Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.027%

Price spread now: edgeX against Hibachi−0.027%66s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as 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−$220.224% of the position

Long on Hibachi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$34 on $10k

Price spread, last 7 days−0.022%−$2 · spread now −0.027%, 7d avg −0.059%

Together, before fees+0.323%+ Points / potential airdropHibachi: Active · edgeX: Active · farm board+$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.032% dearer against Hibachi than usual: you sell high and buy low (spread −0.027% now, against its 7-day average of −0.059%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 7 days funding on this pair paid +0.345%, so the current rate has only just turned against you. The two prices were read 66 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	2,731.5	0.0248	pay 0.0031% / 1h	39m 45s	$253K	$1.4M	20x
Short	edgeX ETHUSDC	2,730.8	0.0100	get 0.0050% / 4h	39m 45s	$183.7M	$669.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$31.08
Price spread: −0.027% → −0.059%: $3.21
Slippage, 4 orders: −$4.39
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$50.25
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; edgeX: live order book, 4 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, 4 min ago	0.02 bp	5.2 bp −$5	11.0 bp −$110	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	0.04 bp	4.9 bp −$5	4.9 bp −$49	5.0 bp −$504	6.3 bp −$3,154

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	2,731.9	+0.012%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.104%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.021%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.9	−0.022%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,729.9	−0.062%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.7	−0.067%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,731.8	+0.010%	$188K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.100%	$832K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0005%	1h	2,730.5	−0.039%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.4	−0.042%	$26.5M	—	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	+0.0059%	8h	2,729.3	−0.082%	—	$18.4M	—	as long as short
SoDEX ETH-USD	+0.0059%	1h	2,729.4	−0.078%	$54.4M	$187.6M	40x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,729.5	−0.074%	$380.2M	$576.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.2	−0.124%	$1.67B	$10.70B	100x	as long as short
HTX ETH-USDT	+0.0078%	8h	2,728.3	−0.120%	$1.05B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,729.8	−0.065%	$251.4M	$844.3M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0080%	1h	2,730.7	−0.031%	$260.1M	$196.6M	50x	as long as short
Bybit ETHUSDT	+0.0084%	8h	2,729.2	−0.085%	$2.39B	$4.34B	150x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,729.6	−0.071%	$1.52B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,728.9	−0.096%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,729.6	−0.069%	$6.34B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.3	−0.047%	$112.2M	$436.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.5	−0.002%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.2	+0.025%	—	$30.6M	500x	as long as short
Phemex ETHUSDT	+0.0097%	8h	2,729.8	−0.065%	$265.3M	$65.5M	150x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,734.8	+0.118%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.1	+0.022%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731	−0.020%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	−0.031%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.3	+0.028%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.8	+0.046%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	+0.006%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.2	+0.025%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.1	−0.052%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.9	−0.061%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.4	−0.113%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	−0.083%	$133.2M	$325.2M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,730.8	−0.027%	$183.7M	$669.7M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	−0.032%	$158.9M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.7	−0.067%	$21.1M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.6	+0.004%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	+0.031%	$11.2M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.005%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.2	−0.012%	$957K	$11.4M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	−0.024%	$166.8M	$318.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.8	−0.099%	$30.4M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731	−0.022%	$51.5M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0124%	1h	2,731.7	+0.005%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0150%	8h	2,731.1	−0.016%	$6.5M	$677.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.7	+0.043%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,729.5	−0.073%	$84.1M	$313.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,730	−0.056%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0248%	1h	2,731.5	long leg	$253K	$1.4M	20x
Bluefin ETH-PERP	+0.0312%	1h	2,730.8	−0.027%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,730.3	−0.046%	$282.9M	$174.9M	150x	as long as short