Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.031%

Price spread now: Orderly against Hibachi−0.032%7-day average −0.040% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hibachi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$29 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.032%, 7d avg −0.040%

Together, before fees−0.317%+ Points / potential airdropHibachi: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,569.1	0.0240	pay 0.0030% / 1h	17m 32s	$701K	$7.9M	30x
Short	Orderly PERP_BTC_USDC	85,541.5	0.0100	get 0.0100% / 8h	3h 17m	$2.5M	$8.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.032%Rate

Funding earned: −$29.4
Price spread: −0.032% → −0.040%: $0.77
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$43.63
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 2 min ago; Orderly: 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, 2 min ago	0.01 bp	4.6 bp −$5	4.9 bp −$49	42.8 bp −$4,278	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0140%	1h	85,468	−0.118%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,583	+0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,568.7	0.000%	$920.7M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,549.9	−0.022%	$420.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,584.3	+0.018%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,528.6	−0.047%	$505K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,519.3	−0.058%	$24.5M	$223.0M	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	85,563.2	−0.007%	$515.3M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,561.1	−0.009%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,584.5	+0.018%	$16.8M	$21.3M	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	+0.0044%	1h	85,552	−0.020%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0054%	1h	85,550	−0.022%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,569.5	0.000%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,560.1	−0.011%	$148.9M	$496.4M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,572	+0.003%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,569.8	+0.001%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,566.8	−0.003%	$9.45B	$24.44B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,588.1	+0.022%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,592.4	+0.027%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,566	−0.004%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,548.7	−0.024%	$2.7M	$2.6M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,562	−0.008%	$229K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,625	+0.065%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,664	+0.111%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,607.8	+0.045%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,559.7	−0.011%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,566.9	−0.003%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,576	+0.008%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,572.6	+0.004%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,576.3	+0.008%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,551.6	−0.020%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	−0.040%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.4	−0.087%	$279.2M	$930.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	−0.025%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,536.9	−0.038%	$139.8M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,524.3	−0.052%	$30.2M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,594.5	+0.030%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,546	−0.027%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,548.4	−0.024%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,541.5	−0.032%	$2.5M	$8.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,597.8	+0.034%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,539.3	−0.035%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,529.6	−0.046%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,541.3	−0.033%	$2.27B	$949.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.143%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,542.2	−0.031%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,542.3	−0.031%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,533.9	−0.041%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,606.2	+0.043%	$117.2M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0114%	1h	85,598.7	+0.035%	$872.1M	$1.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,575.1	+0.007%	$188.0M	$957.0M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,609	+0.047%	$8.7M	$42.9M	25x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,576	+0.008%	$11.5M	$753.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,555.3	−0.016%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-Plong	+0.0240%	1h	85,569.1	long leg	$701K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0255%	1h	85,553	−0.019%	$78K	$222K	20x	as long as short