Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.028%

Price spread now: HTX against Hibachi−0.188%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Hibachi Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.188%, 7d avg −0.049%

Together, before fees+0.385%+ Points / potential airdropHibachi: Active · farm board+$39 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 HTX is 0.139% cheaper against Hibachi than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.269%, 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	2,744.8	0.0184	pay 0.0023% / 1h	39m 57s	$250K	$1.5M	20x
Short	HTX ETH-USDT	2,739.7	0.0049	get 0.0049% / 8h	6h 39m	$1.06B	$1.23B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$28.45
Price spread: −0.188% → −0.049%: −$13.89
Slippage, 4 orders: −$6.66
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$70
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; HTX: 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	2.38 bp	7.6 bp −$8	17.8 bp −$178	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	8.1 bp −$809	12.0 bp −$5,979

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	2,737.7	−0.260%	$310K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.6	−0.190%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,739.2	−0.206%	$5.5M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0055%	1h	2,752	+0.261%	$8.8M	$31.7M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.6	−0.263%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.7	+0.068%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	−0.205%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,738.2	−0.241%	$22.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,738.2	−0.241%	$180K	$1.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0024%	1h	2,741.9	−0.107%	$258.6M	$202.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0029%	8h	2,740.4	−0.162%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0039%	8h	2,741.7	−0.114%	$1.67B	$11.13B	100x	as long as short
HTX ETH-USDTshort	+0.0049%	8h	2,739.7	−0.188%	$1.06B	$1.23B	200x
Gate ETH_USDT	+0.0050%	8h	2,741.2	−0.131%	$3.34B	$8.80B	200x	as long as short
Aster ETHUSDT	+0.0054%	8h	2,740.3	−0.163%	$255.1M	$864.4M	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,738.8	−0.220%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,740.5	−0.156%	$1.54B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0067%	8h	2,740.9	−0.143%	$6.33B	$16.38B	150x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,739.8	−0.184%	$379.2M	$608.6M	100x	as long as short
Bitget ETHUSDT	+0.0087%	8h	2,741.6	−0.118%	$2.07B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,742.1	−0.100%	$58.9M	$4.39B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,741.1	−0.138%	$112.6M	$440.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.5	−0.084%	$24.7M	$106.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.9	−0.107%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,747.7	+0.104%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,742.1	−0.099%	$15.8M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.5	−0.230%	$466K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.5	−0.230%	$14.0M	$113.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.4	−0.088%	$3.12B	$2.15B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	−0.165%	$31.4M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.1	−0.137%	$2.45B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.1	−0.245%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.9	−0.181%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.239%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.6	−0.189%	$14.9M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,742.6	−0.080%	$132.9M	$346.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.3	+0.236%	$184.4M	$722.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.122%	$159.8M	$83.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.8	−0.001%	$21.2M	$66.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.8	−0.182%	—	$872K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.2	−0.278%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,737.2	−0.278%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,739.1	−0.210%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.2	−0.132%	$41.7M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.5	−0.266%	$960K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.9	−0.179%	$54.6M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.5	−0.158%	$266.5M	$66.5M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.4	−0.198%	$30.7M	$74.9M	50x	as long as short
Kalshi KXETHPERP	+0.0136%	8h	2,740.7	−0.150%	$7.8M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0163%	8h	2,741.4	−0.124%	$32.2M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.292%	$285.0M	$179.1M	150x	as long as short
Hibachi ETH/USDT-Plong	+0.0184%	1h	2,744.8	long leg	$250K	$1.5M	20x
Injective ETH/USDC PERP	+0.0209%	1h	2,743.3	−0.056%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0218%	1h	2,737	−0.286%	$7.2M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,741.9	−0.108%	$92.4M	$317.1M	100x	as long as short