Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.003%

Price spread now: Hibachi against Orderly−0.015%7-day average −0.047% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.495%−$49 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.015%, 7d avg −0.047%

Together, before fees−0.528%+ Points / potential airdropHibachi: Active · farm board−$53 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 0.032% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.047%. Mind the row above: over the last 7 days funding on this pair cost −0.495%, 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	Orderly PERP_ETH_USDC	2,737.8	0.0188	pay 0.0188% / 8h	2h 02m	$32.2M	$11.6M	100x
Short	Hibachi ETH/USDT-P	2,737.4	0.0288	get 0.0036% / 1h	2m 59s	$250K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Orderly. 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 OrderlybpFee HibachibpOrdersPrice spread, now −0.015%Rate

Funding earned: $21.09
Price spread: −0.015% → −0.047%: $3.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $9.34
Costs to cover: 0.150%
Break-even: 3.9 days

Slippage unknown: Orderly: no order-book sample; Hibachi: live order book, 1 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 1 min ago	0.02 bp	4.6 bp −$5	10.8 bp −$108	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,734.4	−0.124%	$294K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	−0.049%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.2	−0.097%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.9	−0.034%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,736.5	−0.050%	$259.4M	$210.0M	50x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,736	−0.066%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.2	−0.096%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.089%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,734.9	−0.107%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,735.5	−0.084%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0044%	8h	2,735	−0.102%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,735.7	−0.078%	$191K	$883K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,735.1	−0.100%	$375.9M	$577.8M	100x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,734.8	−0.109%	$184K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,735.8	−0.073%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,734.7	−0.114%	$959K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,736.1	−0.063%	$112.6M	$438.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.4	−0.014%	$23.5M	$104.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,733	−0.175%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,735.2	−0.098%	$1.66B	$10.95B	100x	as long as short
Aster ETHUSDT	+0.0098%	8h	2,735.4	−0.090%	$253.1M	$848.4M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.2	−0.096%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.7	+0.070%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.7	−0.115%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.2	+0.014%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.6	−0.046%	$32.1M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,735.3	−0.092%	$6.34B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,735.2	−0.096%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.9	−0.072%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.5	−0.084%	$3.28B	$9.10B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,735.4	−0.090%	$1.53B	$2.61B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.2	−0.096%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.082%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	−0.025%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.6	−0.043%	$185.6M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.010%	$159.3M	$87.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.5	−0.048%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	−0.060%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.5	−0.047%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736.2	−0.060%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.1	−0.065%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.3	−0.021%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,735.5	−0.085%	$54.5M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.1	−0.064%	$263.9M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735.9	−0.070%	$162.8M	$321.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.3	−0.129%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,735.6	−0.083%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,737.1	−0.027%	$50.3M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,735.7	−0.077%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,735.4	−0.089%	$6.8M	$693.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0175%	1h	2,736.5	−0.050%	$83.6M	$311.4M	100x	as long as short
Orderly PERP_ETH_USDClong	+0.0188%	8h	2,737.8	long leg	$32.2M	$11.6M	100x
Reya ETHRUSDPERP	+0.0196%	1h	2,734	−0.140%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0288%	1h	2,737.4	−0.015%	$250K	$1.4M	20x
BloFin ETH-USDT	+0.0400%	8h	2,735.6	−0.083%	$280.0M	$175.3M	150x	as long as short