Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.028%

Price spread now: Hibachi against KuCoin+0.081%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on KuCoin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.081%, 7d avg +0.027%

Together, before fees−0.270%+ Points / potential airdropHibachi: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hibachi is 0.054% dearer against KuCoin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.027%. Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,768.9	0.0081	pay 0.0081% / 8h	7h 47m	$420.4M	$730.2M	100x
Short	Hibachi ETH/USDT-P	2,771.2	0.0168	get 0.0021% / 1h	47m 58s	$252K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against KuCoin. 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 KuCoinbpFee HibachibpOrdersPrice spread, now +0.081%Rate

Funding earned: $18.27
Price spread: +0.081% → +0.027%: $5.4
Slippage, 4 orders: −$4.27
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$1.6
Costs to cover: 0.253%
Break-even: 7.6 days

Slippage from KuCoin: live order book, 11 min ago; Hibachi: live order book, 1 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 KuCoin live order book, 11 min ago	0.02 bp	6.0 bp −$6	8.1 bp −$81	10.6 bp −$1,065	doesn't fit
Sell Hibachi live order book, 1 min ago	1.21 bp	5.7 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	+0.054%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,769.8	+0.032%	$285K	$6.6M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,768.8	−0.006%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.7	+0.029%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.5	+0.021%	$168K	$1.2M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772.4	+0.126%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770	+0.039%	$12.7M	$45.8M	50x	as long as short
ApeX Omni ETHUSDT	0.0000%	1h	2,767.7	−0.043%	$8.7M	$32.8M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	+0.042%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,769	+0.003%	$269.7M	$68.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0017%	1h	2,768.8	−0.004%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.5	+0.056%	$1.71B	$11.71B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.7	+0.028%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0029%	1h	2,768.7	−0.008%	$55.1M	$228.8M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,770.1	+0.042%	$256.5M	$964.7M	200x	as long as short
Aftermath Perps ETHUSD	+0.0041%	1h	2,770.9	+0.071%	$31K	$24K	20x	as long as short
Gate ETH_USDT	+0.0047%	8h	2,769.2	+0.009%	$3.30B	$8.92B	200x	as long as short
HTX ETH-USDT	+0.0055%	8h	2,768.7	−0.007%	$1.08B	$1.30B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770	+0.040%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,770.3	+0.050%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770	+0.039%	$6.47B	$17.07B	150x	as long as short
BingX ETH-USDT	+0.0066%	8h	2,769.2	+0.012%	—	$1.24B	—	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,770.4	+0.055%	$2.10B	$3.04B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.7	+0.030%	$60.5M	$4.55B	50x	as long as short
KuCoin ETHUSDTMlong	+0.0081%	8h	2,768.9	long leg	$420.4M	$730.2M	100x
Vest ETH-PERP	+0.0088%	1h	2,769.6	+0.023%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.2	+0.009%	$115.1M	$456.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.6	+0.059%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.1	+0.008%	$15.9M	$9.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	+0.003%	$487K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.9	+0.072%	$14.5M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.1	+0.079%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	+0.059%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.3	+0.049%	$2.50B	$4.57B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.6	+0.025%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.7	+0.029%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	+0.037%	$170.3M	$272.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.4	+0.018%	$15.3M	$42.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.004%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	+0.079%	$181.9M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	+0.133%	$161.3M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.8	+0.032%	$21.4M	$59.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769	+0.003%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.9	+0.036%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.5	+0.092%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.6	−0.011%	$971K	$13.7M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,770.7	+0.065%	$8.2M	$689.0M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.9	+0.035%	$32.5M	$77.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.8	+0.031%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.9	+0.035%	$93.3M	$331.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,772.2	+0.120%	$32.6M	$11.9M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0151%	1h	2,770.6	+0.062%	$259.1M	$216.6M	50x	as long as short
Hibachi ETH/USDT-Pshort	+0.0168%	1h	2,771.2	+0.081%	$252K	$1.5M	20x
BloFin ETH-USDT	+0.0178%	8h	2,770.7	+0.064%	$287.6M	$191.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,769.1	+0.007%	$7.3M	$1.2M	25x	as long as short