ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0242%/8h= +26.5% APRnext payment +$0.30 per $10,000 · paid last 24h +0.058%

Price spread now: Hibachi against GMX−0.082%7-day average +0.004% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.082%, 7d avg +0.004%

Together, before fees−0.036%+ Points / potential airdropHibachi: Active · farm board−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.085% cheaper against GMX than usual: you would sell low and buy high (spread −0.082% now, against its 7-day average of +0.004%). If the spread goes back, that is −$9 on $10k: about 28 hours of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.038% in total (about -4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,731.2	L −0.0010% / S +0.0043%	get 0.0001% / 1h	57m 20s	$11.9M	—	200x
Short	Hibachi ETH/USDT-P	2,729	0.0232	get 0.0029% / 1h	57m 20s	$249K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee HibachibpOrdersPrice spread, now −0.082%Rate

Funding earned: $50.76
Price spread: −0.082% → +0.004%: −$8.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $21.22
Costs to cover: 0.210%
Break-even: 4.1 days

Slippage unknown: GMX: no order-book sample; Hibachi: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 2 min ago	0.02 bp	5.7 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit

GMX: 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.

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	−0.0335%	43m	2,730.9	−0.010%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.3	−0.180%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,725.2	−0.220%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,731.2	long leg	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,727.6	−0.132%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.9	−0.086%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.3	+0.004%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,736.4	+0.190%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,731	−0.006%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,730.8	−0.015%	$2.36B	$4.40B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,731	−0.008%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,725.6	−0.205%	$957K	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0062%	1h	2,727.5	−0.135%	$258.5M	$203.0M	50x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,731	−0.008%	$377.5M	$576.0M	100x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,728	−0.118%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,731.1	−0.002%	$252.7M	$843.0M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,728.4	−0.103%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,731.1	−0.003%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,730.9	−0.010%	$6.33B	$15.97B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,730.8	−0.013%	$1.67B	$10.76B	100x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,726.4	−0.176%	$264.0M	$64.1M	150x	as long as short
Aftermath Perps ETHUSD	+0.0088%	1h	2,728.5	−0.100%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0088%	1h	2,730.9	−0.011%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,729.1	−0.077%	$111.9M	$428.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.8	−0.016%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.5	−0.063%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.062%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.5	+0.010%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.6	−0.095%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733	+0.066%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730	−0.045%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.2	−0.183%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.6	−0.022%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.2	−0.001%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.3	+0.003%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.5	−0.210%	$14.9M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.183%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.1	−0.186%	$183.4M	$673.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.4	−0.139%	$158.7M	$87.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	−0.191%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731	−0.008%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	+0.044%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.8	−0.014%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.1	−0.115%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.4	−0.176%	$54.3M	$187.9M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.156%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.8	−0.089%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,727.1	−0.149%	$50.1M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.7	−0.017%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,727	−0.154%	$6.4M	$687.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,726.8	−0.160%	$82.8M	$316.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,732.9	+0.061%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,730.3	−0.032%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0232%	1h	2,729	−0.082%	$249K	$1.4M	20x
BloFin ETH-USDT	+0.0332%	8h	2,726	−0.189%	$281.4M	$174.4M	150x	as long as short