Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.033%

Price spread now: SunX against Hibachi−0.076%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Hibachi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.309%+$31 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now −0.076%, 7d avg −0.054%

Together, before fees+0.303%+ Points / potential airdropHibachi: Active · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SunX is 0.022% cheaper against Hibachi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.054%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.309%, 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	2,735.4	0.0184	pay 0.0023% / 1h	15m 56s	$242K	$1.4M	20x
Short	SunX ETH-USDT	2,733.3	0.0100	get 0.0100% / 8h	1h 15m	$958K	$11.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$17.64
Price spread: −0.076% → −0.054%: −$2.19
Slippage, 4 orders: −$5.59
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$42.42
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; SunX: live order book, 13 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	0.02 bp	6.8 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell SunX live order book, 13 min ago	0.62 bp	4.6 bp −$5	4.9 bp −$49	7.4 bp −$735	9.5 bp −$4,762

ETH on 54 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	2,734.5	−0.031%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,735.1	−0.009%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.1	−0.047%	$12.0M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0007%	1h	2,734	−0.049%	$8.6M	$31.6M	100x	as long as short
Phoenix ETH	−0.0006%	1h	2,735.9	+0.020%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.3	−0.001%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,734.3	−0.039%	$6.6M	$684.9M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,734.1	−0.047%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,734.4	−0.035%	$262.6M	$214.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.8	−0.020%	$33.0M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,734.4	−0.035%	$191K	$891K	50x	as long as short
HTX ETH-USDT	+0.0023%	8h	2,733.6	−0.066%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0024%	8h	2,733.1	−0.083%	—	$1.11B	—	as long as short
Bybit ETHUSDT	+0.0030%	8h	2,733	−0.088%	$2.34B	$4.40B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,733.6	−0.066%	$376.5M	$577.7M	100x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,733.2	−0.079%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,732.9	−0.088%	$1.65B	$10.91B	100x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,733.2	−0.079%	$252.9M	$849.0M	200x	as long as short
Phemex ETHUSDT	+0.0090%	8h	2,733.2	−0.079%	$263.3M	$64.6M	150x	as long as short
Aftermath Perps ETHUSD	+0.0095%	1h	2,734	−0.049%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,733.2	−0.079%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,733.1	−0.082%	$6.34B	$16.16B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.2	−0.044%	$112.9M	$437.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.2	−0.007%	$23.5M	$103.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732.3	−0.112%	$4.9M	$159K	20x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,733.6	−0.064%	$192K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.5	−0.068%	$511K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,738.6	+0.118%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.9	−0.054%	$14.1M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.1	+0.027%	$3.12B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.6	−0.028%	$32.2M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.8	−0.057%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734	−0.052%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.2	−0.043%	$164.8M	$347.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.4	−0.073%	$3.31B	$9.03B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.5	−0.069%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.3	−0.075%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,733.4	−0.071%	$134.0M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,733.9	−0.053%	$185.9M	$683.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.9	−0.054%	$158.9M	$86.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.7	−0.024%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.3	−0.001%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.2	−0.006%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.3	−0.037%	$22K	$21K	25x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,733.3	−0.076%	$958K	$11.0M	100x
Extended ETH-USD	+0.0104%	1h	2,732.2	−0.116%	$30.4M	$73.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,735	−0.015%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.9	−0.019%	$47.9M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,734	−0.048%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0184%	1h	2,735.4	long leg	$242K	$1.4M	20x
Orderly PERP_ETH_USDC	+0.0186%	8h	2,735.6	+0.009%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,733.5	−0.068%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,733.9	−0.052%	$82.2M	$310.8M	100x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,734.2	−0.042%	$280.7M	$175.5M	150x	as long as short