Funding you earn now, next payment 06:00 UTC+0.0120%/8h= +13.1% APRnext payment +$0.15 per $10,000 · paid last 24h +0.021%
Price spread now: Hibachi against Coinbase International+0.022%7-day average −0.002% · you sell dearer than you buy
Net, funding: paid 7d − costs+$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$200.198% of the position
Funding, last 7 days+0.333%+$33 on $10k
+Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.022%, 7d avg −0.002%
=Together, before fees+0.311%+ Points / potential airdropHibachi: Active · farm board+$31 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 0.025% dearer against Coinbase International than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.002%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International BTC-PERP-INTX | 85,541 | 0.0104 | pay 0.0013% / 1h | 19m 06s | $114.2M | $5.50B | 50x |
| Short | Hibachi BTC/USDT-P | 85,559.9 | 0.0224 | get 0.0028% / 1h | 19m 06s | $685K | $7.8M | 30x |
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Coinbase International. 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
- $25.2
- Price spread: +0.022% → −0.002%
- $2.46
- Slippage, 4 orders
- −$0.82
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $7.84
- Costs to cover
- 0.198%
- Break-even
- 4.8 days
Slippage from Coinbase International: live order book, 5 min ago; Hibachi: live order book, 5 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 Coinbase International live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.1 bp −$508 | 10.2 bp −$5,112 |
| Sell Hibachi live order book, 5 min ago | 0.01 bp | 5.1 bp −$5 | 5.4 bp −$54 | 45.0 bp −$4,496 | doesn't fit |
BTC on 55 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 | −0.0082% | 1h | 85,504 | −0.043% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,531 | −0.012% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0040% | 8h | 85,502.8 | −0.045% | $929.0M | $774.9M | 125x | as long as short |
| BloFin BTC-USDT | −0.0025% | 8h | 85,504.7 | −0.042% | $420.7M | $682.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0006% | 8h | 85,495.8 | −0.053% | $513.5M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,548.8 | +0.009% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,515.7 | −0.030% | $490K | $18.4M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,517.7 | −0.027% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,512.3 | −0.034% | $36.6M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0039% | 1h | 85,511.4 | −0.035% | $24.3M | $222.6M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Popdex BTCUSDT | +0.0056% | 1h | 85,528 | −0.015% | $8.4M | $56.5M | 100x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,247 | −0.344% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0072% | 8h | 85,502 | −0.046% | — | $1.57B | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,518.5 | −0.026% | $186.3M | $960.0M | 100x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,501.3 | −0.046% | $2.97B | $5.18B | 150x | as long as short |
| MEXC BTC_USDT | +0.0095% | 8h | 85,502.2 | −0.045% | $5.03B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0095% | 8h | 85,503.1 | −0.044% | $9.43B | $24.99B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,519 | −0.026% | $170.3M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,519.7 | −0.025% | $23.6M | $148.3M | 50x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,500.4 | −0.047% | $2.4M | $6.7M | 20x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 85,497.3 | −0.051% | $5.15B | $10.00B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,517 | −0.028% | $242K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,586.2 | +0.053% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,590 | +0.057% | $3.75B | $5.08B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,557 | +0.019% | $40.1M | $603.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,502.6 | −0.045% | $2.60B | $12.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,516 | −0.029% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,523.6 | −0.020% | $5.2M | $98.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.5 | −0.049% | $686.3M | $379.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,507.5 | −0.039% | $5.57B | $11.05B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,492.5 | −0.057% | $37.3M | $179.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,463.4 | −0.091% | $155.5M | $557.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,436.9 | −0.122% | $279.9M | $951.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,445.2 | −0.112% | $214.5M | $164.2M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,499.2 | −0.049% | $139.8M | $313.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,485 | −0.065% | $30.1M | $205.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,590.7 | +0.058% | — | $10.7M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,533 | −0.009% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,519 | −0.026% | $201K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,504.9 | −0.042% | $2.6M | $9.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,546 | +0.006% | $194K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,500.4 | −0.047% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,503 | −0.044% | $59.8M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,501.6 | −0.046% | $2.26B | $966.6M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,506.9 | −0.040% | $154.0M | $511.7M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,480.7 | −0.071% | $44.9M | $240.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,533.7 | −0.009% | — | $105.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0104% | 1h | 85,541 | long leg | $114.2M | $5.50B | 50x | |
| Deribit BTC-PERPETUAL | +0.0113% | 1h | 85,547.9 | +0.008% | $861.3M | $1.63B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0131% | 1h | 85,517.7 | −0.027% | $6.6M | $147.7M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0184% | 8h | 85,542 | +0.001% | $11.9M | $742.2M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,537.6 | −0.004% | $8.8M | $42.7M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0176% | 1h | 85,522.2 | −0.022% | $13.1M | — | 200x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0224% | 1h | 85,559.9 | +0.022% | $685K | $7.8M | 30x | |
| Aftermath Perps BTCUSD | +0.0249% | 1h | 85,480.5 | −0.071% | $79K | $230K | 20x | as long as short |
Popdex BTCUSDT
Injective BTC/USDC PERP
BingX BTC-USDT
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate 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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD