Funding you earn now, next payment 02:00 UTC+0.0116%/8h= +12.7% APRnext payment +$0.15 per $10,000 · paid last 24h +0.057%
Price spread now: Hibachi against Injective+0.075%53s7-day average +0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs+$18as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$160.159% of the position
Funding, last 7 days+0.340%+$34 on $10k
+Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.075%, 7d avg +0.024%
=Together, before fees+0.327%+ Points / potential airdropHibachi: Active · farm board+$33 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hibachi is 0.051% dearer against Injective than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.024%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective BTC/USDC PERP | 85,691 | 0.0020 | pay 0.0002% / 1h | 19m 34s | $340K | $26.9M | 52x |
| Short | Hibachi BTC/USDT-P | 85,755.4 | 0.0136 | get 0.0017% / 1h | 19m 34s | $696K | $7.8M | 30x |
Injective BTC/USDC PERP
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Injective. 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
- $24.37
- Price spread: +0.075% → +0.024%
- $5.14
- Slippage, 4 orders
- −$6.88
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $13.61
- Costs to cover
- 0.159%
- Break-even
- 3.1 days
Slippage from Injective: 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 Injective live order book, 5 min ago | 2.68 bp | 3.0 bp −$3 | 11.7 bp −$117 | doesn't fit | doesn't fit |
| Sell Hibachi live order book, 5 min ago | 0.01 bp | 4.6 bp −$5 | 5.0 bp −$50 | 41.1 bp −$4,110 | 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 | −0.0144% | 1h | 85,785 | +0.110% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,657 | −0.040% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,632.6 | −0.068% | $365K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,641.5 | −0.058% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,618.8 | −0.084% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERPlong | +0.0020% | 1h | 85,691 | long leg | $340K | $26.9M | 52x | |
| KuCoin XBTUSDTM | +0.0031% | 8h | 85,625.1 | −0.077% | $901.1M | $754.2M | 125x | as long as short |
| Aster BTCUSDT | +0.0036% | 8h | 85,634.2 | −0.066% | $515.8M | $1.14B | 200x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,659 | −0.037% | $8.1M | $42.1M | 25x | as long as short |
| Nado BTC-PERP | +0.0051% | 1h | 85,623.3 | −0.079% | $22.6M | $227.4M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
RISEx BTC/USDC
Nado BTC-PERPShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0056% | 8h | 85,641.6 | −0.058% | — | $1.56B | — | as long as short |
| Reya BTCRUSDPERP | +0.0058% | 1h | 85,597.2 | −0.109% | $6.7M | $146.3M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,633.2 | −0.067% | $2.95B | $5.08B | 150x | as long as short |
| HTX BTC-USDT | +0.0073% | 8h | 85,600.1 | −0.106% | $2.27B | $947.4M | 200x | as long as short |
| Binance BTCUSDT | +0.0092% | 8h | 85,633.1 | −0.068% | $9.33B | $24.29B | 150x | as long as short |
| MEXC BTC_USDT | +0.0093% | 8h | 85,633.1 | −0.068% | $5.08B | $5.74B | 500x | as long as short |
| ApeX Omni BTCUSDT | +0.0094% | 1h | 85,762.3 | +0.083% | $140.2M | $318.2M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,644.2 | −0.055% | $170.3M | $992.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,653.9 | −0.043% | $23.5M | $147.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,634 | −0.067% | $8.4M | $51.8M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,598.6 | −0.108% | $2.5M | $1.8M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,609 | −0.096% | $202K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,607.7 | −0.097% | $3.8M | $8.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,703.5 | +0.015% | $3.76B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,668.1 | −0.027% | $40.8M | $571.9M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,649.4 | −0.049% | $5.30B | $9.74B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,645.8 | −0.053% | $2.54B | $12.34B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,645 | −0.054% | $3.9M | $18.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,602.7 | −0.103% | $7.2M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,744.8 | +0.063% | $590.5M | $195.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,643.6 | −0.055% | $5.59B | $10.56B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,621.1 | −0.082% | $35.3M | $164.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,688 | −0.004% | $156.6M | $555.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,709.8 | +0.022% | $278.8M | $940.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,761.2 | +0.082% | $215.2M | $166.3M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,792 | +0.118% | $30.3M | $208.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,685.3 | −0.007% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,598 | −0.109% | $11.0M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,609.9 | −0.095% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,605.4 | −0.100% | $2.4M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,638.9 | −0.061% | $186K | $708K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,607.9 | −0.097% | $30.0M | $56.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,671 | −0.023% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,602 | −0.104% | $59.9M | $337.1M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,605.2 | −0.100% | $153.6M | $480.5M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,610.5 | −0.094% | $44.1M | $227.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,627.2 | −0.074% | — | $101.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,639.5 | −0.060% | $131.3M | $5.15B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0122% | 1h | 85,642.6 | −0.056% | $894.7M | $1.54B | 50x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0136% | 1h | 85,755.4 | +0.075% | $696K | $7.8M | 30x | |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,622.8 | −0.080% | $187.7M | $963.5M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0169% | 1h | 85,732.8 | +0.049% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0189% | 1h | 85,615.2 | −0.088% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,646 | −0.053% | $10.1M | $770.2M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,649.2 | −0.049% | $514K | $20.6M | 6.7x | as long as short |
BingX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
HTX BTC-USDT
Binance BTCUSDT
MEXC BTC_USDT
ApeX Omni BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
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
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC