Funding you earn now, next payment 08:00 UTC+0.0104%/8h= +11.4% APRnext payment +$0.13 per $10,000 · paid last 24h +0.034%
Price spread now: Hibachi against Popdex+0.048%7-day average +0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$160.160% of the position
Funding, last 4 days (all we have)+0.122%+$12 on $10k
+Price spread, last 7 days−0.008%−$1 · spread now +0.048%, 7d avg +0.034%
=Together, before fees+0.113%+ Points / potential airdropHibachi: Active · farm board+$11 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Popdex BTCUSDT | 85,344 | 0.0096 | pay 0.0012% / 1h | 57m 51s | $8.4M | $57.2M | 100x |
| Short | Hibachi BTC/USDT-P | 85,384.9 | 0.0200 | get 0.0025% / 1h | 57m 51s | $684K | $7.8M | 30x |
Popdex BTCUSDT
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Popdex. 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
- $21.84
- Price spread: +0.048% → +0.034%
- $1.36
- Slippage, 4 orders
- −$0.6
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- $7.21
- Costs to cover
- 0.160%
- Break-even
- 4.7 days
Slippage from Popdex: live order book, 1 min ago; Hibachi: live order book, 1 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 Popdex live order book, 1 min ago | 0.12 bp | 3.3 bp −$3 | 3.3 bp −$33 | 3.7 bp −$375 | 5.3 bp −$2,633 |
| Sell Hibachi live order book, 1 min ago | 0.01 bp | 4.9 bp −$5 | 5.9 bp −$59 | 43.1 bp −$4,311 | 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 | −0.0082% | 1h | 85,415 | +0.083% | $2.3M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,350 | +0.007% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0031% | 8h | 85,337.6 | −0.007% | $928.3M | $773.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0024% | 8h | 85,354.8 | +0.013% | $421.0M | $680.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0005% | 8h | 85,330.4 | −0.016% | $512.2M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,384.6 | +0.048% | $16.7M | $21.0M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,370.4 | +0.031% | $491K | $18.3M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 85,369.6 | +0.030% | $847.5M | $1.65B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,359.2 | +0.018% | $36.5M | — | 200x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,354.8 | +0.013% | $185.6M | $951.5M | 100x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange BTCUSD | +0.0032% | 1h | 85,368 | +0.028% | $352K | $2.3M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,367 | +0.027% | $338K | $24.6M | 52x | as long as short |
| BingX BTC-USDC | +0.0073% | 8h | 85,310.4 | −0.039% | — | $17.3M | — | as long as short |
| Bybit BTCUSDT | +0.0089% | 8h | 85,327.9 | −0.019% | $5.13B | $9.97B | 150x | as long as short |
| Nado BTC-PERP | +0.0090% | 1h | 85,347.9 | +0.005% | $24.1M | $219.6M | 50x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,330.2 | −0.016% | $2.96B | $5.16B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,342.7 | −0.002% | $169.6M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,340.9 | −0.004% | $23.5M | $147.3M | 50x | as long as short |
| Popdex BTCUSDTlong | +0.0096% | 1h | 85,344 | long leg | $8.4M | $57.2M | 100x | |
| MEXC BTC_USDT | +0.0096% | 8h | 85,337.1 | −0.008% | $5.03B | $5.70B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,340.3 | −0.004% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,338.5 | −0.006% | $9.41B | $24.88B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,322 | −0.026% | $245K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,393.3 | +0.058% | $5.8M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,410 | +0.077% | $3.74B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,377.9 | +0.040% | $39.9M | $605.4M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,335 | −0.011% | $2.60B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,349 | +0.006% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,346.7 | +0.003% | $5.1M | $96.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,324.1 | −0.023% | $690.8M | $302.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,342.1 | −0.002% | $5.54B | $10.97B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,337.4 | −0.008% | $37.3M | $183.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,299.4 | −0.052% | $156.2M | $556.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,330.6 | −0.016% | $279.6M | $954.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,342.1 | −0.002% | $214.2M | $158.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,333.7 | −0.012% | $139.5M | $313.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,349 | +0.006% | $30.1M | $207.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,405.9 | +0.072% | — | $9.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,348 | +0.005% | $11.0M | $14.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,350.1 | +0.007% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,345.3 | +0.002% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,379.1 | +0.041% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,318.2 | −0.030% | $30.0M | $46.2M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,345.4 | +0.002% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,345 | +0.001% | $59.7M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,342.4 | −0.002% | $2.26B | $963.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,354.4 | +0.012% | $157.5M | $512.5M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,309.4 | −0.041% | $45.2M | $240.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,353.9 | +0.012% | — | $104.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,368.9 | +0.029% | $113.3M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0135% | 1h | 85,337.7 | −0.007% | $6.6M | $147.2M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0172% | 8h | 85,369 | +0.029% | $12.0M | $738.5M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,372.8 | +0.034% | $8.8M | $42.7M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0147% | 1h | 85,356.9 | +0.015% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0200% | 1h | 85,384.9 | +0.048% | $684K | $7.8M | 30x | |
| Aftermath Perps BTCUSD | +0.0285% | 1h | 85,393 | +0.057% | $79K | $247K | 20x | as long as short |
01 Exchange BTCUSD
Injective BTC/USDC PERP
BingX BTC-USDC
Bybit BTCUSDT
Nado BTC-PERP
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
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
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
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD