Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: SunX against Hibachi+0.038%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Hibachi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 3 days (all we have)−0.115%−$12 · spread now +0.038%, 7d avg −0.052%

Together, before fees+0.213%+ Points / potential airdropHibachi: Active · farm board+$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.090% dearer against Hibachi than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.052%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.328%, 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	2,751.7	0.0200	pay 0.0025% / 1h	25m 35s	$250K	$1.5M	20x
Short	SunX ETH-USDT	2,752.7	0.0100	get 0.0100% / 8h	6h 25m	$966K	$12.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$21
Price spread: +0.038% → −0.052%: $8.96
Slippage, 4 orders: −$8.24
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$37.27
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; SunX: 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, 3 min ago	0.65 bp	7.0 bp −$7	15.7 bp −$157	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	0.02 bp	4.0 bp −$4	4.7 bp −$47	7.3 bp −$726	10.5 bp −$5,236

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	2,753	+0.049%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,753.1	+0.051%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.2	+0.054%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,754.1	+0.087%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.084%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	+0.066%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.046%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,754.3	+0.093%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,753.6	+0.069%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0036%	8h	2,752.2	+0.018%	—	$17.7M	—	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	2,752.9	+0.043%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0055%	8h	2,753.6	+0.069%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,752.8	+0.040%	$253.1M	$856.1M	200x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,753	+0.048%	$380.4M	$607.4M	100x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,752.9	+0.043%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,752.9	+0.043%	$6.37B	$16.20B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,751.5	−0.006%	$4.9M	$168K	20x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,754.1	+0.087%	$267.7M	$65.9M	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,755.4	+0.133%	$59.1M	$4.36B	50x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,753	+0.047%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,752.7	+0.038%	$113.1M	$442.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,754.1	+0.086%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,752.9	+0.042%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0098%	8h	2,753.1	+0.050%	$3.40B	$8.88B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,757.9	+0.226%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.2	+0.018%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,753.2	+0.055%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754	+0.082%	$3.13B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.9	+0.043%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,752.8	+0.041%	$2.46B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752	+0.011%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.7	+0.071%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,753.8	+0.076%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.057%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.1	−0.057%	$181.8M	$700.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.1	−0.130%	$159.8M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	+0.025%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,753.9	+0.079%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,754.3	+0.094%	$10.8M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,753.8	+0.076%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,754.1	+0.088%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,755.7	+0.145%	$41.9M	$29.5M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,752.7	+0.038%	$966K	$12.4M	100x
SoDEX ETH-USD	+0.0100%	1h	2,754	+0.084%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.004%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,749.8	−0.070%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.1	+0.016%	$30.5M	$73.6M	50x	as long as short
Kalshi KXETHPERP	+0.0141%	8h	2,753.3	+0.058%	$7.7M	$674.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0170%	8h	2,756.5	+0.174%	$32.4M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0193%	1h	2,755.6	+0.142%	$258.5M	$200.1M	50x	as long as short
Hibachi ETH/USDT-Plong	+0.0200%	1h	2,751.7	long leg	$250K	$1.5M	20x
Injective ETH/USDC PERP	+0.0209%	1h	2,748.4	−0.120%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,753.6	+0.068%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,755.1	+0.125%	$90.1M	$316.1M	100x	as long as short