ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0251%/8h= −27.5% APRnext payment −$0.31 per $10,000 · paid last 24h −0.062%

Price spread now: GMX against Hibachi−0.057%7-day average −0.002% · you buy dearer than you sell

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

Long on Hibachi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 3 days (all we have)+0.081%+$8 · spread now −0.057%, 7d avg −0.002%

Together, before fees+0.098%+ Points / potential airdropHibachi: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.055% cheaper against Hibachi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.017% in total (about 1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.31 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	Hibachi ETH/USDT-P	2,755.3	0.0208	pay 0.0026% / 1h	25m 01s	$251K	$1.5M	20x
Short	GMX ETH/USD [ETH-USDC]	2,753.7	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	25m 01s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$52.74
Price spread: −0.057% → −0.002%: −$5.48
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$79.22
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 4 min ago; GMX: no order-book sample. 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 Hibachi live order book, 4 min ago	0.65 bp	7.0 bp −$7	15.7 bp −$157	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 54 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	2,752.2	−0.114%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,753.1	−0.080%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.2	−0.077%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,753.7	−0.057%	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,752.8	−0.091%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	−0.065%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.177%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,754.4	−0.034%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,753.6	−0.062%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,752.7	−0.095%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,752.4	−0.106%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,753.3	−0.071%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,752.8	−0.090%	$253.1M	$856.6M	200x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,753.1	−0.079%	$380.4M	$607.5M	100x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,752.8	−0.093%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,752.8	−0.091%	$6.37B	$16.20B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,751.5	−0.140%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,754.8	−0.020%	$59.1M	$4.35B	50x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,752.7	−0.093%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,753.7	−0.057%	$113.2M	$442.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,755.4	+0.001%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.3	−0.073%	—	$35.5M	500x	as long as short
Gate ETH_USDT	+0.0098%	8h	2,753.3	−0.073%	$3.40B	$8.88B	200x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,753.5	−0.065%	$267.7M	$65.9M	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,757.9	+0.095%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.2	−0.113%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.9	−0.088%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,755.3	0.000%	$3.13B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.9	−0.088%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,752.9	−0.088%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752	−0.120%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.7	−0.060%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,752.8	−0.091%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	−0.074%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	−0.134%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.8	−0.128%	$160.0M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.5	−0.066%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,754	−0.048%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.8	−0.055%	$10.8M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,753.4	−0.071%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,753.9	−0.053%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,754.9	−0.013%	$41.9M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.8	−0.126%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,753.6	−0.062%	$54.8M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.127%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,750.6	−0.172%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,751.8	−0.128%	$30.5M	$73.6M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,753.7	−0.058%	$7.7M	$674.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0142%	1h	2,754.7	−0.023%	$258.5M	$199.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,756.2	+0.033%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0208%	1h	2,755.3	long leg	$251K	$1.5M	20x
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.175%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,753	−0.082%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,754.5	−0.029%	$90.0M	$316.1M	100x	as long as short