Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.034%

Price spread now: Hibachi against Paradex−0.159%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Paradex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.070%−$7 on $10k

Price spread, last 7 days+0.136%+$14 · spread now −0.159%, 7d avg −0.026%

Together, before fees+0.065%+ Points / potential airdropParadex: Active · Hibachi: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Hibachi is 0.133% cheaper against Paradex than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,731.5	0.0100	pay 0.0100% / 8h	7h 54m	$15.4M	$7.4M	50x
Short	Hibachi ETH/USDT-P	2,727.2	0.0088	get 0.0011% / 1h	54m 11s	$242K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Paradex. 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 ParadexbpFee HibachibpOrdersPrice spread, now −0.159%Rate

Funding earned: −$2.52
Price spread: −0.159% → −0.026%: −$13.27
Slippage, 4 orders: −$8.34
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$37.13
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Paradex: live order book, 5 min ago; Hibachi: live order book, 5 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 Paradex live order book, 5 min ago	2.27 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Hibachi live order book, 5 min ago	0.71 bp	6.9 bp −$7	11.6 bp −$116	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	−0.0447%	43m	2,729.3	−0.080%	$276K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.4	−0.113%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,728.7	−0.102%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.3	−0.116%	$11.9M	—	200x	as long as short
Phemex ETHUSDT	−0.0004%	8h	2,727.4	−0.149%	$262.8M	$64.0M	150x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.3	−0.042%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.1	−0.088%	$6.7M	$672.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.2	−0.119%	$264.5M	$219.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.8	−0.136%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0043%	8h	2,728.4	−0.115%	$3.30B	$8.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0049%	8h	2,727.3	−0.152%	$2.32B	$4.32B	150x	as long as short
HTX ETH-USDT	+0.0053%	8h	2,727	−0.163%	$1.05B	$1.22B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,727.4	−0.149%	$1.65B	$10.72B	100x	as long as short
01 Exchange ETHUSD	+0.0080%	1h	2,729.9	−0.058%	$191K	$884K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,727.5	−0.147%	$383.6M	$576.4M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,727.7	−0.137%	$252.1M	$849.3M	200x	as long as short
Hibachi ETH/USDT-Pshort	+0.0088%	1h	2,727.2	−0.159%	$242K	$1.4M	20x
ApeX Omni ETHUSDT	+0.0089%	1h	2,726.3	−0.189%	$8.4M	$31.2M	100x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,727.3	−0.152%	$954K	$10.7M	100x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,727.6	−0.142%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,727.6	−0.141%	$6.31B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.9	−0.132%	$112.1M	$400.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.3	−0.081%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,728.3	−0.118%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.9	−0.204%	$4.9M	$193K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.113%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,731.5	long leg	$15.4M	$7.4M	50x
Nado ETH-PERP	+0.0100%	1h	2,728	−0.129%	$14.1M	$103.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.1	−0.014%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.5	−0.073%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	−0.113%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.9	−0.097%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.161%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.5	−0.145%	$2.10B	$2.76B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,727.5	−0.145%	—	$1.07B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.141%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	−0.153%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.4	−0.112%	$185.6M	$683.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	−0.214%	$158.4M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.3	−0.080%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.2	−0.047%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	−0.055%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.5	−0.110%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.3	−0.118%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.006%	$40.6M	$29.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.4	−0.150%	$54.3M	$182.6M	40x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,727.2	−0.156%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.7	−0.175%	$30.4M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727.9	−0.131%	$81.9M	$310.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.4	−0.113%	$46.6M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,729.2	−0.083%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0144%	8h	2,726.8	−0.173%	$282.7M	$177.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0175%	1h	2,727.9	−0.133%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730	−0.054%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,725.2	−0.230%	$117K	$19.3M	52x	as long as short