Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.079%

Price spread now: Hibachi against Perpl+0.117%7-day average +0.022% · you sell dearer than you buy

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

Long on Perpl Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 7 days−0.183%−$18 · spread now +0.117%, 7d avg +0.022%

Together, before fees−0.168%+ Points / potential airdropPerpl: Active · Hibachi: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hibachi is 0.096% dearer against Perpl than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,586.8	0.0112	pay 0.0010% / 43m	37m 59s	$418K	$23.2M	6.7x
Short	Hibachi BTC/USDT-P	86,688.4	0.0184	get 0.0023% / 1h	41m 59s	$729K	$8.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee HibachibpOrdersPrice spread, now +0.117%Rate

Funding earned: $15.2
Price spread: +0.117% → +0.022%: $9.55
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $1.95
Costs to cover: 0.228%
Break-even: 6.1 days

Slippage unknown: Perpl: no order-book sample; Hibachi: live order book, 2 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 2 min ago	0.01 bp	4.7 bp −$5	4.8 bp −$48	44.8 bp −$4,483	doesn't fit

Perpl: 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	−0.0118%	1h	86,580	−0.008%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.015%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.022%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,586.6	0.000%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,589.2	+0.003%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,597.6	+0.013%	$916.4M	$1.49B	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,568.9	−0.021%	$502.3M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,585.7	−0.001%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,566.3	−0.024%	$850.9M	$715.1M	125x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,630.3	+0.050%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0027%	1h	86,572.2	−0.017%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,563.5	−0.027%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,578.5	−0.010%	$150.4M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,557.8	−0.033%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,564.5	−0.026%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,565.1	−0.025%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,564.4	−0.026%	$9.43B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,561.3	−0.029%	$5.88B	$10.74B	200x	as long as short
SoDEX BTC-USD	+0.0093%	1h	86,564	−0.026%	$60.5M	$337.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,570.6	−0.019%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,585	−0.002%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,575	−0.014%	$8.5M	$52.6M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,563	−0.027%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.4	+0.033%	$4.8M	$8.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,560.9	−0.030%	$5.27B	$9.82B	150x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,591.4	+0.005%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,640	+0.061%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,614.4	+0.032%	$40.8M	$524.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,566.5	−0.023%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,603	+0.019%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,610.9	+0.028%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.030%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,561.4	−0.029%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	+0.049%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.065%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,648.3	+0.071%	$217.6M	$172.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.087%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,596.7	+0.011%	$30.7M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,628.4	+0.048%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	−0.015%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,570	−0.019%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,569.6	−0.020%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,596.3	+0.011%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,595.8	+0.010%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,626	+0.045%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,566.1	−0.024%	$2.30B	$970.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.9	−0.044%	$45.5M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.2	−0.003%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,588.1	+0.001%	$193.5M	$951.7M	100x	as long as short
Perpl BTClong	+0.0112%	43m	86,586.8	long leg	$418K	$23.2M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,600.9	+0.016%	$132.7M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0119%	1h	86,610.6	+0.027%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0184%	1h	86,688.4	+0.117%	$729K	$8.1M	30x
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0216%	1h	86,579.7	−0.008%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,567.3	−0.023%	$413.7M	$658.7M	150x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,606	+0.022%	$9.7M	$743.6M	6.4x	as long as short