Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.026%

Price spread now: Katana Perps against Hibachi−0.165%49s7-day average −0.066% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.083%+$8 on $10k

Price spread, last 7 days+0.118%+$12 · spread now −0.165%, 7d avg −0.066%

Together, before fees+0.201%+ Points / potential airdropHibachi: Active · farm board+$20 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 Katana Perps is 0.099% cheaper against Hibachi than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.066%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.083%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,774.2	0.0176	pay 0.0022% / 1h	50m 41s	$253K	$1.6M	20x
Short	Katana Perps ETH-USD	2,769.6	0.0100	get 0.0100% / 8h	7h 50m	$487K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Katana PerpsbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$16
Price spread: −0.165% → −0.066%: −$9.93
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$38.73
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 3 min ago; Katana Perps: no order-book sample. Net counts fees only.

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	0.56 bp	6.8 bp −$7	12.6 bp −$126	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,772.4	−0.064%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,768.8	−0.194%	$285K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770	−0.153%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.5	−0.205%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,768.1	−0.219%	$168K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0016%	1h	2,771.8	−0.087%	$8.7M	$32.9M	100x	as long as short
SoDEX ETH-USD	−0.0008%	1h	2,769	−0.187%	$55.1M	$228.8M	40x	as long as short
Phoenix ETH	−0.0003%	1h	2,772.4	−0.064%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	−0.193%	$12.7M	$45.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,769.4	−0.173%	$8.1M	$690.4M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	0.0000%	1h	2,769	−0.187%	$183K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.2	−0.142%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,768.9	−0.190%	$1.71B	$11.72B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.9	−0.155%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,768.9	−0.192%	$256.2M	$968.4M	200x	as long as short
Aftermath Perps ETHUSD	+0.0040%	1h	2,771.5	−0.097%	$29K	$22K	20x	as long as short
Gate ETH_USDT	+0.0042%	8h	2,769.8	−0.157%	$3.30B	$8.91B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.164%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,769.1	−0.185%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769.1	−0.184%	$6.47B	$17.16B	150x	as long as short
HTX ETH-USDT	+0.0067%	8h	2,768.8	−0.196%	$1.08B	$1.31B	200x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,769.6	−0.166%	$2.10B	$3.04B	150x	as long as short
KuCoin ETHUSDTM	+0.0079%	8h	2,769.6	−0.167%	$420.6M	$733.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.1	−0.147%	$60.5M	$4.55B	50x	as long as short
Vest ETH-PERP	+0.0090%	1h	2,769	−0.187%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	−0.153%	$115.2M	$456.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.7	−0.126%	$25.2M	$109.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.2	−0.179%	$15.9M	$9.7M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,769.6	−0.165%	$487K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,767.3	−0.247%	$14.6M	$117.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.4	−0.101%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.8	−0.158%	$31.2M	$319.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.4	−0.173%	$2.50B	$4.57B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.7	−0.198%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	−0.132%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	−0.132%	$170.6M	$266.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,768.8	−0.194%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769	−0.189%	$15.2M	$43.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.194%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	−0.111%	$181.9M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	−0.058%	$161.3M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.3	−0.068%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.8	−0.194%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.6	−0.165%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.1	−0.113%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.4	−0.208%	$972K	$13.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,768.7	−0.197%	$269.7M	$68.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.2	−0.178%	$32.5M	$77.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,768.5	−0.206%	—	$41.7M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,770.8	−0.124%	$259.2M	$219.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.3	−0.139%	$93.5M	$332.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,771.5	−0.098%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0176%	1h	2,774.2	long leg	$253K	$1.6M	20x
BloFin ETH-USDT	+0.0178%	8h	2,769.4	−0.172%	$287.5M	$191.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,768.8	−0.194%	$7.3M	$1.2M	25x	as long as short