Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.025%

Price spread now: Hibachi against Katana Perps−0.001%7-day average +0.066% · you buy dearer than you sell

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

Long on Katana Perps Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.086%−$9 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.001%, 7d avg +0.066%

Together, before fees−0.022%+ Points / potential airdropHibachi: Active · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.067% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.001% now, against its 7-day average of +0.066%). If the spread goes back, that is −$7 on $10k: about 36 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 4 days funding on this pair cost −0.086%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,741	0.0100	pay 0.0100% / 8h	5h 25m	$469K	$3.0M	50x
Short	Hibachi ETH/USDT-P	2,741	0.0248	get 0.0031% / 1h	25m 55s	$252K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Katana Perps. 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 Katana PerpsbpFee HibachibpOrdersPrice spread, now −0.001%Rate

Funding earned: $31.12
Price spread: −0.001% → +0.066%: −$6.67
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $11.65
Costs to cover: 0.128%
Break-even: 4.4 days

Slippage unknown: Katana Perps: no order-book sample; Hibachi: live order book, 3 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 3 min ago	1.70 bp	6.8 bp −$7	12.7 bp −$127	doesn't fit	doesn't fit

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
Hotstuff ETH-PERP	−0.0080%	1h	2,739.5	−0.055%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	+0.062%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	−0.010%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	−0.066%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,739.6	−0.052%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,740.9	−0.005%	$24.6M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.3	+0.157%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,741.2	+0.007%	$182K	$876K	50x	as long as short
ApeX Omni ETHUSDT	+0.0045%	1h	2,746.4	+0.195%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDC	+0.0052%	8h	2,740.3	−0.024%	—	$18.4M	—	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	+0.0064%	8h	2,741.1	+0.002%	$1.70B	$10.54B	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,740.5	−0.019%	$381.8M	$578.2M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,741.3	+0.012%	$5.6M	$11.3M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,740.3	−0.026%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,740.9	−0.002%	$252.5M	$840.8M	200x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,740.9	−0.005%	$6.37B	$15.67B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,740.9	−0.005%	$1.56B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,740.9	−0.005%	$112.6M	$434.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.5	+0.055%	$24.6M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.1	−0.034%	—	$30.7M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,737.9	−0.113%	$4.9M	$155K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,742	+0.037%	$58.4M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.5	+0.093%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,741	long leg	$469K	$3.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.004%	$13.9M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.9	+0.069%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.2	−0.029%	$31.6M	$334.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741	+0.001%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.2	−0.066%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.3	+0.009%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	+0.019%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.9	−0.003%	$3.38B	$8.74B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.3	+0.012%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.023%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740	−0.037%	$132.7M	$328.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.5	+0.089%	$182.3M	$671.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.8	+0.100%	$159.6M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.9	−0.004%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.3	+0.010%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.6	+0.022%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.3	+0.047%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.3	−0.062%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.6	−0.015%	$54.6M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,740.4	−0.023%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.7	−0.013%	$266.5M	$64.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.4	−0.023%	$30.6M	$72.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,742.5	+0.053%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,740.8	−0.007%	$7.4M	$669.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,743	+0.073%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.9	+0.032%	$86.6M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,740.3	−0.026%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0248%	1h	2,741	−0.001%	$252K	$1.4M	20x
Deribit ETH-PERPETUAL	+0.0283%	1h	2,742.6	+0.057%	$259.8M	$197.5M	50x	as long as short
BloFin ETH-USDT	+0.0378%	8h	2,738.9	−0.078%	$284.0M	$181.3M	150x	as long as short
Bluefin ETH-PERP	+0.0384%	1h	2,740.7	−0.010%	$21K	$20K	25x	as long as short