Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.028%

Price spread now: Hibachi against HTX−0.058%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on HTX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.267%−$27 on $10k

Price spread, last 4 days (all we have)+0.383%+$38 · spread now −0.058%, 7d avg +0.048%

Together, before fees+0.115%+ Points / potential airdropHibachi: Active · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.106% cheaper against HTX than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of +0.048%). If the spread goes back, that is −$11 on $10k: about 2.3 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.267%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,744	0.0096	pay 0.0096% / 8h	5h 41m	$1.06B	$1.18B	200x
Short	Hibachi ETH/USDT-P	2,742.4	0.0248	get 0.0031% / 1h	41m 57s	$249K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against HTX. 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 HTXbpFee HibachibpOrdersPrice spread, now −0.058%Rate

Funding earned: $31.9
Price spread: −0.058% → +0.048%: −$10.59
Slippage, 4 orders: −$4.78
Fee HTX: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$4.47
Costs to cover: 0.258%
Break-even: 8.0 days

Slippage from HTX: live order book, 2 min ago; Hibachi: live order book, 2 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 HTX live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	8.2 bp −$819	11.8 bp −$5,891
Sell Hibachi live order book, 2 min ago	0.16 bp	8.2 bp −$8	14.2 bp −$142	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	−0.0112%	43m	2,743.9	−0.002%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.7	−0.084%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.033%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745	+0.035%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.4	+0.014%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745	+0.035%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.124%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,744.8	+0.029%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,738.6	−0.198%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,739.1	−0.179%	$1.70B	$10.56B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,742.7	−0.048%	$383.8M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,745.2	+0.042%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,744.4	+0.015%	$252.4M	$841.6M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,739.4	−0.167%	$1.55B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,741.7	−0.084%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,739.1	−0.180%	$6.37B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0090%	1h	2,744.5	+0.020%	$183K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,745.3	+0.046%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.4	+0.086%	$24.7M	$103.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.6	−0.013%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746	+0.073%	$59.0M	$4.28B	50x	as long as short
HTX ETH-USDTlong	+0.0096%	8h	2,744	long leg	$1.06B	$1.18B	200x
Paradex ETH-USD-PERP	+0.0100%	8h	2,748.2	+0.152%	$16.1M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	+0.015%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	+0.018%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746	+0.073%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.3	+0.047%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739	−0.181%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	−0.044%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.1	+0.040%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	−0.017%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.8	−0.152%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740	−0.145%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	−0.024%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.132%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.5	−0.090%	$182.2M	$693.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.154%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,743.1	−0.032%	$8.9M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.8	−0.044%	$21.2M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.2	+0.045%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.8	+0.066%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.5	+0.018%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.093%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.9	−0.004%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.8	+0.029%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.3	+0.012%	$267.0M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.2	−0.174%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,743.6	−0.014%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,745	+0.036%	$7.7M	$668.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0176%	1h	2,746.2	+0.078%	$258.8M	$195.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,746.6	+0.096%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,743	−0.035%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.6	+0.060%	$87.3M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,744.3	+0.009%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0248%	1h	2,742.4	−0.058%	$249K	$1.4M	20x