Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.035%

Price spread now: Hibachi against BingX+0.167%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on BingX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.233%−$23 on $10k

Price spread, last 7 days−0.123%−$12 · spread now +0.167%, 7d avg +0.071%

Together, before fees−0.357%+ Points / potential airdropHibachi: Active · farm board−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hibachi is 0.096% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.071%. Mind the row above: over the last 7 days funding on this pair cost −0.233%, 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	BingX ETH-USDC	2,739.5	0.0054	pay 0.0054% / 8h	5h 06m	—	$18.4M	—
Short	Hibachi ETH/USDT-P	2,744.1	0.0248	get 0.0031% / 1h	6m 49s	$252K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against BingX. 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 BingXbpFee HibachibpOrdersPrice spread, now +0.167%Rate

Funding earned: $40.74
Price spread: +0.167% → +0.071%: $9.58
Slippage, 4 orders: −$3.92
Fee BingX: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $27.4
Costs to cover: 0.229%
Break-even: 2.3 days

Slippage from BingX: 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 BingX live order book, 2 min ago	0.22 bp	5.2 bp −$5	6.0 bp −$60	7.3 bp −$726	9.9 bp −$4,970
Sell Hibachi live order book, 2 min ago	0.02 bp	5.6 bp −$6	11.7 bp −$117	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
Hotstuff ETH-PERP	−0.0080%	1h	2,742.9	+0.124%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.142%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,742.2	+0.098%	$12.1M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,742.6	+0.111%	$304K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742	+0.093%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,742.3	+0.102%	$25.3M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.6	+0.186%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,742.2	+0.099%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,743.4	+0.142%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDClong	+0.0054%	8h	2,739.5	long leg	—	$18.4M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,740.3	+0.027%	$1.70B	$10.54B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,740.1	+0.023%	$381.6M	$575.0M	100x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,741.6	+0.078%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,742.3	+0.102%	$5.6M	$11.4M	25x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,740.8	+0.047%	$54.6M	$187.5M	40x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,740.9	+0.052%	$253.6M	$840.8M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,739.8	+0.012%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,740.1	+0.023%	$6.37B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,740.5	+0.037%	$112.6M	$436.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.6	+0.114%	$24.6M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.9	+0.089%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,738.6	−0.032%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,742.4	+0.105%	$54.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,745.4	+0.215%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.9	+0.088%	$474K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,741.6	+0.078%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.3	+0.102%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.4	+0.106%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.9	+0.015%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.7	+0.080%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.2	+0.100%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.258%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.3	+0.031%	$3.39B	$8.78B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.1	+0.023%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.6	+0.039%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	+0.131%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.3	+0.137%	$182.3M	$665.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	+0.153%	$159.5M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.8	+0.157%	$21.2M	$68.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,742.5	+0.111%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.9	+0.124%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.3	+0.137%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,741.1	+0.057%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741	+0.055%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.4	+0.069%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.2	−0.010%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0135%	1h	2,744.5	+0.181%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,742.7	+0.117%	$7.7M	$670.7M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0162%	1h	2,742.5	+0.110%	$260.0M	$195.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,744	+0.164%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0214%	8h	2,741.6	+0.077%	$284.7M	$179.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.9	+0.089%	$86.4M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,740.7	+0.044%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0248%	1h	2,744.1	+0.167%	$252K	$1.4M	20x
Bluefin ETH-PERP	+0.0332%	1h	2,742.3	+0.103%	$21K	$20K	25x	as long as short