Funding you earn now, next payment 03:00 UTC−0.0092%/8h= −10.1% APRnext payment −$0.12 per $10,000 · paid last 24h −0.038%
Price spread now: Backpack against Hibachi−0.125%7-day average −0.046% · you buy dearer than you sell
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$27as in the Price arb table
costs, in and out, $10k−$190.195% of the position
Funding, last 7 days−0.464%−$46 on $10k
+Price spread, last 7 days−0.399%−$40 · spread now −0.125%, 7d avg −0.046%
=Together, before fees−0.863%+ Points / potential airdropHibachi: Active · farm board−$86 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.079% cheaper against Hibachi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.046%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,616.2 | 0.0192 | pay 0.0024% / 1h | 58m 10s | $683K | $7.8M | 30x |
| Short | Backpack BTC_USDC_PERP | 85,509.1 | 0.0100 | get 0.0013% / 1h | 58m 10s | $34.9M | $168.4M | 75x |
Hibachi BTC/USDT-P
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hibachi. 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
- −$19.32
- Price spread: −0.125% → −0.046%
- −$7.9
- Slippage, 4 orders
- −$0.47
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$46.69
- Costs to cover
- 0.195%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 1 min ago; Backpack: 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 Hibachi live order book, 1 min ago | 0.01 bp | 4.5 bp −$5 | 4.6 bp −$46 | 40.3 bp −$4,033 | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.5 bp −$552 | 19.2 bp −$9,587 |
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 | −0.0144% | 1h | 85,498 | −0.138% | $2.1M | $10.1M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,608 | −0.010% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,565.3 | −0.059% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,585.5 | −0.036% | $16.7M | $20.9M | 50x | as long as short |
| Nado BTC-PERP | +0.0002% | 1h | 85,560.8 | −0.065% | $22.6M | $224.6M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,553.5 | −0.073% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0021% | 8h | 85,517.8 | −0.115% | $515.5M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0022% | 8h | 85,524.1 | −0.108% | $901.6M | $748.0M | 125x | as long as short |
| SoDEX BTC-USD | +0.0046% | 1h | 85,539 | −0.090% | $59.9M | $336.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0055% | 8h | 85,502.6 | −0.133% | — | $17.0M | — | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
KuCoin XBTUSDTM
SoDEX BTC-USD
BingX BTC-USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX BTC-USDT | +0.0056% | 8h | 85,525.1 | −0.106% | $2.27B | $932.8M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0063% | 1h | 85,530.4 | −0.100% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0068% | 8h | 85,498.7 | −0.137% | $2.94B | $5.02B | 150x | as long as short |
| Popdex BTCUSDT | +0.0072% | 1h | 85,550 | −0.077% | $8.4M | $51.5M | 100x | as long as short |
| SunX BTC-USDT | +0.0075% | 8h | 85,568.6 | −0.056% | $2.9M | $6.5M | 100x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | +0.001% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,560.2 | −0.065% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,506.2 | −0.128% | $5.07B | $5.56B | 500x | as long as short |
| Binance BTCUSDT | +0.0085% | 8h | 85,495.1 | −0.141% | $9.33B | $23.92B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,543.2 | −0.085% | $170.2M | $980.4M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,546.8 | −0.081% | $23.9M | $146.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,598.1 | −0.021% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,526 | −0.105% | $204K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,562 | −0.063% | $3.76B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,590.2 | −0.030% | $40.1M | $571.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,489.7 | −0.148% | $5.32B | $9.61B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,488.1 | −0.150% | $2.56B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,550 | −0.077% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,525 | −0.107% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,513.8 | −0.120% | $5.57B | $10.37B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,509.1 | −0.125% | $34.9M | $168.4M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,545 | −0.083% | $154.0M | $554.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,553.1 | −0.074% | $278.3M | $939.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,624 | +0.009% | $214.9M | $162.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,552.6 | −0.074% | $139.9M | $316.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,571.5 | −0.052% | $30.2M | $211.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,605.3 | −0.013% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,542 | −0.087% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,544.7 | −0.084% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,539.3 | −0.090% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,555.4 | −0.071% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,540.6 | −0.088% | $30.0M | $52.7M | 15x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,532.2 | −0.098% | $149.7M | $478.8M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | −0.027% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,463 | −0.179% | $44.2M | $227.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,604.3 | −0.014% | — | $101.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,582 | −0.040% | $130.4M | $5.07B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,581.4 | −0.041% | $8.4M | $42.1M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,565.4 | −0.059% | $187.0M | $951.6M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0163% | 1h | 85,587.3 | −0.034% | $894.8M | $1.52B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0186% | 1h | 85,599.4 | −0.020% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0192% | 1h | 85,616.2 | long leg | $683K | $7.8M | 30x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,553.1 | −0.074% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,595 | −0.025% | $10.3M | $765.1M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,602.2 | −0.016% | $510K | $19.7M | 6.7x | as long as short |
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Popdex BTCUSDT
SunX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
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
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC