Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0422%/8h= −46.2% APRpaid last 24h −0.019%

Price spread now: Aster against Hibachi−0.068%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Hibachi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.068%, 7d avg −0.023%

Together, before fees+0.287%+ Points / potential airdropHibachi: Active · Aster: Stage 5 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Aster is 0.045% cheaper against Hibachi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.257% in total (about 13.4% 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	Hibachi ETH/USDT-P	2,772.9	0.0456	pay 0.0057% / 1h	10m 10s	$281K	$1.5M	20x
Short	Aster ETHUSDT	2,771	0.0034	get 0.0034% / 8h	2h 10m	$256.3M	$995.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$88.57
Price spread: −0.068% → −0.023%: −$4.5
Slippage, 4 orders: −$4.76
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$114.83
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; Aster: live order book, 4 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, 4 min ago	1.93 bp	6.5 bp −$6	9.7 bp −$97	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	0.02 bp	4.0 bp −$4	4.0 bp −$40	4.9 bp −$485	10.6 bp −$5,296

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	−0.0112%	43m	2,770.7	−0.079%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.120%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.064%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.3	−0.057%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	+0.109%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.2	−0.061%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	−0.041%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,774.4	+0.056%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.4	−0.017%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,770.6	−0.084%	$1.71B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0026%	8h	2,771.5	−0.052%	$267.0M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.3	−0.020%	$13.2M	—	200x	as long as short
Aster ETHUSDTshort	+0.0034%	8h	2,771	−0.068%	$256.3M	$995.6M	200x
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.107%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.129%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,771.4	−0.055%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,771.3	−0.055%	$6.44B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,771	−0.068%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,771.9	−0.036%	$3.28B	$9.69B	200x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,771.4	−0.054%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	−0.044%	$114.7M	$515.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.1	+0.007%	$25.3M	$123.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.3	−0.057%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.096%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0099%	8h	2,771.1	−0.064%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.5	−0.087%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	−0.061%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.5	−0.085%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.1	+0.008%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.064%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.1	−0.066%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.093%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.7	−0.006%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.084%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.4	−0.052%	$422.1M	$742.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.8	−0.077%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	−0.058%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	+0.116%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.7	−0.008%	$161.3M	$97.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.6	−0.046%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.7	−0.041%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	−0.003%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	−0.027%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.002%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.1	−0.065%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,771.1	−0.064%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.078%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.8	−0.003%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,772	−0.032%	$8.5M	$674.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0129%	1h	2,773.1	+0.007%	$258.5M	$225.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,774.2	+0.047%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770.6	−0.084%	$285.4M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771.4	−0.055%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,772.5	−0.012%	$86.4M	$331.2M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0456%	1h	2,772.9	long leg	$281K	$1.5M	20x