BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0122%/8h= +13.3% APRnext payment +$0.15 per $10,000 · paid last 24h +0.076%

Price spread now: Hibachi against Reya+0.111%7-day average +0.076% · you sell dearer than you buy

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

Long on Reya Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.131%+$13 on $10k

Price spread, last 7 days−0.044%−$4 · spread now +0.111%, 7d avg +0.076%

Together, before fees+0.087%+ Points / potential airdropReya: Active · Hibachi: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hibachi is 0.035% dearer against Reya than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,385.4	0.0046	pay 0.0006% / 1h	23m 31s	$6.7M	$145.7M	40x
Short	Hibachi BTC/USDT-P	86,481.3	0.0168	get 0.0021% / 1h	23m 31s	$711K	$7.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Reya. 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 ReyabpFee HibachibpOrdersPrice spread, now +0.111%Rate

Funding earned: $25.56
Price spread: +0.111% → +0.076%: $3.53
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $14.09
Costs to cover: 0.150%
Break-even: 3.1 days

Slippage unknown: Reya: no order-book sample; Hibachi: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 1 min ago	0.01 bp	5.0 bp −$5	6.1 bp −$61	69.2 bp −$6,919	doesn't fit

Reya: 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
Bluefin BTC-PERP	−0.0231%	1h	86,461.1	+0.088%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,445	+0.069%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,404	+0.022%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,396.5	+0.013%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,427.8	+0.049%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,413.9	+0.033%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.032%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,437.8	+0.061%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,393.3	+0.009%	$501.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	86,391.7	+0.007%	$831.6M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPlong	+0.0046%	1h	86,385.4	long leg	$6.7M	$145.7M	40x
BingX BTC-USDC	+0.0050%	8h	86,388.8	+0.004%	—	$15.2M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,401.1	+0.018%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,388.1	+0.003%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,451.3	+0.076%	$902.3M	$1.51B	50x	as long as short
Phemex BTCUSDT	+0.0076%	8h	86,416.7	+0.036%	$154.8M	$473.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,419	+0.039%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,392.5	+0.008%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,384.5	−0.001%	$9.41B	$24.24B	150x	as long as short
SoDEX BTC-USD	+0.0093%	1h	86,410	+0.028%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,408.1	+0.026%	$170.6M	$987.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,413.8	+0.033%	$23.8M	$150.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,387	+0.002%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,365	−0.024%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,426.4	+0.047%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,390.1	+0.005%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,462	+0.089%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,423.5	+0.044%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,397.8	+0.014%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,402.9	+0.020%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,394	+0.010%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,420.8	+0.041%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,392.3	+0.008%	$5.79B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,407.4	+0.025%	$37.3M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	+0.089%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.5	+0.051%	$279.2M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.057%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	+0.066%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,448.9	+0.073%	$30.7M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,440.7	+0.064%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,392	+0.008%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,400.7	+0.018%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,421.5	+0.042%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,448.6	+0.073%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,389.9	+0.005%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,407.2	+0.025%	$2.29B	$958.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.030%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,370.4	−0.017%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,443.4	+0.067%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,449.4	+0.074%	$132.3M	$5.36B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,439.9	+0.063%	$192.3M	$941.8M	100x	as long as short
Hibachi BTC/USDT-Pshort	+0.0168%	1h	86,481.3	+0.111%	$711K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0170%	1h	86,429.5	+0.051%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	86,460.1	+0.086%	$416.6M	$645.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0220%	1h	86,438.4	+0.061%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,470	+0.098%	$10.3M	$764.3M	6.4x	as long as short