Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.027%

Price spread now: Hibachi against edgeX−0.072%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on edgeX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$34 on $10k

Price spread, last 7 days+0.121%+$12 · spread now −0.072%, 7d avg +0.059%

Together, before fees−0.223%+ Points / potential airdropedgeX: Active · Hibachi: Active · farm board−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.131% cheaper against edgeX than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of +0.059%). If the spread goes back, that is −$13 on $10k: about 3.0 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.345%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,738	0.0100	pay 0.0050% / 4h	48m 49s	$182.0M	$665.6M	100x
Short	Hibachi ETH/USDT-P	2,736	0.0248	get 0.0031% / 1h	48m 49s	$254K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee edgeXbpFee HibachibpOrdersPrice spread, now −0.072%Rate

Funding earned: $31.08
Price spread: −0.072% → +0.059%: −$13.15
Slippage, 4 orders: −$6.76
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$6.83
Costs to cover: 0.248%
Break-even: 8.5 days

Slippage from edgeX: live order book, 5 min ago; Hibachi: live order book, 5 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 edgeX live order book, 5 min ago	2.03 bp	6.5 bp −$7	6.5 bp −$65	6.8 bp −$679	8.1 bp −$4,070
Sell Hibachi live order book, 5 min ago	0.02 bp	6.0 bp −$6	13.7 bp −$137	doesn't fit	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,731.5	−0.235%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	−0.090%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.005%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	−0.316%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.6	−0.123%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.6	−0.196%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.118%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.2	−0.321%	$25.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,729	−0.328%	$54.4M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,729.2	−0.319%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0056%	8h	2,727.9	−0.367%	—	$1.14B	—	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.7	−0.340%	$1.67B	$10.64B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,729.3	−0.316%	$379.8M	$573.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	−0.273%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,728.3	−0.353%	$252.3M	$841.7M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	−0.310%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,727.7	−0.375%	$6.33B	$15.78B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,727.7	−0.375%	$1.53B	$2.53B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,729.7	−0.304%	$112.1M	$433.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	−0.296%	$23.9M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	−0.126%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.4	−0.203%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.8	−0.006%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	−0.229%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	−0.264%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	−0.328%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.131%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,727.7	−0.376%	$2.40B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	−0.229%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	−0.198%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.102%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.8	−0.299%	$3.35B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	−0.411%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.376%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	−0.112%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,738	long leg	$182.0M	$665.6M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.037%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	−0.098%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	−0.072%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	−0.186%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	−0.189%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	−0.278%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.338%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,728.9	−0.333%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.4	−0.314%	$265.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.9	−0.331%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.7	−0.268%	$51.6M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	−0.011%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,732	−0.218%	$7.3M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	−0.255%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.364%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	−0.292%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	−0.303%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0248%	1h	2,736	−0.072%	$254K	$1.4M	20x
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	−0.316%	$21K	$20K	25x	as long as short