Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.057%

Price spread now: Gate against Hibachi−0.119%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on Hibachi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.119%, 7d avg −0.032%

Together, before fees+0.291%+ Points / potential airdropHibachi: Active · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.086% cheaper against Hibachi than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.192%, 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	2,750	0.0232	pay 0.0029% / 1h	0m 44s	$250K	$1.4M	20x
Short	Gate ETH_USDT	2,746.8	0.0100	get 0.0100% / 8h	6h 00m	$3.40B	$8.95B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.119%Rate

Funding earned: −$27.72
Price spread: −0.119% → −0.032%: −$8.62
Slippage, 4 orders: −$3.52
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$63.86
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Hibachi: live order book, 3 min ago; Gate: 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	0.22 bp	5.7 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	10.9 bp −$1,085	19.8 bp −$9,889

ETH on 54 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	2,747.8	−0.082%	$306K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.2	−0.066%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,747.5	−0.091%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.3	−0.098%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	−0.059%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.7	−0.119%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.5	−0.093%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.8	−0.081%	$181K	$979K	50x	as long as short
BingX ETH-USDT	+0.0042%	8h	2,746.2	−0.138%	—	$1.16B	—	as long as short
OKX ETH-USDT-SWAP	+0.0053%	8h	2,746.1	−0.143%	$1.70B	$10.64B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.4	−0.131%	$369.7M	$604.1M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,746.8	−0.118%	$252.6M	$843.8M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.8	−0.153%	$4.9M	$167K	20x	as long as short
HTX ETH-USDT	+0.0083%	8h	2,747	−0.111%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,746.2	−0.139%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,746.2	−0.139%	$6.38B	$15.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	−0.071%	$58.6M	$4.29B	50x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,748.3	−0.063%	$8.8M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,746.6	−0.125%	$113.0M	$445.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.4	−0.059%	$24.7M	$108.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.5	−0.092%	—	$31.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.1	+0.038%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.4	−0.095%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748	−0.072%	$13.9M	$107.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.6	−0.052%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	−0.106%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.4	−0.133%	$2.47B	$4.20B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.6	−0.124%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.7	−0.085%	$2.8M	$16.0M	25x	as long as short
Gate ETH_USDTshort	+0.0100%	8h	2,746.8	−0.119%	$3.40B	$8.95B	200x
Bitget ETHUSDT	+0.0100%	8h	2,746.7	−0.119%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.4	−0.133%	$15.0M	$41.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.125%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.2	−0.067%	$182.1M	$701.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	−0.057%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	−0.066%	$21.3M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.4	−0.059%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.6	−0.088%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747	−0.111%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.5	−0.092%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749	−0.036%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.4	−0.131%	$962K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.113%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.5	−0.092%	$267.5M	$65.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.138%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.8	−0.155%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,747.8	−0.082%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0132%	1h	2,748.3	−0.063%	$258.9M	$197.0M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,748	−0.073%	$7.9M	$672.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,749.4	−0.023%	$32.3M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.063%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,746.8	−0.118%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0232%	1h	2,750	long leg	$250K	$1.4M	20x
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	−0.079%	$88.1M	$313.6M	100x	as long as short