GRVT and Hibachi both quote 5 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread right now is SUI-USDT — long Hibachi / short GRVT at 9.7% net APR — but the median across all shared markets is 8.7%, which is the number worth planning around.

The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 1 markets go long on GRVT and 4 on Hibachi. 4 markets clear 5% net APR, 0 clear 10%.

GRVT pays funding every 4h on 3 markets and every 8h on 2 markets; Hibachi pays every 8h on 5 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. GRVT quotes 5 perpetual markets in total and Hibachi quotes 5; the 5 they share are what this page ranks. Across its own book GRVT runs a median funding rate of 10.9% and Hibachi 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.

Coverage note: GRVT and Hibachi share 5 markets, 0 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.