Funding you earn now, next payment 07:00 UTC−0.0140%/8h= −15.3% APRnext payment −$0.18 per $10,000 · paid last 24h −0.024%
Price spread now: Derive against Hibachi−0.074%7-day average −0.041% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.369%−$37 on $10k
+Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.074%, 7d avg −0.041%
=Together, before fees−0.380%+ Points / potential airdropHibachi: Active · farm board−$38 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Derive is 0.033% cheaper against Hibachi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.041%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi BTC/USDT-P | 85,366.6 | 0.0240 | pay 0.0030% / 1h | 54m 26s | $690K | $8.0M | 30x |
| Short | Derive BTC-PERP | 85,303 | 0.0100 | get 0.0013% / 1h | 54m 26s | $29.9M | $48.0M | 15x |
Hibachi BTC/USDT-P
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- −$29.4
- Price spread: −0.074% → −0.041%
- −$3.3
- Slippage, 4 orders
- no order book: not counted
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$47.7
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Hibachi: live order book, 5 min ago; Derive: no order-book sample. 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 Hibachi live order book, 5 min ago | 0.01 bp | 5.7 bp −$6 | 6.1 bp −$61 | 37.8 bp −$3,776 | doesn't fit |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0111% | 1h | 85,444 | +0.091% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,343 | −0.028% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0048% | 8h | 85,292.9 | −0.086% | $926.5M | $772.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,328.6 | −0.045% | $420.1M | $683.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,323.1 | −0.051% | $513.0M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,344.1 | −0.026% | $16.7M | $21.5M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,342.6 | −0.028% | $528K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,338.3 | −0.033% | $36.5M | — | 200x | as long as short |
| 01 Exchange BTCUSD | +0.0008% | 1h | 85,325.2 | −0.049% | $354K | $2.4M | 50x | as long as short |
| Nado BTC-PERP | +0.0040% | 1h | 85,302.9 | −0.075% | $24.5M | $222.5M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
01 Exchange BTCUSD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | +0.045% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0070% | 8h | 85,312.3 | −0.064% | — | $17.5M | — | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,322 | −0.052% | $2.95B | $5.18B | 150x | as long as short |
| Phemex BTCUSDT | +0.0089% | 8h | 85,331.3 | −0.041% | $149.4M | $508.1M | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,332.5 | −0.040% | $187.6M | $955.8M | 100x | as long as short |
| SoDEX BTC-USD | +0.0092% | 1h | 85,323 | −0.051% | $59.7M | $336.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,313.8 | −0.062% | $170.4M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,316.1 | −0.059% | $23.6M | $147.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,309 | −0.067% | $8.3M | $56.0M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,312.5 | −0.063% | $5.00B | $5.73B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,322.4 | −0.052% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,326.7 | −0.047% | $9.42B | $24.99B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,280 | −0.101% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,348.7 | −0.021% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,387.6 | +0.025% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,334.1 | −0.038% | $40.1M | $602.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,329.5 | −0.043% | $5.14B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,336.2 | −0.036% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,310 | −0.066% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,315.9 | −0.059% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,324.3 | −0.050% | $5.50B | $10.95B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,315.8 | −0.060% | $36.8M | $179.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,340.9 | −0.030% | $155.1M | $558.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,371.2 | +0.005% | $279.6M | $950.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,385.1 | +0.022% | $214.3M | $167.5M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,382.8 | +0.019% | $139.6M | $314.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,377.3 | +0.012% | $30.1M | $206.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,372.5 | +0.007% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,306 | −0.071% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,326.8 | −0.047% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,333.1 | −0.039% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,364.4 | −0.003% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 85,303 | −0.074% | $29.9M | $48.0M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,288.8 | −0.091% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,326.2 | −0.047% | $2.26B | $968.7M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | +0.129% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,277.3 | −0.105% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,340.4 | −0.031% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,363 | −0.004% | $116.7M | $5.46B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0118% | 1h | 85,368.5 | +0.002% | $866.3M | $1.63B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0122% | 1h | 85,297 | −0.082% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,330.1 | −0.043% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,331.2 | −0.042% | $8.8M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0203% | 8h | 85,384 | +0.020% | $11.5M | $743.1M | 6.4x | as long as short |
| Hibachi BTC/USDT-Plong | +0.0240% | 1h | 85,366.6 | long leg | $690K | $8.0M | 30x | |
| Aftermath Perps BTCUSD | +0.0254% | 1h | 85,411 | +0.052% | $79K | $229K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Bitget BTCUSDT
Phemex BTCUSDT
Kraken Futures PF_XBTUSD
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Kalshi KXBTCPERP
Aftermath Perps BTCUSD