Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.063%

Price spread now: Perpl against Hibachi−0.057%59s7-day average −0.010% · you buy dearer than you sell

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

Long on Hibachi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.362%+$36 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.057%, 7d avg −0.010%

Together, before fees+0.391%+ Points / potential airdropHibachi: Active · Perpl: Active · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Perpl is 0.046% cheaper against Hibachi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.362%, so the current rate has only just turned against you. The two prices were read 59 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	2,772.4	0.0144	pay 0.0018% / 1h	30m 31s	$253K	$1.5M	20x
Short	Perpl ETH	2,770.9	−0.0112	pay 0.0010% / 43m	9m 31s	$321K	$6.4M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$53.68
Price spread: −0.057% → −0.010%: −$4.63
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$81.11
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 3 min ago; Perpl: 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	1.08 bp	7.3 bp −$7	12.7 bp −$127	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	2,772.9	+0.017%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.6	−0.104%	$5.6M	$11.2M	25x	as long as short
Perpl ETHshort	−0.0112%	43m	2,770.9	−0.057%	$321K	$6.4M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,770.3	−0.077%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,769.7	−0.099%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	−0.048%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.2	−0.081%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.7	−0.028%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,770.6	−0.067%	$269.6M	$67.5M	150x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,770.9	−0.056%	$183K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0025%	8h	2,769.4	−0.110%	$1.71B	$11.19B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.5	−0.035%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0033%	1h	2,770.4	−0.074%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,769.7	−0.098%	$256.6M	$886.2M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,769.5	−0.107%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,769.3	−0.112%	$6.46B	$16.35B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.9	−0.164%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0065%	1h	2,772	−0.015%	$31K	$23K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,769.4	−0.109%	$2.10B	$2.88B	150x	as long as short
HTX ETH-USDT	+0.0075%	8h	2,770.7	−0.063%	$1.08B	$1.25B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.8	−0.024%	$60.4M	$4.44B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,770.1	−0.086%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,769.7	−0.098%	$420.3M	$631.7M	100x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,769.7	−0.101%	$3.36B	$8.99B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.1	−0.084%	$115.2M	$457.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	−0.014%	$25.7M	$111.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.2	−0.044%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.7	−0.099%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.1	−0.086%	$14.7M	$114.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.7	+0.009%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.3	−0.077%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.7	−0.100%	$2.51B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.9	−0.092%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	−0.074%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.094%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769.7	−0.101%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.7	−0.062%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.6	−0.067%	$140.2M	$345.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	−0.092%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	−0.104%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771	−0.052%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.5	−0.142%	$21.4M	$62.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.4	−0.110%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.2	−0.044%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.7	+0.008%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.8	−0.058%	$972K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.1	−0.120%	$31.0M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	−0.020%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,771.9	−0.019%	$8.1M	$682.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,772.1	−0.013%	$259.1M	$207.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.9	−0.020%	$95.9M	$319.4M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0144%	1h	2,772.4	long leg	$253K	$1.5M	20x
Orderly PERP_ETH_USDC	+0.0150%	8h	2,773.4	+0.035%	$32.6M	$11.2M	100x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,770.4	−0.075%	$287.6M	$182.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,769.2	−0.117%	$7.3M	$1.2M	25x	as long as short