Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.025%

Price spread now: Katana Perps against Hibachi−0.013%7-day average −0.066% · you buy dearer than you sell

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

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.086%+$9 on $10k

Price spread, last 7 days−0.050%−$5 · spread now −0.013%, 7d avg −0.066%

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

The price spread pays, funding is against you. Katana Perps is 0.053% dearer against Hibachi than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.066%): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 4 days funding on this pair paid +0.086%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,738.5	0.0248	pay 0.0031% / 1h	36m 55s	$251K	$1.4M	20x
Short	Katana Perps ETH-USD	2,738.1	0.0100	get 0.0100% / 8h	5h 36m	$468K	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hibachi. 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 HibachibpFee Katana PerpsbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$31.12
Price spread: −0.013% → −0.066%: $5.28
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$38.64
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 2 min ago; Katana Perps: 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, 2 min ago	1.75 bp	6.3 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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
Hotstuff ETH-PERP	−0.0080%	1h	2,737.5	−0.035%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.169%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.3	+0.067%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.5	−0.036%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,738.6	+0.005%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,740.4	+0.069%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.228%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,740	+0.056%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0049%	8h	2,740.5	+0.073%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,739.6	+0.043%	$383.0M	$597.1M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0063%	1h	2,738.7	+0.008%	$8.8M	$31.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0063%	8h	2,739.8	+0.047%	$1.70B	$10.57B	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,739.1	+0.024%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,739.8	+0.050%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,740	+0.057%	$252.1M	$841.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.9	−0.059%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,739.6	+0.043%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,739.9	+0.054%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,739.9	+0.053%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740.2	+0.063%	$112.6M	$432.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.7	+0.117%	$24.6M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,736.5	−0.073%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,740.9	+0.089%	$58.6M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742	+0.128%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,738.1	−0.013%	$468K	$3.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,740	+0.056%	$13.9M	$105.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.7	+0.155%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.2	−0.010%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.6	+0.041%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.4	−0.075%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.8	+0.014%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.185%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.7	+0.081%	$3.39B	$8.71B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.5	+0.037%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.1	+0.061%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.082%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	+0.028%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.8	+0.013%	$159.2M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.1	−0.013%	$21.2M	$68.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.8	+0.050%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.8	+0.085%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.3	+0.104%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.6	+0.040%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.7	+0.045%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.5	+0.074%	$266.6M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.5	+0.002%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0134%	1h	2,740.9	+0.088%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,741	+0.094%	$258.7M	$196.2M	50x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,739.5	+0.038%	$7.6M	$669.0M	4.9x	as long as short
Bluefin ETH-PERP	+0.0167%	1h	2,739.9	+0.053%	$21K	$20K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,741.7	+0.119%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,738.6	+0.004%	$284.5M	$181.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,740.6	+0.079%	$87.0M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,739.6	+0.043%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0248%	1h	2,738.5	long leg	$251K	$1.4M	20x