Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.031%

Price spread now: Hibachi against KuCoin+0.119%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on KuCoin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 7 days−0.098%−$10 · spread now +0.119%, 7d avg +0.027%

Together, before fees−0.312%+ Points / potential airdropHibachi: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hibachi is 0.091% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.027%. Mind the row above: over the last 7 days funding on this pair cost −0.214%, 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	KuCoin ETHUSDTM	2,729.6	0.0066	pay 0.0066% / 8h	3h 16m	$377.5M	$575.0M	100x
Short	Hibachi ETH/USDT-P	2,732.8	0.0232	get 0.0029% / 1h	16m 09s	$247K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against KuCoin. 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 KuCoinbpFee HibachibpOrdersPrice spread, now +0.119%Rate

Funding earned: $34.86
Price spread: +0.119% → +0.027%: $9.14
Slippage, 4 orders: −$12.23
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $10.77
Costs to cover: 0.332%
Break-even: 4.8 days

Slippage from KuCoin: live order book, 3 min ago; Hibachi: live order book, 3 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 KuCoin live order book, 3 min ago	0.02 bp	6.2 bp −$6	7.2 bp −$72	9.8 bp −$983	doesn't fit
Sell Hibachi live order book, 3 min ago	0.95 bp	12.9 bp −$13	20.1 bp −$201	doesn't fit	doesn't fit

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	−0.0335%	43m	2,729.9	+0.012%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.2	+0.097%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0016%	8h	2,729.2	−0.012%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.9	+0.013%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.2	+0.060%	$817K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,730.8	+0.045%	$6.2M	$685.8M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.9	+0.014%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,730.9	+0.050%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,729.5	−0.004%	$178K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0030%	8h	2,728.9	−0.025%	—	$18.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,729.5	−0.002%	$2.36B	$4.38B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,730.6	+0.038%	$258.6M	$202.3M	50x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,730.9	+0.049%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0064%	8h	2,728.7	−0.032%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTMlong	+0.0066%	8h	2,729.6	long leg	$377.5M	$575.0M	100x
OKX ETH-USDT-SWAP	+0.0077%	8h	2,729.6	+0.002%	$1.67B	$10.75B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,727.3	−0.084%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,729.8	+0.008%	$250.8M	$840.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0082%	1h	2,730.2	+0.022%	$8.6M	$31.2M	100x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,729.5	−0.001%	$1.55B	$2.58B	500x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,729.5	−0.002%	$54.4M	$187.8M	40x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,729.5	−0.003%	$6.33B	$15.95B	150x	as long as short
Phemex ETHUSDT	+0.0090%	8h	2,729.9	+0.011%	$264.6M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.9	+0.014%	$112.3M	$435.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.2	+0.062%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.4	+0.031%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,731.2	+0.060%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.002%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.4	+0.066%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	+0.015%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.9	+0.086%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.048%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.9	+0.012%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.5	+0.036%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.049%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.7	+0.004%	$3.33B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.7	+0.005%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.4	−0.007%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	+0.029%	$134.3M	$322.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729	−0.020%	$183.6M	$672.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.4	+0.069%	$158.9M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.9	+0.086%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.9	+0.050%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.1	+0.056%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.8	+0.044%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.5	+0.070%	$41.0M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,731.2	+0.060%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.8	−0.027%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.3	+0.027%	$5.6M	$11.8M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731	+0.052%	$50.6M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,730.3	+0.028%	$83.6M	$316.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0192%	8h	2,732.1	+0.092%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,728.8	−0.028%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0232%	1h	2,732.8	+0.119%	$247K	$1.4M	20x
BloFin ETH-USDT	+0.0350%	8h	2,731.2	+0.061%	$282.6M	$174.8M	150x	as long as short