Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC+0.0511%/8h= +55.9% APRpaid last 24h +0.102%

Price spread now: Hibachi against Perpl+0.035%7-day average +0.012% · you sell dearer than you buy

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

Long on Perpl Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 7 days−0.013%−$1 · spread now +0.035%, 7d avg +0.012%

Together, before fees−0.336%+ Points / potential airdropPerpl: Active · Hibachi: Active · farm board−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Hibachi is 0.023% dearer against Perpl than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.012%. Mind the row above: over the last 7 days funding on this pair cost −0.323%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.323% in total (about -16.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,724.3	−0.0447	get 0.0040% / 43m	2m 41s	$274K	$5.7M	8.3x
Short	Hibachi ETH/USDT-P	2,725.3	0.0064	get 0.0008% / 1h	13m 41s	$242K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Perpl. 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 PerplbpFee HibachibpOrdersPrice spread, now +0.035%Rate

Funding earned: $107.21
Price spread: +0.035% → +0.012%: $2.33
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $86.74
Costs to cover: 0.228%
Break-even: 1.3 days

Slippage unknown: Perpl: no order-book sample; Hibachi: live order book, just now. 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 Perpl no order-book sample	—	—	—	—	—
Sell Hibachi live order book, just now	0.02 bp	5.8 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit

Perpl: 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 ETHlong	−0.0447%	43m	2,724.3	long leg	$274K	$5.7M	8.3x
BloFin ETH-USDT	−0.0182%	8h	2,724	−0.011%	$280.9M	$177.4M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.3	0.000%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,727	+0.099%	$809K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.5	+0.008%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,724.9	+0.022%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,725.3	+0.037%	$6.9M	$677.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.8	+0.053%	$263.6M	$214.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.3	+0.037%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,724.1	−0.006%	—	$18.7M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,725.3	+0.037%	$2.31B	$4.33B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,725	+0.026%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0033%	8h	2,724.6	+0.011%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.7	+0.198%	$117K	$21.9M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.6	+0.048%	$81.8M	$310.6M	100x	as long as short
Hibachi ETH/USDT-Pshort	+0.0064%	1h	2,725.3	+0.035%	$242K	$1.4M	20x
ApeX Omni ETHUSDT	+0.0068%	1h	2,726.3	+0.073%	$8.5M	$31.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,724.2	−0.003%	$1.65B	$10.77B	100x	as long as short
KuCoin ETHUSDTM	+0.0076%	8h	2,725.7	+0.050%	$382.9M	$577.0M	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,725	+0.026%	$252.5M	$850.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.7	−0.058%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,725.4	+0.039%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,725.5	+0.042%	$6.30B	$16.10B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,724.9	+0.021%	$112.3M	$433.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.1	+0.067%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.5	+0.007%	$499K	$3.6M	50x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.1	+0.029%	$262.5M	$64.3M	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.9	+0.206%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724.2	−0.002%	$14.1M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.8	+0.092%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.9	+0.058%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.4	+0.004%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.9	+0.023%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.7	+0.016%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.6	+0.011%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.5	+0.043%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.006%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.4	+0.042%	$185.4M	$683.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.9	+0.096%	$158.5M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,725	+0.026%	$20.9M	$69.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.3	+0.074%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726	+0.062%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,724.7	+0.015%	$194K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.7	+0.087%	$40.7M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,724.1	−0.009%	$955K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725	+0.026%	$54.3M	$182.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.089%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,725.4	+0.041%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.7	+0.013%	$30.4M	$71.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,725.4	+0.041%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.6	+0.084%	$46.6M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,725.1	+0.030%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0179%	1h	2,722.9	−0.050%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,727.5	+0.119%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0308%	1h	2,725.5	+0.042%	$20K	$23K	25x	as long as short