BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0202%/8h= −22.1% APRnext payment −$0.25 per $10,000 · paid last 24h −0.010%

Price spread now: Hyperliquid against Hibachi+0.163%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Hibachi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.280%−$28 on $10k

Price spread, last 7 days−0.187%−$19 · spread now +0.163%, 7d avg +0.006%

Together, before fees−0.466%+ Points / potential airdropHibachi: Active · Hyperliquid: Season 2 · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.157% dearer against Hibachi than usual: you sell high and buy low (spread +0.163% now, against its 7-day average of +0.006%): +$16 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,344.3	0.0352	pay 0.0044% / 1h	26m 37s	$687K	$7.6M	30x
Short	Hyperliquid BTC	85,483.4	0.0150	get 0.0019% / 1h	26m 37s	$3.84B	$5.15B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.163%Rate

Funding earned: −$42.44
Price spread: +0.163% → +0.006%: $15.66
Slippage, 4 orders: −$2.66
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.43
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; Hyperliquid: live order book, 8 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	4.8 bp −$48	42.5 bp −$4,253	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.06 bp	4.6 bp −$5	5.0 bp −$50	5.5 bp −$554	doesn't fit

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	−0.1041%	1h	85,454.6	+0.129%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,413	+0.080%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,417.2	+0.085%	$424.0M	$660.0M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,430	+0.100%	$307K	$25.4M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,389.8	+0.053%	$353K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,332.1	−0.014%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,401	+0.066%	$939.8M	$768.4M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,389.5	+0.053%	$502.8M	$1.07B	200x	as long as short
dYdX BTC-USD	+0.0058%	1h	85,382.8	+0.045%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,435	+0.106%	$186.0M	$927.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,395	+0.059%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,359.9	+0.018%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0093%	1h	85,403	+0.069%	$24.0M	$215.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,406.3	+0.073%	$171.4M	$948.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,405.4	+0.072%	$23.5M	$134.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,390	+0.054%	$8.7M	$58.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,408	+0.075%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,361	+0.020%	$265K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,426	+0.096%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,427.7	+0.098%	$40.2M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,394.9	+0.059%	$9.39B	$24.61B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,387.5	+0.051%	$5.08B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,388.8	+0.052%	$2.61B	$11.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,384	+0.047%	$3.9M	$17.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,390.2	+0.054%	$5.0M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.048%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,386.3	+0.049%	$5.49B	$9.94B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,390.5	+0.054%	$5.05B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,376.9	+0.038%	$2.98B	$4.98B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.2	+0.077%	$37.5M	$193.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	+0.062%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,402.6	+0.068%	$285.5M	$965.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,409.3	+0.076%	$214.4M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,416.3	+0.084%	$136.6M	$311.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,340.2	−0.005%	$30.1M	$218.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,481.8	+0.161%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,260	−0.099%	$10.9M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,429.9	+0.100%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,416.3	+0.084%	$2.7M	$9.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	+0.118%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,435.7	+0.107%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	+0.085%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,412.6	+0.080%	$2.26B	$962.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,434.8	+0.106%	$164.0M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,350.3	+0.007%	$45.8M	$238.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,417.8	+0.086%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,464	+0.140%	$111.8M	$5.38B	50x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,399.3	+0.064%	$6.6M	$136.9M	40x	as long as short
Hyperliquid BTCshort	+0.0150%	1h	85,483.4	+0.163%	$3.84B	$5.15B	40x
Deribit BTC-PERPETUAL	+0.0169%	1h	85,471.4	+0.149%	$832.9M	$1.66B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,436.1	+0.108%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0192%	8h	85,422	+0.091%	$10.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,407.2	+0.074%	$8.9M	$42.1M	25x	as long as short
Aftermath Perps BTCUSD	+0.0340%	1h	85,446.1	+0.119%	$81K	$260K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0352%	1h	85,344.3	long leg	$687K	$7.6M	30x
Perpl BTC	+0.0447%	43m	85,413.2	+0.081%	$455K	$17.9M	6.7x	as long as short