Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0150%/8h= +16.5% APRpaid last 24h −0.011%

Price spread now: Orderly against Hibachi+0.016%7-day average +0.047% · you sell dearer than you buy

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

Long on Hibachi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.490%+$49 on $10k

Price spread, last 4 days (all we have)−0.245%−$25 · spread now +0.016%, 7d avg +0.047%

Together, before fees+0.245%+ Points / potential airdropHibachi: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.031% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.047%). If the spread goes back, that is −$3 on $10k: about 17 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,724.2	0.0032	pay 0.0004% / 1h	28m 23s	$237K	$1.4M	20x
Short	Orderly PERP_ETH_USDC	2,724.6	0.0182	get 0.0182% / 8h	7h 28m	$32.1M	$10.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.016%Rate

Funding earned: $31.57
Price spread: +0.016% → +0.047%: −$3.15
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $13.42
Costs to cover: 0.150%
Break-even: 4.0 days

Slippage unknown: Hibachi: live order book, 1 min ago; Orderly: 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, 1 min ago	0.02 bp	5.3 bp −$5	10.4 bp −$104	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
BloFin ETH-USDT	−0.0161%	8h	2,723.6	−0.023%	$281.2M	$176.3M	150x	as long as short
HTX ETH-USDT	−0.0159%	8h	2,723.3	−0.035%	$1.05B	$1.20B	200x	as long as short
SunX ETH-USDT	−0.0119%	8h	2,722	−0.081%	$938K	$10.5M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,723.2	−0.037%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,722.7	−0.055%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0069%	8h	2,721.9	−0.083%	$2.31B	$4.29B	150x	as long as short
ApeX Omni ETHUSDT	−0.0013%	1h	2,724.3	+0.005%	$8.3M	$31.3M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.286%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.3	−0.034%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,721.9	−0.086%	$10.5M	$41.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,723.7	−0.019%	$6.7M	$669.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.7	+0.017%	$265.8M	$222.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,721.7	−0.093%	$32.8M	—	200x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,721.4	−0.104%	$3.27B	$8.28B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,721.3	−0.107%	$194K	$886K	50x	as long as short
Hibachi ETH/USDT-Plong	+0.0032%	1h	2,724.2	long leg	$237K	$1.4M	20x
SoDEX ETH-USD	+0.0043%	1h	2,723.4	−0.030%	$54.2M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0065%	8h	2,721	−0.117%	$251.8M	$841.1M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,722.3	−0.069%	$1.65B	$10.59B	100x	as long as short
Binance ETHUSDT	+0.0077%	8h	2,720.9	−0.122%	$6.29B	$15.97B	150x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,723.9	−0.012%	$262.4M	$63.1M	150x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,721.5	−0.099%	$1.58B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,723	−0.046%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,721.6	−0.097%	$381.9M	$564.2M	100x	as long as short
Bullet ETH-USD	+0.0086%	1h	2,721.4	−0.103%	$174K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,722.5	−0.062%	$112.2M	$402.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,723.3	−0.033%	$23.6M	$96.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,722.4	−0.068%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,721.2	−0.110%	$496K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,725.3	+0.041%	$15.3M	$7.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,722	−0.081%	$14.2M	$100.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,723.6	−0.022%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,722.4	−0.066%	$31.9M	$331.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,720.5	−0.136%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,721.8	−0.090%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,720.7	−0.130%	$164.6M	$337.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722.1	−0.077%	$2.11B	$2.72B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,721.4	−0.104%	—	$1.04B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.3	−0.034%	$15.1M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.004%	$131.7M	$315.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.3	+0.004%	$185.3M	$683.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.3	+0.002%	$158.4M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.004%	$20.9M	$71.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,723.9	−0.011%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.5	−0.063%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	+0.004%	$40.5M	$29.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,720.7	−0.128%	$30.3M	$70.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,724.3	+0.002%	$81.8M	$308.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,726.8	+0.096%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,724.5	+0.011%	$45.7M	$4.21B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,721.9	−0.086%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0171%	1h	2,720.9	−0.123%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDCshort	+0.0182%	8h	2,724.6	+0.016%	$32.1M	$10.9M	100x
Injective ETH/USDC PERP	+0.0253%	1h	2,728.1	+0.143%	$293K	$21.4M	52x	as long as short
Bluefin ETH-PERP	+0.1440%	1h	2,722.3	−0.071%	$20K	$23K	25x	as long as short