100 | get 0.0013% / 1h | 2m 56s | $30.1M | $57.0M | 15x |
Hibachi BTC/USDT-P
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive against Hibachi. 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
- −$5.88
- Price spread: −0.192% → −0.044%
- −$14.79
- Slippage, 4 orders
- no order book: not counted
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$35.67
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Hibachi: live order book, 1 min ago; Derive: no order-book sample. 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 Hibachi live order book, 1 min ago | 0.01 bp | 4.6 bp −$5 | 5.6 bp −$56 | 42.1 bp −$4,212 | doesn't fit |
| Sell Derive no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0129% | 1h | 86,100 | −0.041% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,961 | −0.203% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,944.2 | −0.222% | $362K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,939.7 | −0.228% | $525K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,964.3 | −0.199% | $36.7M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0023% | 1h | 85,950.3 | −0.215% | $16.8M | $20.5M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,155 | +0.022% | $342K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0031% | 8h | 85,947.6 | −0.218% | $498.4M | $1.13B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0043% | 8h | 85,960.6 | −0.203% | $819.1M | $715.8M | 125x | as long as short |
| HTX BTC-USDT | +0.0049% | 8h | 85,900 | −0.274% | $2.28B | $960.6M | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
HTX BTC-USDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0050% | 1h | 85,953 | −0.212% | $6.7M | $145.8M | 40x | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 85,960 | −0.204% | $8.2M | $42.4M | 25x | as long as short |
| BingX BTC-USDT | +0.0053% | 8h | 85,959.8 | −0.204% | — | $1.58B | — | as long as short |
| SoDEX BTC-USD | +0.0066% | 1h | 85,940 | −0.227% | $60.2M | $338.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0066% | 8h | 85,924.1 | −0.246% | $2.95B | $5.08B | 150x | as long as short |
| Gate BTC_USDT | +0.0080% | 8h | 85,958.4 | −0.206% | $5.73B | $10.70B | 200x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,943.4 | −0.223% | $2.5M | $1.8M | 20x | as long as short |
| Binance BTCUSDT | +0.0082% | 8h | 85,945.7 | −0.221% | $9.35B | $24.36B | 150x | as long as short |
| MEXC BTC_USDT | +0.0082% | 8h | 85,963.3 | −0.200% | $5.10B | $5.78B | 500x | as long as short |
| Bluefin BTC-PERP | +0.0096% | 1h | 85,982.2 | −0.178% | $144K | $666K | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,942.1 | −0.225% | $169.7M | $999.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,927.4 | −0.242% | $23.4M | $152.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,941 | −0.226% | $8.4M | $52.1M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,923 | −0.247% | $202K | $7.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,946.5 | −0.220% | $4.2M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,900.1 | −0.274% | $21.8M | $226.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,992 | −0.167% | $3.76B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,984 | −0.176% | $40.7M | $560.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,951.1 | −0.214% | $5.23B | $9.68B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,939.1 | −0.228% | $2.54B | $12.43B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,943 | −0.224% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,949.8 | −0.216% | $7.3M | $96.7M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,921.8 | −0.248% | $35.3M | $161.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,079.3 | −0.065% | $156.4M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,114.1 | −0.025% | $278.1M | $940.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,079 | −0.066% | $216.0M | $163.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,088.3 | −0.055% | $140.8M | $320.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,109.6 | −0.030% | $30.6M | $206.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,028.5 | −0.124% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,954 | −0.211% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,936 | −0.232% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,953 | −0.212% | $2.4M | $9.1M | 100x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 85,970.5 | −0.192% | $30.1M | $57.0M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,932.5 | −0.236% | $3.3M | $5.4M | 100x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,912.7 | −0.259% | $155.0M | $473.8M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,141.5 | +0.007% | $581.0M | $76.4M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,946.5 | −0.220% | $45.7M | $224.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,029.4 | −0.123% | — | $99.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 85,947 | −0.219% | $131.4M | $5.26B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0122% | 1h | 85,959.7 | −0.204% | $187.9M | $958.1M | 100x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0128% | 1h | 86,135.7 | long leg | $722K | $8.0M | 30x | |
| Aftermath Perps BTCUSD | +0.0167% | 1h | 86,142.2 | +0.008% | $77K | $217K | 20x | as long as short |
| BloFin BTC-USDT | +0.0202% | 8h | 85,917.9 | −0.253% | $414.9M | $641.1M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0205% | 8h | 85,997 | −0.161% | $10.3M | $766.7M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0207% / S −0.0222% | 1h | 85,955.7 | −0.209% | $14.4M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0214% | 1h | 85,984.2 | −0.176% | $902.8M | $1.51B | 50x | as long as short |
Reya BTCRUSDPERP
RISEx BTC/USDC
BingX BTC-USDT
SoDEX BTC-USD
Bitget BTCUSDT
Gate BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Bluefin BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
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
SunX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
BloFin BTC-USDT
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL