Funding you earn now, next payment 03:00 UTC−0.0108%/8h= −11.8% APRnext payment −$0.13 per $10,000 · paid last 24h −0.032%
Price spread now: Bullet against Hibachi−0.112%7-day average −0.032% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$27as in the Price arb table
costs, in and out, $10k−$190.188% of the position
Funding, last 3 days (all we have)−0.124%−$12 on $10k
+Price spread, last 7 days+0.076%+$8 · spread now −0.112%, 7d avg −0.032%
=Together, before fees−0.047%+ Points / potential airdropHibachi: Active · farm board−$5 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 Bullet is 0.080% cheaper against Hibachi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.032%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,771.9 | 0.0208 | pay 0.0026% / 1h | 28m 02s | $702K | $7.8M | 30x |
| Short | Bullet BTC-USD | 85,675.8 | 0.0100 | get 0.0013% / 1h | 28m 02s | $189K | $3.3M | 20x |
Hibachi BTC/USDT-P
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet 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
- −$22.68
- Price spread: −0.112% → −0.032%
- −$8.05
- Slippage, 4 orders
- −$1.81
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$49.53
- Costs to cover
- 0.188%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 1 min ago; Bullet: 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 | 5.1 bp −$5 | 5.8 bp −$58 | 40.1 bp −$4,009 | doesn't fit |
| Sell Bullet live order book, 1 min ago | 0.06 bp | 4.1 bp −$4 | 8.1 bp −$81 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0627% | 1h | 85,694.9 | −0.090% | $196K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,791 | +0.022% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,690 | −0.095% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,676 | −0.112% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0032% | 8h | 85,703.2 | −0.080% | $416.3M | $665.3M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,690.7 | −0.095% | $16.8M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,680.7 | −0.106% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0009% | 8h | 85,655.6 | −0.136% | $917.6M | $753.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0009% | 1h | 85,665.5 | −0.124% | $22.6M | $220.9M | 50x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,655.1 | −0.136% | $516.1M | $1.11B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0054% | 8h | 85,661.6 | −0.129% | — | $17.0M | — | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,650.7 | −0.141% | $2.95B | $5.03B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0069% | 1h | 85,660.4 | −0.130% | $6.7M | $146.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0074% | 8h | 85,675 | −0.113% | $2.27B | $935.3M | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0077% | 1h | 85,698.9 | −0.085% | $892.2M | $1.53B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,578 | −0.226% | $340K | $26.9M | 52x | as long as short |
| Phemex BTCUSDT | +0.0079% | 8h | 85,661.3 | −0.129% | $148.1M | $479.7M | 150x | as long as short |
| SunX BTC-USDT | +0.0085% | 8h | 85,659.9 | −0.131% | $2.9M | $6.1M | 100x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,648.1 | −0.144% | $9.34B | $23.94B | 150x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,646.8 | −0.146% | $5.05B | $5.63B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,649.4 | −0.143% | $2.5M | $1.7M | 20x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,665.7 | −0.124% | $169.9M | $992.3M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,673.8 | −0.114% | $23.9M | $148.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,669 | −0.120% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,714.9 | −0.066% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,649 | −0.143% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,737 | −0.041% | $3.74B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,716.2 | −0.065% | $40.2M | $574.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,656.7 | −0.134% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,654.9 | −0.136% | $2.57B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,709 | −0.073% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,649.4 | −0.143% | $7.1M | $97.2M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,671.8 | −0.117% | $5.55B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,647.3 | −0.145% | $35.1M | $172.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,767.3 | −0.005% | $156.3M | $548.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,658.9 | −0.132% | $279.6M | $930.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,774.1 | +0.003% | $215.4M | $166.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,800 | +0.033% | $140.4M | $316.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,761 | −0.013% | $30.3M | $210.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,733.5 | −0.045% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,665 | −0.125% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 85,675.8 | −0.112% | $189K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,658.6 | −0.132% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,657.4 | −0.133% | $30.0M | $50.9M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,657 | −0.134% | $60.0M | $336.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,614.4 | −0.184% | $621.3M | $398.6M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,627.5 | −0.168% | $44.1M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,703.7 | −0.080% | — | $106.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,703.2 | −0.080% | $130.4M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,700.3 | −0.083% | $8.4M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,686.1 | −0.100% | $188.9M | $952.4M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0195% | 1h | 85,700.6 | −0.083% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0179% | 1h | 85,679.7 | −0.108% | $13.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0208% | 1h | 85,771.9 | long leg | $702K | $7.8M | 30x | |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,705 | −0.078% | $10.4M | $758.1M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,703 | −0.080% | $516K | $19.3M | 6.7x | as long as short |
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
HTX BTC-USDT
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Phemex BTCUSDT
SunX BTC-USDT
Binance BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
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
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
Orderly PERP_BTC_USDC
Derive BTC-PERP
SoDEX BTC-USD
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC