Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0140%/8h= +15.4% APRpaid last 24h +0.033%

Price spread now: Hibachi against Katana Perps−0.002%7-day average +0.067% · you buy dearer than you sell

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

Long on Katana Perps Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.073%−$7 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.002%, 7d avg +0.067%

Together, before fees+0.008%+ Points / potential airdropHibachi: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.069% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.002% now, against its 7-day average of +0.067%). If the spread goes back, that is −$7 on $10k: about 39 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 4 days funding on this pair cost −0.073%, 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	Katana Perps ETH-USD	2,726.2	0.0100	pay 0.0100% / 8h	1h 32m	$509K	$3.5M	50x
Short	Hibachi ETH/USDT-P	2,726.1	0.0240	get 0.0030% / 1h	32m 10s	$245K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Katana Perps. 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 Katana PerpsbpFee HibachibpOrdersPrice spread, now −0.002%Rate

Funding earned: $29.44
Price spread: −0.002% → +0.067%: −$6.9
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $9.74
Costs to cover: 0.128%
Break-even: 4.7 days

Slippage unknown: Katana Perps: no order-book sample; Hibachi: live order book, 2 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 2 min ago	0.94 bp	5.7 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,726.5	+0.012%	$288K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0087%	1h	2,726.4	+0.006%	$8.6M	$31.4M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.6	+0.051%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	+0.051%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.5	+0.010%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.7	−0.018%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.7	+0.055%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727	+0.029%	$6.6M	$688.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,726.7	+0.017%	$262.6M	$215.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,726.5	+0.010%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0011%	8h	2,725.8	−0.015%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,727	+0.029%	$191K	$893K	50x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,725.6	−0.023%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0033%	8h	2,725.9	−0.013%	$2.34B	$4.41B	150x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,725.6	−0.023%	$375.4M	$577.0M	100x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,725.8	−0.015%	$54.3M	$187.3M	40x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,726	−0.008%	$252.0M	$848.9M	200x	as long as short
SunX ETH-USDT	+0.0086%	8h	2,725.4	−0.028%	$955K	$11.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0087%	8h	2,726.1	−0.004%	$1.65B	$10.90B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,723.5	−0.101%	$4.9M	$167K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,725.9	−0.011%	$1.52B	$2.59B	500x	as long as short
Aftermath Perps ETHUSD	+0.0090%	1h	2,726.8	+0.023%	$30K	$20K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,725.9	−0.012%	$6.32B	$16.15B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.4	+0.008%	$112.0M	$434.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.6	+0.052%	$23.4M	$103.0M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,726.2	long leg	$509K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.6	+0.125%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.8	−0.013%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.1	+0.106%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.3	+0.040%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.1	−0.004%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.8	+0.021%	$1.5M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726	−0.006%	$3.29B	$8.98B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.5	+0.011%	$2.08B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.2	−0.001%	$15.0M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.8	−0.053%	$133.4M	$324.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	−0.021%	$184.8M	$681.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.7	+0.019%	$158.4M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.7	+0.055%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.6	+0.052%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.2	+0.037%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726	−0.007%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727	+0.029%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	+0.040%	$40.9M	$30.3M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726	−0.007%	$262.7M	$64.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	0.000%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725	−0.044%	$30.4M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,727.7	+0.056%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,727.2	+0.035%	$49.9M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,726.7	+0.017%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,728.2	+0.074%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,725.2	−0.038%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,726.3	+0.005%	$82.4M	$312.5M	100x	as long as short
Hibachi ETH/USDT-Pshort	+0.0240%	1h	2,726.1	−0.002%	$245K	$1.4M	20x
BloFin ETH-USDT	+0.0359%	8h	2,727.9	+0.062%	$281.9M	$175.4M	150x	as long as short