Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.026%

Price spread now: edgeX against Hibachi+0.063%7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Hibachi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.349%+$35 on $10k

Price spread, last 7 days−0.118%−$12 · spread now +0.063%, 7d avg −0.061%

Together, before fees+0.232%+ Points / potential airdropHibachi: Active · edgeX: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.124% dearer against Hibachi than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.061%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.349%, 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	2,768.6	0.0168	pay 0.0021% / 1h	3m 26s	$253K	$1.5M	20x
Short	edgeX ETHUSDC	2,770.3	0.0100	get 0.0050% / 4h	3h 03m	$183.8M	$751.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$14.28
Price spread: +0.063% → −0.061%: $12.4
Slippage, 4 orders: −$12.31
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$32.19
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; edgeX: live order book, 1 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	0.02 bp	4.6 bp −$5	8.9 bp −$89	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.02 bp	4.5 bp −$5	4.6 bp −$46	4.8 bp −$480	6.3 bp −$3,127

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.189%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0447%	43m	2,759.5	−0.329%	$322K	$6.1M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,759.7	−0.320%	$5.7M	$11.2M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,760.2	−0.302%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,760.2	−0.302%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,768.6	+0.001%	$869K	$3.7M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,760.4	−0.295%	$12.2M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,759.9	−0.312%	$22.3M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,765	−0.129%	$269.1M	$65.8M	150x	as long as short
Bullet ETH-USD	+0.0017%	1h	2,759.2	−0.340%	$184K	$1.7M	20x	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	+0.0033%	8h	2,759.7	−0.321%	$1.69B	$10.96B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,759.7	−0.321%	$12.6M	—	200x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,759.5	−0.329%	$259.9M	$850.5M	200x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,765.4	−0.115%	$55.1M	$187.7M	40x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,759.5	−0.327%	$6.45B	$16.06B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,757.2	−0.409%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,759.3	−0.336%	$1.60B	$2.67B	500x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,759.6	−0.325%	$3.38B	$9.14B	200x	as long as short
Aftermath Perps ETHUSD	+0.0067%	1h	2,768.6	0.000%	$31K	$21K	20x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,764.9	−0.132%	$1.07B	$1.22B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,766.1	−0.088%	$60.2M	$4.39B	50x	as long as short
Bitget ETHUSDT	+0.0081%	8h	2,760	−0.310%	$2.09B	$2.82B	150x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,761.9	−0.240%	—	$870K	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,760.7	−0.286%	$418.7M	$589.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,760.8	−0.281%	$114.5M	$460.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,761.4	−0.259%	$25.2M	$112.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,764.5	−0.146%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,759.3	−0.335%	$484K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,758.5	−0.362%	$14.4M	$112.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,762.7	−0.212%	$3.15B	$2.11B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,760.9	−0.277%	$31.3M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,759.7	−0.321%	$2.49B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,759.7	−0.320%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,760.3	−0.298%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771.7	+0.113%	$172.0M	$293.3M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,759.3	−0.335%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.8	−0.172%	$15.0M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,766.4	−0.079%	$134.4M	$347.2M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,770.3	+0.063%	$183.8M	$751.0M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.1	−0.055%	$160.9M	$82.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,766.9	−0.061%	$8.8M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.5	−0.003%	$21.4M	$65.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,759.7	−0.320%	$10.5M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,760.2	−0.304%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,761.6	−0.252%	$42.4M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.9	−0.059%	$970K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,759.2	−0.340%	$30.8M	$74.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,763.6	−0.180%	—	$35.9M	500x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.2	−0.013%	$8.0M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0122%	1h	2,766.7	−0.069%	$259.1M	$200.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,766.2	−0.086%	$97.8M	$314.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0158%	8h	2,762.6	−0.216%	$32.6M	$11.0M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0168%	1h	2,768.6	long leg	$253K	$1.5M	20x
BloFin ETH-USDT	+0.0179%	8h	2,766.9	−0.060%	$287.3M	$174.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,759.6	−0.324%	$7.3M	$1.1M	25x	as long as short