Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.044%

Price spread now: OKX against Hibachi−0.049%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Hibachi Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.335%−$33 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.049%, 7d avg −0.038%

Together, before fees−0.338%+ Points / potential airdropHibachi: Active · farm board−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,481.3	0.0168	pay 0.0021% / 1h	24m 27s	$711K	$7.9M	30x
Short	OKX BTC-USDT-SWAP	86,438.8	0.0100	get 0.0100% / 8h	7h 24m	$2.56B	$12.47B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 HibachibpFee OKXbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$14.28
Price spread: −0.049% → −0.038%: −$1.11
Slippage, 4 orders: −$0.28
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$34.67
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 min ago; OKX: 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 Hibachi live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.7 bp −$47	38.9 bp −$3,893	doesn't fit
Sell OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.4 bp −$3,195

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	−0.023%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.091%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,438	−0.050%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,430.3	−0.059%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,472.1	−0.011%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,443.7	−0.044%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.143%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,437.8	−0.050%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,435.4	−0.053%	$501.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	86,445.1	−0.042%	$832.2M	$719.0M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0046%	1h	86,422.5	−0.068%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,432.3	−0.057%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,437	−0.051%	$8.3M	$42.4M	25x	as long as short
Phemex BTCUSDT	+0.0059%	8h	86,462.5	−0.022%	$154.8M	$473.6M	150x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,421.8	−0.069%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0065%	1h	86,497.8	+0.019%	$902.4M	$1.51B	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,419	−0.072%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	86,421	−0.070%	$5.14B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,421.9	−0.069%	$9.42B	$24.25B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,453.1	−0.033%	$170.8M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,449.4	−0.037%	$23.7M	$150.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,425	−0.065%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,462	−0.022%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,399	−0.095%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,476.3	−0.006%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,455.9	−0.029%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,500	+0.022%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,467.5	−0.016%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,435.6	−0.053%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,438.8	−0.049%	$2.56B	$12.47B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,454	−0.032%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,460.4	−0.024%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,431.3	−0.058%	$5.79B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,452.4	−0.033%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.022%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,404.7	−0.089%	$279.1M	$949.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,448.9	−0.037%	$217.1M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	−0.045%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,448.9	−0.038%	$30.7M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,477.3	−0.005%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,429	−0.061%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,430	−0.059%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,421.5	−0.069%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,448.6	−0.038%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,447.8	−0.039%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,438.4	−0.050%	$2.29B	$958.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.081%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,411.8	−0.080%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,443.4	−0.044%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,510.9	+0.034%	$132.4M	$5.37B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,491	+0.011%	$192.5M	$941.8M	100x	as long as short
Hibachi BTC/USDT-Plong	+0.0168%	1h	86,481.3	long leg	$711K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0170%	1h	86,446.5	−0.040%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	86,460.1	−0.025%	$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	−0.050%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,479	−0.003%	$10.4M	$764.0M	6.4x	as long as short