Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0131%/8h= −14.3% APRpaid last 24h −0.052%

Price spread now: OKX against Hibachi−0.077%7-day average −0.034% · 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−$26as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Hibachi Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.077%, 7d avg −0.034%

Together, before fees+0.256%+ Points / potential airdropHibachi: Active · farm board+$26 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 OKX is 0.043% cheaper against Hibachi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.034%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.209%, 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	2,733.5	0.0216	pay 0.0027% / 1h	25m 11s	$245K	$1.4M	20x
Short	OKX ETH-USDT-SWAP	2,731.5	0.0085	get 0.0085% / 8h	1h 25m	$1.65B	$10.93B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$27.48
Price spread: −0.077% → −0.034%: −$4.28
Slippage, 4 orders: −$2.68
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$53.44
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; OKX: 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	0.02 bp	6.9 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	7.2 bp −$3,615

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	−0.0112%	43m	2,733.6	+0.001%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.1	−0.016%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.217%	$117K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0018%	1h	2,730	−0.128%	$8.6M	$31.5M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.6	−0.107%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,733.3	−0.009%	$813K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733.4	−0.007%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,733.7	+0.006%	$6.5M	$686.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,733.2	−0.012%	$262.6M	$214.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733	−0.019%	$33.0M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,734.1	+0.020%	$191K	$893K	50x	as long as short
HTX ETH-USDT	+0.0016%	8h	2,732.6	−0.035%	$1.05B	$1.23B	200x	as long as short
BingX ETH-USDC	+0.0025%	8h	2,731.9	−0.061%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0032%	8h	2,732	−0.057%	$2.34B	$4.41B	150x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,732.1	−0.054%	$375.0M	$577.1M	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,732	−0.057%	$252.5M	$848.9M	200x	as long as short
OKX ETH-USDT-SWAPshort	+0.0085%	8h	2,731.5	−0.077%	$1.65B	$10.93B	100x
Aevo ETH-PERP	+0.0088%	1h	2,730	−0.131%	$4.9M	$157K	20x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,732.3	−0.046%	$54.4M	$187.2M	40x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,732.2	−0.050%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,732.3	−0.044%	$6.34B	$16.16B	150x	as long as short
SunX ETH-USDT	+0.0093%	8h	2,733.2	−0.014%	$958K	$11.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0095%	1h	2,730.1	−0.127%	$30K	$20K	20x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,732.2	−0.049%	$263.3M	$64.6M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,732.7	−0.031%	$112.2M	$435.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734	+0.017%	$23.5M	$103.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.4	−0.005%	$511K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.5	+0.146%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.8	+0.008%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.9	+0.013%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.4	−0.005%	$32.0M	$332.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.031%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.8	+0.011%	$1.5M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.6	0.000%	$3.30B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.5	−0.074%	$2.09B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.4	−0.080%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.9	−0.060%	$134.0M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.1	−0.162%	$185.6M	$681.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.5	−0.112%	$158.7M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.4	−0.115%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735	+0.052%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.1	+0.057%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,733.3	−0.009%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.1	−0.016%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.229%	$40.9M	$30.3M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.268%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.5	−0.075%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,733.7	+0.007%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.6	+0.002%	$49.1M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,733.2	−0.011%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,734.9	+0.048%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,732.3	−0.046%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,732.8	−0.026%	$82.4M	$312.5M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0216%	1h	2,733.5	long leg	$245K	$1.4M	20x
BloFin ETH-USDT	+0.0365%	8h	2,732.9	−0.025%	$281.8M	$175.7M	150x	as long as short