Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h +0.006%

Price spread now: BloFin against Hibachi−0.065%47s7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as 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−$270.270% of the position

Long on Hibachi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.457%+$46 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.065%, 7d avg −0.032%

Together, before fees+0.465%+ Points / potential airdropHibachi: Active · farm board+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.034% cheaper against Hibachi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.457%, so the current rate has only just turned against you. The two prices were read 47 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	2,785.7	0.0272	pay 0.0034% / 1h	43m 44s	$271K	$1.5M	20x
Short	BloFin ETH-USDT	2,783.9	0.0190	get 0.0190% / 8h	43m 44s	$285.6M	$195.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$17.32
Price spread: −0.065% → −0.032%: −$3.36
Slippage, 4 orders: −$6.02
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$47.71
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Hibachi: live order book, just now; BloFin: 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 Hibachi live order book, just now	0.86 bp	7.9 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.04 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$694	9.6 bp −$4,798

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	2,783.1	−0.092%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,782	−0.132%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	−0.136%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782.3	−0.122%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,781.5	−0.152%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,783.8	−0.068%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0008%	1h	2,783.7	−0.072%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.8	−0.033%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.6	−0.075%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.2	−0.054%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,783.4	−0.083%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,783	−0.096%	$1.71B	$11.93B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,783.6	−0.077%	$271.3M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.1	−0.058%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,784.5	−0.044%	$257.8M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0062%	1h	2,783.5	−0.079%	$184K	$1.7M	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,782.9	−0.101%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0069%	8h	2,783.6	−0.076%	$1.60B	$2.64B	500x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,784.2	−0.055%	$3.31B	$9.61B	200x	as long as short
Binance ETHUSDT	+0.0070%	8h	2,783.7	−0.072%	$6.47B	$17.32B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,782.5	−0.115%	$5.0M	$636K	20x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,784.5	−0.044%	$423.9M	$740.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,784.6	−0.041%	$60.4M	$4.62B	50x	as long as short
SoDEX ETH-USD	+0.0089%	1h	2,783.5	−0.079%	$55.4M	$229.1M	40x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,783.4	−0.083%	$2.52B	$4.64B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,784	−0.062%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,784.5	−0.043%	$116.3M	$496.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,785.6	−0.004%	$25.5M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,784.3	−0.051%	—	$42.0M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,784.2	−0.053%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,782.9	−0.099%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.3	−0.086%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,783.6	−0.075%	$14.4M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786.1	+0.015%	$3.21B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.2	−0.055%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.6	−0.111%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.1	−0.056%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	−0.053%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,785.2	−0.017%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,783.3	−0.087%	$147.8M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.1	−0.131%	$182.1M	$781.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,782	−0.133%	$161.7M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.9	−0.029%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785	−0.025%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784.2	−0.055%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,786	+0.011%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.8	−0.070%	$975K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,782.5	−0.115%	$32.7M	$77.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.4	−0.046%	$86.9M	$333.4M	100x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,784.1	−0.057%	$8.4M	$683.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,786	+0.012%	$32.7M	$12.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0138%	1h	2,785.2	−0.017%	$258.9M	$223.1M	50x	as long as short
BloFin ETH-USDTshort	+0.0190%	8h	2,783.9	−0.065%	$285.6M	$195.2M	150x
Reya ETHRUSDPERP	+0.0199%	1h	2,783.8	−0.066%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0272%	1h	2,785.7	long leg	$271K	$1.5M	20x