Funding you earn now, next payment 05:00 UTC+0.0028%/8h= +3.0% APRpaid last 24h +0.039%
Price spread now: Hibachi against Kalshi+0.053%7-day average +0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs+$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$200.203% of the position
Funding, last 7 days+0.329%+$33 on $10k
+Price spread, last 7 days−0.043%−$4 · spread now +0.053%, 7d avg +0.041%
=Together, before fees+0.287%+ Points / potential airdropHibachi: Active · farm board+$29 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.041%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,584 | 0.0220 | pay 0.0220% / 8h | 7h 41m | $12.0M | $755.9M | 6.4x |
| Short | Hibachi BTC/USDT-P | 85,629.5 | 0.0248 | get 0.0031% / 1h | 41m 45s | $696K | $7.9M | 30x |
Kalshi KXBTCPERP
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Kalshi. 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
- $5.82
- Price spread: +0.053% → +0.041%
- $1.2
- Slippage, 4 orders
- −$1.28
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- −$13.26
- Costs to cover
- 0.203%
- Break-even
- 22.9 days
Slippage from Kalshi: live order book, 2 min ago; Hibachi: live order book, 2 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 Kalshi live order book, 2 min ago | 0.06 bp | 5.1 bp −$5 | 5.5 bp −$55 | 7.0 bp −$697 | 11.6 bp −$5,808 |
| Sell Hibachi live order book, 2 min ago | 0.01 bp | 4.9 bp −$5 | 5.4 bp −$54 | 44.7 bp −$4,472 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0140% | 1h | 85,597 | +0.015% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,587 | +0.004% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0040% | 8h | 85,486.9 | −0.113% | $915.7M | $756.5M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,599.6 | +0.018% | $418.3M | $675.6M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,520.4 | −0.074% | $365K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,584.8 | +0.001% | $16.8M | $21.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0003% | 1h | 85,528.1 | −0.065% | $24.7M | $222.5M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,506.6 | −0.090% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 85,480.9 | −0.120% | $514.7M | $1.10B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.124% | $340K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0047% | 1h | 85,533.4 | −0.059% | $884.4M | $1.59B | 50x | as long as short |
| BingX BTC-USDT | +0.0065% | 8h | 85,493 | −0.106% | — | $1.54B | — | as long as short |
| SoDEX BTC-USD | +0.0072% | 1h | 85,494 | −0.105% | $59.9M | $336.1M | 40x | as long as short |
| Phemex BTCUSDT | +0.0075% | 8h | 85,496 | −0.103% | $148.2M | $491.9M | 150x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,490.4 | −0.109% | $2.95B | $5.12B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0094% | 1h | 85,490.8 | −0.109% | $6.6M | $147.0M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,501.7 | −0.096% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,499.1 | −0.099% | $24.0M | $148.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,502 | −0.096% | $8.7M | $54.7M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,483.9 | −0.117% | $2.4M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,489 | −0.111% | $203K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,570 | −0.016% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,580.6 | −0.004% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,563 | −0.025% | $40.6M | $584.8M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,489.7 | −0.110% | $9.41B | $24.32B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,485 | −0.116% | $5.18B | $9.85B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,499 | −0.099% | $2.59B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,508 | −0.089% | $3.8M | $17.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,491.5 | −0.108% | $4.7M | $98.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,497.2 | −0.101% | $5.54B | $10.78B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,497 | −0.102% | $5.06B | $5.65B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,484.9 | −0.116% | $36.0M | $177.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,612.6 | +0.033% | $153.5M | $564.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,612.9 | +0.034% | $279.7M | $927.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,598.4 | +0.017% | $215.0M | $169.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,592.9 | +0.010% | $140.0M | $315.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,625.6 | +0.049% | $30.3M | $207.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,576.9 | −0.008% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,497 | −0.102% | $11.0M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,494.1 | −0.105% | $196K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,492.9 | −0.106% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,537.1 | −0.055% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,480.8 | −0.121% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,475.1 | −0.127% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,480 | −0.122% | $2.26B | $946.5M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,580.4 | −0.004% | $679.0M | $730.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,465.5 | −0.138% | $44.7M | $232.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,603.4 | +0.023% | — | $107.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,536 | −0.056% | $116.8M | $5.21B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,510.7 | −0.086% | $187.6M | $955.4M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,540.7 | −0.051% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0177% | 1h | 85,504 | −0.093% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERPlong | +0.0220% | 8h | 85,584 | long leg | $12.0M | $755.9M | 6.4x | |
| Aftermath Perps BTCUSD | +0.0237% | 1h | 85,614.7 | +0.036% | $79K | $221K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0248% | 1h | 85,629.5 | +0.053% | $696K | $7.9M | 30x | |
| Perpl BTC | +0.0335% | 43m | 85,508.3 | −0.088% | $504K | $18.8M | 6.7x | as long as short |
Deribit BTC-PERPETUAL
BingX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC 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
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Perpl BTC