Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.030%

Price spread now: Paradex against Hibachi−0.030%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.078%+$8 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.030%, 7d avg +0.023%

Together, before fees+0.088%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Paradex is 0.053% cheaper against Hibachi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.078%, 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	2,729.6	0.0232	pay 0.0029% / 1h	54m 57s	$249K	$1.4M	20x
Short	Paradex ETH-USD-PERP	2,728.8	0.0100	get 0.0100% / 8h	2h 54m	$15.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$27.74
Price spread: −0.030% → +0.023%: −$5.28
Slippage, 4 orders: −$6.57
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$52.59
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; Paradex: live order book, 4 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, 4 min ago	0.02 bp	5.7 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit
Sell Paradex live order book, 4 min ago	1.92 bp	3.9 bp −$4	3.9 bp −$39	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	−0.0335%	43m	2,728.2	−0.054%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.8	−0.031%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0020%	8h	2,726.4	−0.117%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.9	−0.100%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,727.6	−0.075%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	−0.036%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.2	−0.091%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,729.1	−0.020%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,727.1	−0.094%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,726.9	−0.101%	$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	+0.0048%	1h	2,727.5	−0.078%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0058%	8h	2,726.6	−0.111%	$956K	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0062%	1h	2,728.8	−0.032%	$258.5M	$203.1M	50x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,728.2	−0.051%	$378.1M	$576.6M	100x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,726.5	−0.116%	$176K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,727.1	−0.092%	$252.3M	$843.1M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,725.3	−0.158%	$4.9M	$155K	20x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,728.4	−0.045%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,727.6	−0.076%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,727.3	−0.085%	$1.67B	$10.74B	100x	as long as short
Binance ETHUSDT	+0.0085%	8h	2,727.1	−0.092%	$6.32B	$15.97B	150x	as long as short
Phemex ETHUSDT	+0.0090%	8h	2,727.9	−0.066%	$264.1M	$64.1M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.9	−0.063%	$111.9M	$428.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.6	−0.003%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,728.3	−0.048%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.7	−0.108%	$500K	$3.4M	50x	as long as short
Paradex ETH-USD-PERPshort	+0.0100%	8h	2,728.8	−0.030%	$15.4M	$8.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.063%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.3	+0.025%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728	−0.058%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.7	−0.034%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.5	−0.078%	$1.5M	$16.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.3	−0.085%	$3.33B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.5	−0.077%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.2	−0.053%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	−0.029%	$134.6M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.9	−0.063%	$183.5M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	+0.050%	$158.9M	$87.3M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,729.4	−0.008%	$8.7M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.3	−0.012%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.1	−0.057%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.2	−0.053%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.9	−0.063%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,729	−0.025%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.7	−0.071%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.099%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.5	−0.114%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,729.1	−0.019%	$50.0M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,727.5	−0.079%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,728.4	−0.045%	$6.4M	$688.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,728.5	−0.043%	$83.0M	$316.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,729.8	+0.005%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,725.6	−0.148%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0232%	1h	2,729.6	long leg	$249K	$1.4M	20x
BloFin ETH-USDT	+0.0338%	8h	2,727.6	−0.077%	$283.4M	$174.5M	150x	as long as short