Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.028%

Price spread now: Bybit against Hibachi−0.095%7-day average −0.031% · 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−$34as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Hibachi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.095%, 7d avg −0.031%

Together, before fees+0.300%+ Points / potential airdropHibachi: Active · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.065% cheaper against Hibachi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.031%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.232%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,754.3	0.0176	pay 0.0022% / 1h	48m 22s	$250K	$1.5M	20x
Short	Bybit ETHUSDT	2,751.7	0.0100	get 0.0100% / 8h	6h 48m	$2.47B	$4.36B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$15.96
Price spread: −0.095% → −0.031%: −$6.47
Slippage, 4 orders: −$7.05
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$49.48
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; Bybit: live order book, 6 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, 1 min ago	0.33 bp	6.5 bp −$7	19.0 bp −$190	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$700	9.1 bp −$4,567

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	2,751.6	−0.097%	$316K	$6.2M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0323%	1h	2,750	−0.159%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,755.4	+0.039%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.8	−0.055%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.9	−0.124%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.5	−0.175%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.9	−0.016%	$10.9M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751	−0.120%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,752.8	−0.055%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,750.7	−0.132%	—	$1.20B	—	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	+0.0035%	8h	2,751.3	−0.112%	$1.68B	$11.10B	100x	as long as short
Aster ETHUSDT	+0.0053%	8h	2,753.3	−0.038%	$256.2M	$856.1M	200x	as long as short
HTX ETH-USDT	+0.0054%	8h	2,753.5	−0.031%	$1.07B	$1.23B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,750.2	−0.151%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,750.2	−0.150%	$1.58B	$2.53B	500x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,750.9	−0.126%	$3.33B	$8.74B	200x	as long as short
Binance ETHUSDT	+0.0063%	8h	2,751.2	−0.112%	$6.36B	$16.32B	150x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,750.2	−0.149%	$384.8M	$606.4M	100x	as long as short
Bitget ETHUSDT	+0.0084%	8h	2,751.7	−0.095%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,752.5	−0.068%	$258.8M	$202.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.4	−0.071%	$59.5M	$4.40B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,753.9	−0.017%	$113.4M	$439.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,755.2	+0.030%	$25.1M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,755.4	+0.038%	—	$35.6M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	−0.146%	$133.4M	$346.5M	—	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,751.6	−0.099%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.067%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.1	−0.081%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.8	−0.128%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753	−0.048%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,754.1	−0.009%	$31.6M	$333.7M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,751.7	−0.095%	$2.47B	$4.36B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752.3	−0.073%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.4	−0.035%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	−0.061%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,754.2	−0.004%	$15.0M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.402%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.263%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.9	−0.015%	$21.3M	$66.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.7	−0.059%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,751	−0.121%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.7	−0.133%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.8	−0.091%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.1	−0.043%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.7	−0.097%	$964K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.124%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,754.2	−0.003%	$267.9M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,751	−0.119%	$30.8M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,754.2	−0.005%	$7.8M	$671.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,753.8	−0.020%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0176%	1h	2,754.3	long leg	$250K	$1.5M	20x
BloFin ETH-USDT	+0.0180%	8h	2,752.8	−0.054%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753.2	−0.041%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.8	−0.163%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.4	−0.071%	$93.2M	$316.0M	100x	as long as short