Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.043%

Price spread now: Phemex against Hibachi+0.054%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Hibachi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.054%, 7d avg −0.035%

Together, before fees+0.071%+ Points / potential airdropHibachi: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.089% dearer against Hibachi than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.035%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.218%, 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	0.0248	pay 0.0031% / 1h	45m 56s	$253K	$1.4M	20x
Short	Phemex ETHUSDT	2,730.5	0.0100	get 0.0100% / 8h	4h 45m	$265.4M	$65.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$31.08
Price spread: +0.054% → −0.035%: $8.9
Slippage, 4 orders: −$6.65
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.83
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; Phemex: live order book, 3 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	5.0 bp −$5	12.7 bp −$127	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.02 bp	6.0 bp −$6	9.2 bp −$92	14.2 bp −$1,417	16.8 bp −$8,418

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	−0.0447%	43m	2,728.5	−0.020%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.095%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.5	−0.018%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.006%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.4	+0.052%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,729.1	+0.004%	$188K	$843K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.007%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.9	−0.003%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0021%	1h	2,728.3	−0.025%	$181K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,730.5	+0.055%	$54.4M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0056%	8h	2,729.9	+0.034%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,730.1	+0.042%	$380.2M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,730.5	+0.056%	$1.66B	$10.69B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,730.3	+0.048%	$252.1M	$843.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0087%	1h	2,731.9	+0.107%	$260.1M	$196.8M	50x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.1	+0.040%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,730.7	+0.061%	$6.34B	$15.84B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,730.6	+0.058%	$1.53B	$2.54B	500x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,729.3	+0.010%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,729.9	+0.032%	$2.39B	$4.34B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.9	+0.068%	$112.1M	$434.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.9	+0.105%	$23.2M	$105.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.7	+0.061%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,733.5	+0.164%	$15.7M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.3	+0.011%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.9	−0.040%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	+0.037%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.7	+0.134%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.071%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	+0.011%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.8	+0.028%	$2.8M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.431%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.5	+0.053%	$3.35B	$8.78B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.4	+0.052%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.3	+0.047%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.022%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.7	+0.136%	$181.8M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	+0.001%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.112%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.3	−0.062%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	+0.013%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	+0.033%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.6	+0.097%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.7	+0.025%	$958K	$11.4M	100x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,730.5	+0.054%	$265.4M	$65.4M	150x
Extended ETH-USD	+0.0104%	1h	2,729.6	+0.021%	$30.4M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,733.4	+0.161%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.111%	$51.8M	$4.26B	50x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,728.1	−0.033%	$6.3M	$676.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.2	+0.116%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731.5	+0.091%	$84.6M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,727.3	−0.062%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0248%	1h	2,729	long leg	$253K	$1.4M	20x
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.097%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0690%	1h	2,729.6	+0.023%	$21K	$20K	25x	as long as short