Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.044%

Price spread now: OKX against Hibachi−0.012%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Hibachi Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 7 days−0.001%$0 · spread now −0.012%, 7d avg −0.033%

Together, before fees+0.225%+ Points / potential airdropHibachi: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.021% dearer against Hibachi than usual: you sell high and buy low (spread −0.012% now, against its 7-day average of −0.033%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.226%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,741	0.0248	pay 0.0031% / 1h	26m 19s	$252K	$1.4M	20x
Short	OKX ETH-USDT-SWAP	2,740.7	0.0064	get 0.0064% / 8h	5h 26m	$1.70B	$10.54B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$38.59
Price spread: −0.012% → −0.033%: $2.13
Slippage, 4 orders: −$4.15
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$59.61
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	1.70 bp	6.3 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$572	8.0 bp −$4,019

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	2,739.5	−0.054%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	+0.063%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	−0.010%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	−0.066%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,739.6	−0.052%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,740.9	−0.004%	$24.6M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.3	+0.158%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,741.2	+0.008%	$182K	$876K	50x	as long as short
ApeX Omni ETHUSDT	+0.0045%	1h	2,746.4	+0.196%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDC	+0.0052%	8h	2,739.9	−0.038%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAPshort	+0.0064%	8h	2,740.7	−0.012%	$1.70B	$10.54B	100x
KuCoin ETHUSDTM	+0.0067%	8h	2,740.8	−0.007%	$381.8M	$578.2M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,741.3	+0.012%	$5.6M	$11.3M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,740.3	−0.025%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,740.4	−0.022%	$252.5M	$840.6M	200x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,740.4	−0.022%	$6.37B	$15.66B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,740.2	−0.028%	$1.56B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,739.7	−0.046%	$112.6M	$434.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.7	−0.010%	$24.6M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.1	−0.034%	—	$30.7M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,737.9	−0.112%	$4.9M	$155K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,742	+0.037%	$58.4M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.5	+0.093%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741	+0.001%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.003%	$13.9M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.9	+0.070%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.2	−0.029%	$31.6M	$334.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740.6	−0.013%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.2	−0.065%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.3	+0.010%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	+0.020%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.7	−0.009%	$3.38B	$8.74B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.8	−0.008%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.7	−0.083%	$14.9M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.6	+0.170%	$132.9M	$330.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.5	+0.090%	$182.3M	$671.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.8	+0.101%	$159.6M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.9	−0.003%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.3	+0.010%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.6	+0.023%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.3	+0.048%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.3	−0.061%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.6	−0.014%	$54.6M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.5	−0.090%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,739.4	−0.059%	$266.4M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.9	−0.040%	$30.6M	$72.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,742.5	+0.054%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,740.4	−0.021%	$7.4M	$669.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,743	+0.074%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.9	+0.033%	$86.6M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,740.3	−0.026%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0248%	1h	2,741	long leg	$252K	$1.4M	20x
Deribit ETH-PERPETUAL	+0.0283%	1h	2,742.6	+0.057%	$259.8M	$197.5M	50x	as long as short
BloFin ETH-USDT	+0.0378%	8h	2,738.9	−0.077%	$284.0M	$181.3M	150x	as long as short
Bluefin ETH-PERP	+0.0384%	1h	2,740.7	−0.010%	$21K	$20K	25x	as long as short