Funding you earn now, next payment 02:00 UTC+0.0069%/8h= +7.6% APRnext payment +$0.09 per $10,000 · paid last 24h +0.076%
Price spread now: Hibachi against Reya+0.044%7-day average +0.076% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.131%+$13 on $10k
+Price spread, last 7 days+0.023%+$2 · spread now +0.044%, 7d avg +0.076%
=Together, before fees+0.155%+ Points / potential airdropReya: Active · Hibachi: Active · farm board+$15 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hibachi is 0.032% cheaper against Reya than usual: you would sell low and buy high (spread +0.044% now, against its 7-day average of +0.076%). If the spread goes back, that is −$3 on $10k: about 37 hours of funding at the current rate (+$2 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya BTCRUSDPERP | 85,908.1 | 0.0051 | pay 0.0006% / 1h | 58m 19s | $6.7M | $145.9M | 40x |
| Short | Hibachi BTC/USDT-P | 85,945.7 | 0.0120 | get 0.0015% / 1h | 58m 19s | $715K | $8.0M | 30x |
Reya BTCRUSDPERP
Hibachi BTC/USDT-PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hibachi against Reya. 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
- $14.49
- Price spread: +0.044% → +0.076%
- −$3.19
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Net
- −$3.7
- Costs to cover
- 0.150%
- Break-even
- 8.8 days
Slippage unknown: Reya: no order-book sample; Hibachi: live order book, 1 min ago. Net counts fees only.
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 Reya no order-book sample | — | — | — | — | — |
| Sell Hibachi live order book, 1 min ago | 0.01 bp | 6.3 bp −$6 | 7.4 bp −$74 | 43.8 bp −$4,383 | doesn't fit |
Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0129% | 1h | 85,869 | −0.045% | $2.2M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,855 | −0.062% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,887.4 | −0.024% | $364K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,846.6 | −0.072% | $16.8M | $20.5M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,908.1 | 0.000% | $516K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,886.4 | −0.025% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,928 | +0.023% | $341K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0029% | 8h | 85,897.6 | −0.012% | $498.1M | $1.13B | 200x | as long as short |
| HTX BTC-USDT | +0.0042% | 8h | 85,854.1 | −0.063% | $2.28B | $963.4M | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0043% | 8h | 85,912.7 | +0.005% | $822.6M | $721.8M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
HTX BTC-USDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0044% | 1h | 85,867.4 | −0.047% | $8.1M | $42.5M | 25x | as long as short |
| Reya BTCRUSDPERPlong | +0.0051% | 1h | 85,908.1 | long leg | $6.7M | $145.9M | 40x | |
| BingX BTC-USDC | +0.0053% | 8h | 85,865.3 | −0.050% | — | $15.3M | — | as long as short |
| Bitget BTCUSDT | +0.0065% | 8h | 85,873.1 | −0.041% | $2.95B | $5.09B | 150x | as long as short |
| Lighter BTC | +0.0072% | 1h | 85,901.6 | −0.008% | $169.6M | $969.2M | 50x | as long as short |
| Gate BTC_USDT | +0.0079% | 8h | 85,892 | −0.019% | $5.70B | $10.26B | 200x | as long as short |
| MEXC BTC_USDT | +0.0080% | 8h | 85,889.4 | −0.022% | $5.08B | $5.62B | 500x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,858.8 | −0.057% | $2.5M | $1.8M | 20x | as long as short |
| Binance BTCUSDT | +0.0080% | 8h | 85,889.9 | −0.021% | $9.35B | $24.45B | 150x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,896.9 | −0.013% | $23.3M | $144.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,886 | −0.026% | $8.4M | $52.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,860 | −0.056% | $199K | $7.4M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,876.7 | −0.037% | $4.2M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,857.3 | −0.059% | $22.0M | $227.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,972 | +0.074% | $3.76B | $5.01B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,870.9 | −0.043% | $40.8M | $566.3M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,896.1 | −0.014% | $5.24B | $9.70B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,900.7 | −0.009% | $2.55B | $12.47B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,864 | −0.051% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,856.8 | −0.060% | $7.0M | $97.3M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,936.6 | +0.033% | $35.2M | $162.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,848.7 | −0.069% | $155.7M | $555.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,951.8 | +0.051% | $277.5M | $943.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,873.7 | −0.040% | $215.7M | $161.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,961.3 | +0.062% | $140.7M | $320.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,899.8 | −0.010% | $30.4M | $205.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,961.6 | +0.062% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,915 | +0.008% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,889 | −0.022% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,875.2 | −0.038% | $2.4M | $9.1M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,908.6 | +0.001% | $169K | $692K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,879.2 | −0.034% | $30.0M | $57.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,867.5 | −0.047% | $3.2M | $5.7M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,881 | −0.032% | $60.2M | $338.3M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,882.4 | −0.030% | $154.6M | $474.4M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,141.5 | +0.272% | $581.0M | $76.4M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,852.5 | −0.065% | $45.3M | $224.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,873.2 | −0.041% | — | $100.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,914 | +0.007% | $131.5M | $5.25B | 50x | as long as short |
| Hibachi BTC/USDT-Pshort | +0.0120% | 1h | 85,945.7 | +0.044% | $715K | $8.0M | 30x | |
| BloFin BTC-USDT | +0.0136% | 8h | 85,886.6 | −0.025% | $414.9M | $655.3M | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0145% | 1h | 85,919.1 | +0.013% | $900.7M | $1.52B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,914.7 | +0.008% | $187.1M | $961.1M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0166% | 1h | 85,991.2 | +0.097% | $77K | $217K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0203% | 8h | 85,908 | 0.000% | $10.1M | $767.4M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0198% | 1h | 85,898.9 | −0.011% | $13.9M | — | 200x | as long as short |
RISEx BTC/USDC
BingX BTC-USDC
Bitget BTCUSDT
Lighter BTC
Gate BTC_USDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
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
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
BloFin BTC-USDT
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]