Funding you earn now, next payment 03:00 UTC+0.0054%/8h= +5.9% APRnext payment +$0.07 per $10,000 · paid last 24h +0.038%
Price spread now: Hibachi against Kraken Futures−0.062%7-day average +0.024% · you buy dearer than you sell
Net, funding: paid 7d − costs+$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$200.203% of the position
Funding, last 7 days+0.321%+$32 on $10k
+Price spread, last 3 days (all we have)+0.094%+$9 · spread now −0.062%, 7d avg +0.024%
=Together, before fees+0.415%+ Points / potential airdropHibachi: Active · farm board+$42 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hibachi is 0.086% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.024%). If the spread goes back, that is −$9 on $10k: about 5.4 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.321% in total) that is about 45 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,631.7 | 0.0138 | pay 0.0017% / 1h | 52m 15s | $187.2M | $949.0M | 100x |
| Short | Hibachi BTC/USDT-P | 85,578.3 | 0.0192 | get 0.0024% / 1h | 52m 15s | $682K | $7.8M | 30x |
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Kraken Futures. 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
- $11.26
- Price spread: −0.062% → +0.024%
- −$8.63
- Slippage, 4 orders
- −$1.34
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- −$17.72
- Costs to cover
- 0.203%
- Break-even
- 18.0 days
Slippage from Kraken Futures: 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 Kraken Futures live order book, 2 min ago | 0.06 bp | 5.7 bp −$6 | 6.5 bp −$65 | 7.3 bp −$725 | 9.4 bp −$4,704 |
| Sell Hibachi live order book, 2 min ago | 0.01 bp | 4.7 bp −$5 | 5.0 bp −$50 | 43.2 bp −$4,316 | 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 | −0.0160% | 1h | 85,538 | −0.109% | $2.2M | $10.3M | 40x | as long as short |
| ApeX Omni BTCUSDT | −0.0123% | 1h | 85,466.5 | −0.193% | $139.7M | $316.3M | 100x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,516 | −0.135% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,585.7 | −0.054% | $365K | $2.3M | 50x | as long as short |
| Nado BTC-PERP | −0.0015% | 1h | 85,596.1 | −0.042% | $22.6M | $221.5M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,587.1 | −0.052% | $16.7M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,609.4 | −0.026% | $36.7M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0018% | 8h | 85,589.3 | −0.050% | $905.7M | $746.8M | 125x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,590 | −0.049% | $516.0M | $1.11B | 200x | as long as short |
| BingX BTC-USDC | +0.0054% | 8h | 85,590.8 | −0.048% | — | $17.0M | — | as long as short |
Phoenix BTC
ApeX Omni BTCUSDT
Hotstuff BTC-PERP
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
BingX BTC-USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX BTC-USDT | +0.0064% | 8h | 85,585 | −0.055% | $2.27B | $929.9M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0064% | 1h | 85,574.2 | −0.067% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0067% | 8h | 85,591.9 | −0.047% | $2.95B | $5.01B | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | −0.017% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,586.8 | −0.052% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0080% | 8h | 85,567.9 | −0.075% | $2.9M | $6.2M | 100x | as long as short |
| MEXC BTC_USDT | +0.0083% | 8h | 85,593.6 | −0.045% | $5.08B | $5.57B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 85,602.4 | −0.034% | $9.34B | $23.82B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,605.4 | −0.031% | $169.8M | $983.5M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,612.1 | −0.023% | $24.0M | $147.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,580 | −0.060% | $8.4M | $51.5M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,637.5 | +0.007% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,559 | −0.085% | $204K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,646 | +0.017% | $3.76B | $4.91B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,621.5 | −0.012% | $40.1M | $571.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,611.6 | −0.024% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,610.5 | −0.025% | $2.56B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,611 | −0.024% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,541.6 | −0.105% | $7.2M | $96.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,482.5 | −0.174% | $608.2M | $317.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,619.9 | −0.014% | $5.57B | $10.40B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,574.1 | −0.067% | $34.7M | $170.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,577.1 | −0.064% | $153.7M | $552.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,494.5 | −0.160% | $278.1M | $928.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,468 | −0.191% | $214.5M | $161.4M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,524.1 | −0.126% | $30.2M | $211.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,627.9 | −0.005% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,578 | −0.063% | $11.0M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,607.7 | −0.028% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,585.6 | −0.054% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,636.5 | +0.006% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,591.9 | −0.047% | $30.0M | $52.7M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,597 | −0.041% | $59.9M | $336.3M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,599.7 | −0.037% | $149.0M | $479.4M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,574.1 | −0.067% | $44.2M | $226.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,587.9 | −0.051% | — | $104.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,648 | +0.019% | $130.6M | $5.06B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,608 | −0.028% | $8.3M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0138% | 1h | 85,631.7 | long leg | $187.2M | $949.0M | 100x | |
| Aftermath Perps BTCUSD | +0.0191% | 1h | 85,582.1 | −0.058% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0192% | 1h | 85,578.3 | −0.062% | $682K | $7.8M | 30x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0181% | 1h | 85,615 | −0.020% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0211% | 8h | 85,620 | −0.014% | $10.4M | $760.1M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0228% | 1h | 85,648.9 | +0.020% | $894.9M | $1.52B | 50x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,606.6 | −0.029% | $509K | $19.6M | 6.7x | as long as short |
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Injective BTC/USDC PERP
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
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
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
SoDEX BTC-USD
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
Perpl BTC