Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.033%

Price spread now: Hibachi against SunX+0.065%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on SunX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.298%−$30 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now +0.065%, 7d avg +0.053%

Together, before fees−0.221%+ Points / potential airdropHibachi: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,749.6	0.0100	pay 0.0100% / 8h	5h 59m	$947K	$8.8M	100x
Short	Hibachi ETH/USDT-P	2,751.4	−0.0120	pay 0.0015% / 1h	59m 02s	$235K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against SunX. 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 SunXbpFee HibachibpOrdersPrice spread, now +0.065%Rate

Funding earned: −$46.2
Price spread: +0.065% → +0.053%: $1.2
Slippage, 4 orders: −$5.79
Fee SunX: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$67.79
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from SunX: live order book, 13 min ago; Hibachi: live order book, 3 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 SunX live order book, 13 min ago	0.62 bp	5.0 bp −$5	5.2 bp −$52	6.9 bp −$691	9.6 bp −$4,805
Sell Hibachi live order book, 3 min ago	0.02 bp	6.1 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit

ETH on 54 exchanges

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
Hibachi ETH/USDT-Pshort	−0.0120%	1h	2,751.4	+0.065%	$235K	$1.2M	20x
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	−0.008%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,748.5	−0.040%	$808K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.4	−0.009%	$12.0M	—	200x	as long as short
Bybit ETHUSDT	−0.0002%	8h	2,750.1	+0.019%	$2.37B	$3.84B	150x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,749.8	+0.007%	$7.3M	$661.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,749.9	+0.011%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,748.8	−0.030%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0020%	1h	2,748.6	−0.036%	$8.3M	$25.3M	100x	as long as short
dYdX ETH-USD	+0.0067%	1h	2,750.6	+0.036%	$15.3M	$42.8M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,749.2	−0.013%	$1.67B	$9.29B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.8	−0.028%	$4.9M	$213K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,749.6	−0.001%	$257.6M	$724.4M	200x	as long as short
Gate ETH_USDT	+0.0085%	8h	2,749.3	−0.011%	$3.27B	$7.67B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,750	+0.013%	$365.3M	$443.7M	100x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,749.6	0.000%	$1.60B	$2.33B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,750	+0.014%	$6.41B	$14.13B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,750.1	+0.017%	$114.3M	$382.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,751.2	+0.058%	$23.7M	$93.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.1	−0.018%	—	$23.6M	500x	as long as short
01 Exchange ETHUSD	+0.0096%	1h	2,749.5	−0.004%	$182K	$951K	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,750.5	+0.034%	$46.2M	$3.91B	50x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,748.4	−0.043%	$30K	$8K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.3	−0.048%	$507K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.5	−0.005%	$14.6M	$96.3M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.5	+0.034%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.6	−0.037%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.1	+0.016%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,748.6	−0.037%	$165.1M	$334.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,749.2	−0.015%	$2.11B	$2.31B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,749.4	−0.006%	—	$951.2M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749.1	−0.019%	$14.9M	$36.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.079%	$132.5M	$292.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.4	−0.081%	$185.1M	$624.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.8	−0.066%	$159.8M	$68.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.2	+0.058%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.7	+0.039%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.3	+0.025%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.6	0.000%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.1	+0.019%	$20K	$14K	25x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,749.6	long leg	$947K	$8.8M	100x
SoDEX ETH-USD	+0.0100%	1h	2,749.7	+0.003%	$61.9M	$121.9M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,749.8	+0.007%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.6	0.000%	$264.3M	$57.5M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.9	−0.028%	$30.5M	$65.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,750	+0.016%	$82.5M	$275.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,750.8	+0.044%	$267.4M	$186.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0157%	1h	2,748.1	−0.056%	$7.3M	$837K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,752.2	+0.095%	$32.5M	$10.0M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,749.8	+0.006%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0210%	1h	2,752.4	+0.101%	$3.16B	$1.75B	25x	as long as short
BloFin ETH-USDT	+0.0361%	8h	2,749.6	0.000%	$283.3M	$150.4M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.069%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0492%	8h	2,753.6	+0.144%	$15.9M	$6.2M	50x	as long as short