BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0132%/8h= −14.4% APRnext payment −$0.16 per $10,000 · paid last 24h −0.062%

Price spread now: gTrade (Gains Network) against Hibachi−0.003%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Hibachi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.205%−$20 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.003%, 7d avg −0.028%

Together, before fees−0.217%+ Points / potential airdropHibachi: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.025% dearer against Hibachi than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.028%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,631.6	0.0136	pay 0.0017% / 1h	35m 46s	$697K	$7.9M	30x
Short	gTrade (Gains Network) BTC/USD	85,628.8	L +0.0004% / S −0.0004%	get 0.0001% / 1h	35m 46s	$36.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.003%Rate

Funding earned: −$27.66
Price spread: −0.003% → −0.028%: $2.49
Slippage, 4 orders: −$1.69
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$42.86
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 Hibachi live order book, 3 min ago	0.01 bp	4.5 bp −$5	4.9 bp −$49	39.7 bp −$3,966	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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	−0.0144%	1h	85,678	+0.054%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,570	−0.072%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.258%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,597.7	−0.040%	$368K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,624.7	−0.008%	$515K	$21.1M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,615	−0.019%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,628.8	−0.003%	$36.6M	—	200x
ApeX Omni BTCUSDT	+0.0017%	1h	85,575.3	−0.066%	$139.9M	$320.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,524	−0.126%	$339K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,592.3	−0.046%	$496.3M	$1.14B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	85,584.3	−0.055%	$900.9M	$758.9M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,617.8	−0.016%	$7.9M	$42.5M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,600.6	−0.036%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0055%	1h	85,615.5	−0.019%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0064%	8h	85,607.9	−0.028%	$2.27B	$958.9M	200x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,576.3	−0.065%	$2.94B	$5.14B	150x	as long as short
Nado BTC-PERP	+0.0071%	1h	85,562.9	−0.080%	$22.7M	$230.2M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,613.5	−0.021%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0086%	8h	85,597.8	−0.040%	$5.61B	$10.49B	200x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,596.5	−0.041%	$5.07B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,593.7	−0.044%	$9.31B	$24.57B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,598	−0.039%	$169.4M	$984.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,599.3	−0.038%	$23.2M	$146.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,610	−0.025%	$8.4M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,578	−0.063%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,564.1	−0.079%	$3.8M	$8.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,651	+0.023%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,622	−0.011%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,605.5	−0.031%	$5.28B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,598.7	−0.038%	$2.53B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,575	−0.066%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,584.8	−0.055%	$7.3M	$98.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,604	−0.032%	$35.1M	$162.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	−0.015%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,518.2	−0.133%	$277.3M	$942.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,595.7	−0.042%	$214.7M	$167.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,561.7	−0.082%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,658.3	+0.031%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,611	−0.024%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,621	−0.012%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,623.2	−0.010%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,666.7	+0.041%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,625.8	−0.007%	$30.0M	$57.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,537.7	−0.110%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,620	−0.014%	$59.9M	$337.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,631.2	−0.001%	$153.6M	$480.4M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.052%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,566.9	−0.076%	$44.6M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,594.3	−0.044%	—	$102.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,647	+0.018%	$130.8M	$5.25B	50x	as long as short
Hibachi BTC/USDT-Plong	+0.0136%	1h	85,631.6	long leg	$697K	$7.9M	30x
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,637.5	+0.007%	$188.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0158%	1h	85,651.8	+0.023%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0192%	1h	85,624.9	−0.008%	$13.7M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,628	−0.004%	$10.1M	$770.7M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0221%	1h	85,664.6	+0.038%	$893.9M	$1.55B	50x	as long as short