Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.020%

Price spread now: Variational Omni against Hibachi+0.028%7-day average −0.024% · you sell dearer than you buy

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.058%+$6 on $10k

Price spread, last 7 days−0.080%−$8 · spread now +0.028%, 7d avg −0.024%

Together, before fees−0.022%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.053% dearer against Hibachi than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.024%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. Mind the row above: over the last 3 days funding on this pair paid +0.058%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.058% in total (about 6.5% a year). A funding rate is set anew for every payment. 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	2,770.3	0.0392	pay 0.0049% / 1h	44m 09s	$273K	$1.5M	20x
Short	Variational Omni ETH	2,771.1	0.0092	get 0.0092% / 8h	2h 44m	$141.1M	$318.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.028%Rate

Funding earned: −$62.98
Price spread: +0.028% → −0.024%: $5.27
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$66.71
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 5 min ago; Variational Omni: RFQ quote, 5 min ago. 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, 5 min ago	0.02 bp	5.1 bp −$5	10.8 bp −$108	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	0.52 bp	doesn't fit	0.9 bp −$9	4.9 bp −$489	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	−0.0447%	43m	2,768	−0.082%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.015%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0095%	1h	2,771.1	+0.030%	$10.5M	$31.0M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.4	−0.068%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,768.4	−0.068%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	+0.037%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.067%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.042%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.5	−0.065%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,768.1	−0.080%	$266.3M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0023%	8h	2,768.9	−0.051%	$1.70B	$11.84B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.8	+0.054%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,768.5	−0.065%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,768.8	−0.055%	$255.8M	$995.5M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,768.2	−0.077%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,769	−0.046%	$6.44B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.8	−0.161%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0060%	8h	2,769	−0.047%	$3.29B	$9.57B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,768.9	−0.051%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,767.8	−0.089%	$185K	$1.8M	20x	as long as short
Variational Omni ETHshort	+0.0092%	8h	2,771.1	+0.028%	$141.1M	$318.8M	—
Lighter ETH	+0.0096%	1h	2,768.3	−0.072%	$115.1M	$509.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.6	−0.026%	$25.3M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.9	−0.049%	—	$41.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.7	−0.092%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.7	−0.057%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.082%	$16.0M	$114.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.8	+0.019%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.6	−0.061%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769	−0.048%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.8	−0.090%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.3	+0.002%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.020%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,768.4	−0.070%	$424.8M	$742.3M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,768.5	−0.064%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.5	−0.065%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.4	+0.041%	$178.2M	$790.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.7	+0.051%	$161.2M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	+0.004%	$21.4M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.2	−0.040%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	−0.017%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.3	−0.070%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.8	−0.017%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.6	−0.096%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,767.3	−0.108%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,767	−0.119%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.9	−0.124%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.9	−0.049%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.9	−0.050%	$8.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,770.3	−0.001%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,767.9	−0.086%	$286.6M	$195.3M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0173%	1h	2,769.4	−0.032%	$259.0M	$223.4M	50x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,767.5	−0.101%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768.6	−0.060%	$88.4M	$329.8M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0392%	1h	2,770.3	long leg	$273K	$1.5M	20x