Perplvs
Hibachi
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 1 liquid markets shared by Hibachi and Perpl, the best funding setup over the past 7 days is $BTC (long Perpl, short Hibachi): it paid 19.3% APR, 10.0% after costs, and held 71% of the time.
1 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Perpl | Hibachi | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.088% | 0.045%✓ |
| Maker fee | 0.05% | 0%✓ |
| Open Interest | $1.7M✓ | $1.3M |
| 24h Volume | $17.2M✓ | $8.3M |
| Avg Funding APR | 12.23% | 8.66% |
| Markets | 9✓ | 8 |
| Airdrop / token | Points Active | Points Active |
Perpl and Hibachi are both perpetual-futures venues tracked on ORBIT. On fees, Hibachi is cheaper (0.045% vs 0.088% taker). On liquidity, Perpl is deeper with $1.7M open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Perpl and Hibachi diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Perpl and Hibachi pays most?
- Across 1 liquid markets shared by Hibachi and Perpl, the best funding setup over the past 7 days is $BTC (long Perpl, short Hibachi): it paid 19.3% APR, 10.0% after costs, and held 71% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Perpl or Hibachi cheaper?
- Perpl charges 0.088% taker / 0.05% maker; Hibachi charges 0.045% taker / 0% maker. Hibachi has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Perpl or Hibachi?
- Perpl has $1.7M open interest across 9 markets; Hibachi has $1.3M across 8. Perpl is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Perpl and Hibachi?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.