BTC

Alert

Funding spread now, next payment 18:00 UTC−0.0020%/8h

paid, last 24h−0.043%paid, last 3 days−0.398%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,918.7	0.0120	pay 0.0015% / 1h	28m 48s	$752K	$7.1M	30x
Short	Katana Perps BTC-USD	85,847	0.0100	get 0.0100% / 8h	6h 28m	$189K	$5.7M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee HibachibpFee Katana PerpsbpOrdersRate

Funding earned: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$17.04
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 2 min ago; Katana Perps: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.084%
Avg gap 7d: −0.072%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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	5.4 bp −$5	6.4 bp −$64	40.1 bp −$4,006	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.2035%	1h	$143K	$411K	40x	as long as short
Arcus BTC-USD	−0.0377%	1h	$6.8M	$85.1M	40x	as long as short
Perpl BTC	−0.0223%	43m	$406K	$26.7M	6.7x	as long as short
Phoenix BTC	−0.0096%	1h	$1.9M	$11.0M	40x	as long as short
BloFin BTC-USDT	−0.0094%	8h	$424.3M	$566.5M	150x	as long as short
ApeX Omni BTCUSDT	−0.0094%	1h	$139.2M	$319.1M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0073%	1h	$190.1M	$813.9M	100x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	$302K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0028%	1h	$17.1M	$18.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
SoDEX BTC-USD	−0.0024%	1h	$60.8M	$284.3M	40x	as long as short
Bulk BTC-USD	−0.0019%	1h	$560.6M	$139.0M	40x	as long as short
Injective BTC/USDC PERP	−0.0019%	1h	$308K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	−0.0018%	1h	$6.7M	$138.1M	40x	as long as short
Phemex BTCUSDT	−0.0011%	8h	$148.1M	$415.8M	150x	as long as short
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.68B	150x	as long as short
BingX BTC-USDT	−0.0005%	8h	—	$1.37B	—	as long as short
Gate BTC_USDT	−0.0001%	8h	$6.07B	$9.56B	200x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	$796.4M	$614.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.7M	—	200x	as long as short
OKX BTC-USDT-SWAP	+0.0014%	8h	$2.66B	$11.55B	100x	as long as short
Aster BTCUSDT	+0.0014%	8h	$504.5M	$1.10B	200x	as long as short
Bybit BTCUSDT	+0.0015%	8h	$5.24B	$8.58B	150x	as long as short
Extended BTC-USD	+0.0016%	1h	$48.7M	$199.6M	50x	as long as short
Aevo BTC-PERP	+0.0024%	1h	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0025%	8h	$5.17B	$5.13B	500x	as long as short
Binance BTCUSDT	+0.0026%	8h	$9.47B	$22.09B	150x	as long as short
Popdex BTCUSDT	+0.0040%	1h	$8.5M	$46.5M	100x	as long as short
RISEx BTC/USDC	+0.0040%	1h	$9.2M	$38.6M	25x	as long as short
Variational Omni BTC	+0.0065%	8h	$171.9M	$505.5M	—	as long as short
StandX BTC-USD	+0.0066%	1h	$30.7M	$225.3M	40x	as long as short
Aftermath Perps BTCUSD	+0.0078%	1h	$86K	$154K	20x	as long as short
Bullet BTC-USD	+0.0091%	1h	$228K	$3.3M	20x	as long as short
Paradex BTC-USD-PERP	+0.0096%	8h	$4.4M	$6.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	$171.4M	$942.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.7M	$136.5M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	$189K	$5.7M	50x
Nado BTC-PERP	+0.0100%	1h	$23.4M	$227.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$397.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.0M	$16.7M	25x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.2M	$126.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$280.2M	$882.2M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.1M	$11.7M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.4M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.4M	$59.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.8M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	$2.28B	$835.3M	200x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$84.7M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	$13.2M	$633.2M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0115%	1h	$915.1M	$1.11B	50x	as long as short
Hibachi BTC/USDT-Plong	+0.0120%	1h	$752K	$7.1M	30x
Hyperliquid BTC	+0.0139%	1h	$3.92B	$4.40B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
Coinbase International BTC-PERP-INTX	+0.0184%	1h	$128.4M	$5.91B	50x	as long as short