Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.029%

Price spread now: Hibachi against SunX+0.153%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on SunX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 3 days (all we have)−0.060%−$6 · spread now +0.153%, 7d avg +0.051%

Together, before fees−0.386%+ Points / potential airdropHibachi: Active · farm board−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hibachi is 0.102% dearer against SunX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.051%. Mind the row above: over the last 7 days funding on this pair cost −0.326%, 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	SunX ETH-USDT	2,768.6	0.0100	pay 0.0100% / 8h	20m 36s	$970K	$13.9M	100x
Short	Hibachi ETH/USDT-P	2,772.9	0.0224	get 0.0028% / 1h	20m 36s	$251K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against SunX. 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 SunXbpFee HibachibpOrdersPrice spread, now +0.153%Rate

Funding earned: $26.04
Price spread: +0.153% → +0.051%: $10.22
Slippage, 4 orders: −$7.6
Fee SunX: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $11.66
Costs to cover: 0.246%
Break-even: 3.9 days

Slippage from SunX: live order book, 9 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 SunX live order book, 9 min ago	0.50 bp	6.5 bp −$7	6.6 bp −$66	8.5 bp −$846	10.9 bp −$5,467
Sell Hibachi live order book, 3 min ago	1.72 bp	7.0 bp −$7	12.4 bp −$124	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	−0.0223%	43m	2,770.1	+0.055%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770.4	+0.063%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.235%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	+0.050%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,766.6	−0.075%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.7	+0.075%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	+0.110%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	+0.046%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.8	+0.008%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.3	+0.062%	$1.70B	$11.88B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0023%	1h	2,771.4	+0.099%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,769.1	+0.019%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,770.5	+0.066%	$255.7M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,768.6	0.000%	$270.0M	$68.9M	150x	as long as short
SoDEX ETH-USD	+0.0036%	1h	2,767.7	−0.033%	$55.1M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,769.2	+0.020%	$182K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0046%	8h	2,770.2	+0.059%	—	$1.24B	—	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.5	−0.112%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.7	+0.040%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770.2	+0.058%	$6.45B	$17.31B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,769.3	+0.023%	$259.0M	$222.5M	50x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,770.3	+0.062%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,770.2	+0.057%	$3.29B	$9.67B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.7	+0.039%	$420.8M	$739.6M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.5	+0.067%	$2.50B	$4.63B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,769.7	+0.037%	$60.1M	$4.59B	50x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,770.1	+0.054%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,768.4	−0.007%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771	+0.085%	$115.1M	$499.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.8	+0.151%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.7	+0.111%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.8	+0.042%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770	+0.050%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.3	+0.060%	$14.2M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.3	+0.169%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.6	+0.072%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.9	+0.046%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.2	+0.093%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.155%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.5	+0.033%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769	+0.013%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.090%	$181.6M	$784.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.9	−0.025%	$161.0M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	+0.061%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	+0.043%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.7	+0.002%	$21K	$24K	25x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,768.6	long leg	$970K	$13.9M	100x
Derive ETH-PERP	+0.0100%	1h	2,770.2	+0.055%	$42.6M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.8	+0.041%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.2	+0.057%	$8.2M	$687.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,769.1	+0.017%	$88.7M	$336.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,770.4	+0.064%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,768.5	−0.003%	$286.6M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,769	+0.014%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0224%	1h	2,772.9	+0.153%	$251K	$1.6M	20x