Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.004%

Price spread now: BloFin against Hibachi+0.010%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Hibachi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.467%+$47 on $10k

Price spread, last 4 days (all we have)−0.385%−$39 · spread now +0.010%, 7d avg −0.033%

Together, before fees+0.082%+ Points / potential airdropHibachi: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BloFin is 0.043% dearer against Hibachi than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,746.5	0.0248	pay 0.0031% / 1h	30m 42s	$252K	$1.4M	20x
Short	BloFin ETH-USDT	2,746.8	0.0330	get 0.0330% / 8h	5h 30m	$285.3M	$182.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.010%Rate

Funding earned: $17.24
Price spread: +0.010% → −0.033%: $4.31
Slippage, 4 orders: −$5.19
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$4.63
Costs to cover: 0.262%
Break-even: 8.9 days

Slippage from Hibachi: live order book, 3 min ago; BloFin: live order book, 3 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	0.36 bp	5.5 bp −$5	11.0 bp −$110	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.42 bp	6.8 bp −$7	7.0 bp −$70	7.6 bp −$759	9.7 bp −$4,865

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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.8	−0.027%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.125%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.3	−0.007%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.6	+0.003%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,746.5	0.000%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.5	−0.002%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	−0.049%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,747.2	+0.024%	$182K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.190%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDC	+0.0051%	8h	2,745.8	−0.026%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0065%	8h	2,745.8	−0.027%	$1.70B	$10.58B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,746.5	−0.001%	$383.3M	$578.3M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746	−0.020%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,745.9	−0.022%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,746.8	+0.011%	$252.5M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.9	−0.095%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,745.9	−0.025%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,746	−0.019%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.1	−0.015%	$112.8M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.9	+0.049%	$24.7M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.3	−0.043%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.2	+0.060%	$58.8M	$4.28B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.2	+0.169%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.7	−0.030%	$470K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.6	+0.004%	$13.9M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.5	+0.072%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	+0.006%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.1	−0.017%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.6	+0.002%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	+0.003%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.183%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.1	−0.015%	$3.39B	$8.73B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746	−0.021%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.4	−0.005%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.6	−0.033%	$132.9M	$330.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.5	−0.110%	$182.3M	$691.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.059%	$159.6M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.8	−0.063%	$21.2M	$68.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.8	+0.011%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.4	+0.031%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.4	−0.004%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.2	+0.060%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.4	−0.042%	$963K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.8	+0.010%	$54.7M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.4	−0.005%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.8	+0.010%	$267.1M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.1	−0.051%	$30.6M	$72.3M	50x	as long as short
Aftermath Perps ETHUSD	+0.0131%	1h	2,743.5	−0.112%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0140%	1h	2,748.1	+0.058%	$258.7M	$196.0M	50x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,746.8	+0.010%	$7.5M	$669.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,748.5	+0.071%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.8	+0.046%	$87.0M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,745.7	−0.030%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0248%	1h	2,746.5	long leg	$252K	$1.4M	20x
BloFin ETH-USDTshort	+0.0330%	8h	2,746.8	+0.010%	$285.3M	$182.2M	150x