ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0541%/8h= +59.3% APRnext payment +$0.68 per $10,000 · paid last 24h −0.062%

Price spread now: Injective against Hibachi+0.181%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$720.719% of the position

Long on Hibachi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.361%+$36 on $10k

Price spread, last 4 days (all we have)−0.332%−$33 · spread now +0.181%, 7d avg +0.042%

Together, before fees+0.029%+ Points / potential airdropHibachi: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Injective is 0.139% dearer against Hibachi than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.042%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.361% in total (about 18.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.68 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,740.9	−0.0080	get 0.0010% / 1h	7m 06s	$231K	$1.2M	20x
Short	Injective ETH/USDC PERP	2,745.8	0.0461	get 0.0058% / 1h	7m 06s	$118K	$27.2M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.181%Rate

Funding earned: $113.68
Price spread: +0.181% → +0.042%: $13.86
Slippage, 4 orders: −$62.86
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $55.67
Costs to cover: 0.719%
Break-even: 3.6 days

Slippage from Hibachi: live order book, 5 min ago; Injective: 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, 5 min ago	0.02 bp	5.3 bp −$5	8.7 bp −$87	doesn't fit	doesn't fit
Sell Injective live order book, 5 min ago	17.49 bp	43.8 bp −$44	44.7 bp −$447	44.8 bp −$4,480	doesn't fit

ETH on 55 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
Hotstuff ETH-PERP	−0.0080%	1h	2,749.9	+0.330%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-Plong	−0.0080%	1h	2,740.9	long leg	$231K	$1.2M	20x
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,742.7	+0.066%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,741.3	+0.016%	$820K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,742.2	+0.049%	$7.2M	$655.0M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,741.6	+0.027%	$277K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,741.9	+0.037%	$33.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0027%	1h	2,739.9	−0.034%	$8.2M	$25.1M	100x	as long as short
Bybit ETHUSDT	+0.0035%	8h	2,742.9	+0.075%	$2.37B	$3.78B	150x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,742.2	+0.049%	$182K	$909K	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0069%	8h	2,742.6	+0.063%	$1.67B	$9.09B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,739.8	−0.037%	$4.9M	$244K	20x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,742.7	+0.067%	$255.9M	$714.0M	200x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,742.6	+0.063%	$1.59B	$2.38B	500x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,742.4	+0.058%	$365.1M	$435.3M	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,742.8	+0.071%	$6.41B	$13.83B	150x	as long as short
dYdX ETH-USD	+0.0094%	1h	2,741.1	+0.007%	$15.2M	$42.5M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,742.9	+0.076%	$113.8M	$390.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.2	+0.122%	$23.6M	$96.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.4	+0.055%	—	$23.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.3	+0.125%	$47.7M	$3.88B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.4	+0.020%	$512K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742	+0.042%	$14.9M	$94.0M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.7	+0.069%	$32.2M	$322.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.4	−0.017%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.2	+0.085%	$1.5M	$14.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741	+0.004%	$163.6M	$316.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,742.7	+0.069%	$3.27B	$7.80B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.6	+0.064%	$2.11B	$2.28B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,742.6	+0.064%	—	$947.8M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.9	+0.037%	$14.9M	$36.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739.5	−0.051%	$132.3M	$277.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.6	−0.045%	$184.4M	$560.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.6	−0.011%	$159.3M	$69.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.6	+0.027%	$21.1M	$74.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.2	+0.086%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.6	+0.100%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,742.5	+0.059%	$177K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,742.1	+0.044%	$20K	$12K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.9	+0.075%	$40.9M	$26.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,741.9	+0.037%	$944K	$8.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.4	+0.056%	$61.8M	$121.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,742	+0.042%	$1.05B	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.6	+0.065%	$263.1M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.4	+0.020%	$30.1M	$63.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,742.9	+0.074%	$82.7M	$268.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,741.3	+0.015%	$30K	$8K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0122%	1h	2,743.4	+0.094%	$267.1M	$182.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0148%	1h	2,740.6	−0.009%	$7.3M	$854K	25x	as long as short
Hyperliquid ETH	+0.0168%	1h	2,745.3	+0.162%	$3.15B	$1.69B	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,744.9	+0.149%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,743.1	+0.081%	$5.7M	$10.4M	25x	as long as short
BloFin ETH-USDT	+0.0362%	8h	2,742.2	+0.050%	$284.9M	$147.7M	150x	as long as short
Injective ETH/USDC PERPshort	+0.0461%	1h	2,745.8	+0.181%	$118K	$27.2M	52x
Paradex ETH-USD-PERP	+0.0511%	8h	2,744.6	+0.137%	$15.8M	$6.2M	50x	as long as short