Funding you earn now, next payment 05:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h +0.048%
Price spread now: Hibachi against Phemex+0.043%7-day average +0.040% · you sell dearer than you buy
Net, funding: paid 7d − costs+$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$210.214% of the position
Funding, last 7 days+0.385%+$39 on $10k
+Price spread, last 4 days (all we have)+0.039%+$4 · spread now +0.043%, 7d avg +0.040%
=Together, before fees+0.424%+ Points / potential airdropHibachi: Active · farm board+$42 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: +$5 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,592.6 | 0.0071 | pay 0.0071% / 8h | 3h 43m | $148.5M | $491.7M | 150x |
| Short | Hibachi BTC/USDT-P | 85,629.7 | 0.0248 | get 0.0031% / 1h | 43m 00s | $696K | $7.9M | 30x |
Phemex BTCUSDT
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $37.27
- Price spread: +0.043% → +0.040%
- $0.31
- Slippage, 4 orders
- −$0.41
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $16.17
- Costs to cover
- 0.214%
- Break-even
- 4.0 days
Slippage from Phemex: live order book, 6 min ago; Hibachi: live order book, 1 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 Phemex live order book, 6 min ago | 0.01 bp | 6.0 bp −$6 | 6.6 bp −$66 | 8.9 bp −$885 | doesn't fit |
| Sell Hibachi live order book, 1 min ago | 0.01 bp | 4.9 bp −$5 | 5.4 bp −$54 | 44.7 bp −$4,472 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0140% | 1h | 85,597 | +0.005% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,610 | +0.020% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0040% | 8h | 85,589.9 | −0.003% | $916.9M | $756.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,599.6 | +0.008% | $418.3M | $675.6M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,599.6 | +0.008% | $366K | $2.3M | 50x | as long as short |
| Nado BTC-PERP | −0.0001% | 1h | 85,580.4 | −0.014% | $24.7M | $222.4M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,631.4 | +0.045% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,608 | +0.018% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 85,571.8 | −0.024% | $515.3M | $1.10B | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0023% | 1h | 85,628.5 | +0.042% | $884.3M | $1.59B | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.114% | $340K | $26.9M | 52x | as long as short |
| BingX BTC-USDT | +0.0065% | 8h | 85,583.1 | −0.011% | — | $1.54B | — | as long as short |
| Phemex BTCUSDTlong | +0.0071% | 8h | 85,592.6 | long leg | $148.5M | $491.7M | 150x | |
| SoDEX BTC-USD | +0.0077% | 1h | 85,584 | −0.010% | $60.0M | $336.1M | 40x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,562.6 | −0.035% | $2.95B | $5.11B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0094% | 1h | 85,601.7 | +0.011% | $6.6M | $147.0M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,602.5 | +0.012% | $172.0M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,603.2 | +0.012% | $24.0M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,583 | −0.011% | $8.7M | $54.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,581.6 | −0.013% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,567 | −0.030% | $203K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,644 | +0.060% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,684 | +0.107% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,617.1 | +0.029% | $40.6M | $584.8M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,568.3 | −0.028% | $9.41B | $24.31B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,558.1 | −0.040% | $5.19B | $9.84B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,572.9 | −0.023% | $2.59B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,580 | −0.015% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,575.6 | −0.020% | $4.4M | $98.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,601 | +0.010% | $5.55B | $10.77B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,595.4 | +0.003% | $5.06B | $5.64B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,586.7 | −0.007% | $35.5M | $177.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,612.6 | +0.023% | $153.5M | $564.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,612.9 | +0.024% | $279.7M | $927.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,598.4 | +0.007% | $215.0M | $169.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,592.9 | 0.000% | $140.0M | $315.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.5 | +0.041% | $30.2M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,654.7 | +0.072% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,603 | +0.012% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,605 | +0.014% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,586.6 | −0.007% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,633.1 | +0.047% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,579.2 | −0.016% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,575.4 | −0.020% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,587.3 | −0.006% | $2.27B | $946.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,580.4 | −0.014% | $679.0M | $730.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,538.5 | −0.063% | $44.9M | $231.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,601.9 | +0.011% | — | $107.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,623.7 | +0.036% | $117.0M | $5.22B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,605 | +0.014% | $187.9M | $955.1M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,619.5 | +0.031% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0177% | 1h | 85,609.1 | +0.019% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0220% | 8h | 85,625 | +0.038% | $12.0M | $755.9M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0232% | 1h | 85,626.8 | +0.040% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0248% | 1h | 85,629.7 | +0.043% | $696K | $7.9M | 30x | |
| Perpl BTC | +0.0335% | 43m | 85,595.4 | +0.003% | $500K | $18.8M | 6.7x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDT
SoDEX BTC-USD
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Perpl BTC