Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0370%/8h= −40.5% APRpaid last 24h −0.024%

Price spread now: Binance against Hibachi−0.165%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Hibachi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.231%+$23 on $10k

Price spread, last 7 days+0.123%+$12 · spread now −0.165%, 7d avg −0.029%

Together, before fees+0.353%+ Points / potential airdropHibachi: Active · farm board+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Binance is 0.137% cheaper against Hibachi than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.231%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.231% in total (about 12.0% a year). A funding rate is set anew for every payment. 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	Hibachi ETH/USDT-P	2,769.3	0.0416	pay 0.0052% / 1h	35m 42s	$272K	$1.5M	20x
Short	Binance ETHUSDT	2,764.8	0.0046	get 0.0046% / 8h	2h 35m	$6.42B	$17.19B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hibachi. 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 HibachibpFee BinancebpOrdersPrice spread, now −0.165%Rate

Funding earned: −$77.67
Price spread: −0.165% → −0.029%: −$13.68
Slippage, 4 orders: −$2.43
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$112.78
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; Binance: live order book, 8 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 Hibachi live order book, 3 min ago	0.02 bp	6.0 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$582	8.2 bp −$4,096

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	−0.0112%	43m	2,765.4	−0.144%	$288K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.117%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.196%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.148%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,764.5	−0.175%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	−0.077%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,764.6	−0.173%	$5.8M	$11.9M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,764.5	−0.176%	$258.4M	$224.5M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.6	−0.134%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,764	−0.193%	$22.3M	—	200x	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	+0.0016%	8h	2,764.7	−0.169%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,764.4	−0.180%	$1.70B	$11.82B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.6	−0.062%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,764.3	−0.180%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,763.6	−0.209%	$265.9M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,765	−0.155%	$255.6M	$995.1M	200x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,764.9	−0.161%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDTshort	+0.0046%	8h	2,764.8	−0.165%	$6.42B	$17.19B	150x
Aevo ETH-PERP	+0.0048%	1h	2,761.2	−0.295%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,764.5	−0.174%	$3.28B	$9.61B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,764.7	−0.168%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,763.8	−0.200%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.143%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,765.6	−0.137%	$115.2M	$511.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,766.9	−0.088%	$25.3M	$122.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.2	−0.150%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,764.9	−0.162%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,764.6	−0.171%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,764	−0.193%	$14.7M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,767.4	−0.070%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,765.5	−0.140%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,764.7	−0.167%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.4	−0.178%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767	−0.083%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.137%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,764.9	−0.159%	$424.1M	$741.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,764	−0.195%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.196%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.131%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.4	−0.070%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,765.7	−0.133%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,765.7	−0.131%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.4	−0.177%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,765.6	−0.134%	$42.5M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,764	−0.192%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,762.7	−0.240%	$55.0M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,762.8	−0.237%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,763.4	−0.213%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,764.7	−0.169%	$60.1M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,765.4	−0.142%	$8.6M	$672.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0130%	8h	2,765.8	−0.129%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	−0.096%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,763.1	−0.225%	$7.4M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,764.2	−0.187%	$87.8M	$329.7M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0416%	1h	2,769.3	long leg	$272K	$1.5M	20x