Live market
Perp spread in basis points, live
The perp spread shown here is the live distance between the best bid and best ask on this perpetual book, in dollars and basis points, read at page load.
Spread in basis points is what a maker earns and a taker pays. This is the real one, off the book, right now.
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Pacifica Market Maker
runs a maker strategy on this same Pacifica book and shows spread, inventory and PnL as they change.
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Read from the Pacifica perpetual book at 2026-10-13 16:19 UTC, through our own keyless relay, and refreshed at most every five minutes. Any figure quoted from this page is accurate as of that time and not afterwards.
What a basis point costs in practice
A basis point is one hundredth of a percent, so a ten basis point spread on a ten thousand dollar position is ten dollars to cross once. That sounds small until it is paid on both entry and exit, and paid again on every adjustment. Strategies that trade often are competing against this number more than against the direction of the market.
Why the spread widens, and when
Spreads widen when volatility rises, when liquidity providers step back, and during the hours when fewer of them are awake. The widest spreads arrive at exactly the moments people most want to trade, which is inconvenient and not accidental: the people quoting are pricing the risk of being on the wrong side of a fast move.
The round trip is what to budget for
Entering at market pays half the spread, leaving at market pays the other half, so the realistic cost of a position that opens and closes is the full spread plus fees. A strategy with an edge smaller than that round trip does not have an edge, and this is the most common way a backtest that looked profitable fails in practice.
Spread against funding, over different horizons
Spread is paid once per trip and funding is paid continuously, so which one dominates depends entirely on how long a position is held. For a trade measured in minutes the spread is almost the whole cost. For one measured in weeks it is a rounding error beside funding. Knowing which regime you are in decides which number on this site you should be watching.
Run it instead of reading it
Open, change it, publish your own
Market Maker
the same maker desk on Hibachi perps, built around the spread it quotes.
Open the template
Three working apps that read this kind of market. Open one, change it, and publish your own.
- Pacifica Market Maker
runs a maker strategy on this same Pacifica book and shows spread, inventory and PnL as they change.
- Hyperliquid Market Maker
the same maker desk on Hyperliquid perps, with spread, inventory and PnL live.
- Market Maker
the same maker desk on Hibachi perps, built around the spread it quotes.
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