Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h −0.040%

Price spread now: Bitget against Hibachi+0.327%48s7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.273% of the position

Long on Hibachi Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 7 days−0.363%−$36 · spread now +0.327%, 7d avg −0.031%

Together, before fees−0.134%+ Points / potential airdropHibachi: Active · farm board−$13 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 Bitget is 0.358% dearer against Hibachi than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of −0.031%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,743.9	−0.0112	get 0.0014% / 1h	5m 43s	$235K	$1.2M	20x
Short	Bitget ETHUSDT	2,752.8	0.0100	get 0.0100% / 8h	6h 05m	$2.11B	$2.32B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hibachi. 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 HibachibpFee BitgetbpOrdersPrice spread, now +0.327%Rate

Funding earned: $44.52
Price spread: +0.327% → −0.031%: $35.79
Slippage, 4 orders: −$6.28
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: $53.04
Costs to cover: 0.273%
Break-even: from the start

Slippage from Hibachi: live order book, 1 min ago; Bitget: 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 Hibachi live order book, 1 min ago	0.02 bp	5.8 bp −$6	10.9 bp −$109	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.2 bp −$62	7.2 bp −$719	9.4 bp −$4,704

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-Plong	−0.0112%	1h	2,743.9	long leg	$235K	$1.2M	20x
Hotstuff ETH-PERP	−0.0080%	1h	2,752.6	+0.318%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,744	+0.005%	$807K	$2.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0019%	1h	2,743.5	−0.014%	$8.3M	$25.7M	100x	as long as short
Bybit ETHUSDT	−0.0015%	8h	2,753.2	+0.339%	$2.37B	$3.86B	150x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.8	+0.216%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,748.1	+0.154%	$7.4M	$659.4M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,747.9	+0.148%	$280K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,750.1	+0.226%	$33.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,753.1	+0.337%	$183K	$951K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0058%	1h	2,746	+0.077%	$15.0M	$42.7M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,752.5	+0.315%	$1.67B	$9.34B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,752.7	+0.320%	$257.3M	$725.5M	200x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,750.9	+0.257%	$82.6M	$275.7M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,747.5	+0.134%	$4.9M	$212K	20x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,753.1	+0.338%	$3.27B	$7.90B	200x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,752.8	+0.324%	$1.60B	$2.53B	500x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,752.9	+0.330%	$366.3M	$443.4M	100x	as long as short
Binance ETHUSDT	+0.0086%	8h	2,752.9	+0.328%	$6.41B	$14.15B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,753.7	+0.358%	$114.3M	$391.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,754.8	+0.398%	$23.8M	$99.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746	+0.077%	—	$23.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,744.4	+0.020%	$30K	$8K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.1	+0.300%	$507K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746	+0.079%	$14.6M	$96.5M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,753.9	+0.365%	$32.2M	$323.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752.7	+0.322%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.7	+0.359%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,748.6	+0.172%	$165.1M	$334.7M	25x	as long as short
Bitget ETHUSDTshort	+0.0100%	8h	2,752.8	+0.327%	$2.11B	$2.32B	150x
BingX ETH-USDC	+0.0100%	8h	2,752.1	+0.299%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749.9	+0.221%	$14.9M	$36.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,742.3	−0.057%	$132.2M	$299.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.6	−0.045%	$186.2M	$620.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.6	−0.010%	$159.5M	$70.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.7	−0.006%	$21.1M	$74.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.4	+0.165%	—	$335K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.3	+0.162%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747.7	+0.140%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.5	+0.167%	$948K	$8.8M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.7	+0.213%	$61.9M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,750	+0.224%	$1.05B	$1.06B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.8	+0.215%	$264.4M	$57.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,751.7	+0.285%	$30.5M	$65.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,750.8	+0.253%	$45.8M	$3.90B	50x	as long as short
Reya ETHRUSDPERP	+0.0158%	1h	2,745.8	+0.070%	$7.3M	$845K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,746.5	+0.095%	$5.6M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0174%	1h	2,755.2	+0.413%	$3.16B	$1.74B	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,750.8	+0.252%	$32.4M	$9.9M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0175%	1h	2,751.4	+0.275%	$267.5M	$188.2M	50x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,746.9	+0.111%	$118K	$24.8M	52x	as long as short
BloFin ETH-USDT	+0.0336%	8h	2,747.6	+0.135%	$283.0M	$152.6M	150x	as long as short
Paradex ETH-USD-PERP	+0.0445%	8h	2,756.2	+0.451%	$15.8M	$6.2M	50x	as long as short
Bluefin ETH-PERP	+0.0677%	1h	2,747.6	+0.136%	$20K	$14K	25x	as long as short