Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.031%

Price spread now: Hibachi against Variational Omni−0.027%54s7-day average +0.025% · you buy dearer than you sell

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

Long on Variational Omni Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.027%, 7d avg +0.025%

Together, before fees+0.031%+ Points / potential airdropVariational Omni: Active · Hibachi: Active · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.052% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.025%). If the spread goes back, that is −$5 on $10k: about 23 hours of funding at the current rate (+$5 a day). The two prices were read 54 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	Variational Omni ETH	2,734	0.0100	pay 0.0100% / 8h	1h 57m	$134.8M	$325.9M	—
Short	Hibachi ETH/USDT-P	2,733.3	0.0280	get 0.0035% / 1h	57m 34s	$248K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Variational Omni. 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 Variational OmnibpFee HibachibpOrdersPrice spread, now −0.027%Rate

Funding earned: $37.8
Price spread: −0.027% → +0.025%: −$5.16
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $23.64
Costs to cover: 0.090%
Break-even: 2.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hibachi: live order book, 1 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 Variational Omni RFQ quote, 2 min ago	0.55 bp	doesn't fit	0.5 bp −$5	3.1 bp −$311	doesn't fit
Sell Hibachi live order book, 1 min ago	0.02 bp	5.4 bp −$5	11.4 bp −$114	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	−0.0112%	43m	2,733.5	−0.019%	$296K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	−0.003%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,740	+0.220%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733.1	−0.034%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736	+0.074%	$817K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.8	−0.043%	$10.5M	$42.9M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.7	−0.048%	$260.2M	$211.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.8	−0.042%	$33.0M	—	200x	as long as short
HTX ETH-USDT	+0.0010%	8h	2,732.1	−0.071%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,730.8	−0.118%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,732.2	−0.065%	$193K	$887K	50x	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,731.1	−0.106%	$2.35B	$4.42B	150x	as long as short
SoDEX ETH-USD	+0.0063%	1h	2,732.2	−0.065%	$54.4M	$187.5M	40x	as long as short
KuCoin ETHUSDTM	+0.0079%	8h	2,732.5	−0.053%	$375.2M	$576.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,734.8	+0.031%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0092%	8h	2,733.5	−0.019%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0095%	8h	2,731.2	−0.100%	$253.1M	$848.4M	200x	as long as short
Bullet ETH-USD	+0.0095%	1h	2,732.9	−0.040%	$182K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,731.3	−0.098%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,732.2	−0.067%	$112.3M	$430.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.1	−0.033%	$23.5M	$102.6M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.8	−0.154%	$4.9M	$150K	20x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,734.5	+0.019%	$8.7M	$31.5M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.8	−0.117%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.7	+0.100%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.1	−0.104%	$14.1M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.4	+0.015%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	−0.051%	$32.0M	$334.2M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,731.1	−0.106%	$6.33B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.8	−0.117%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.5	−0.090%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	+0.036%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.9	−0.112%	$3.28B	$8.91B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,732	−0.072%	$1.53B	$2.57B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731	−0.111%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732	−0.073%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,734	long leg	$134.8M	$325.9M	—
edgeX ETHUSDC	+0.0100%	4h	2,731.9	−0.077%	$185.3M	$680.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.4	+0.051%	$159.1M	$87.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	0.000%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735	+0.038%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.1	+0.041%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.1	−0.032%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.9	−0.004%	$41.0M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,732.6	−0.049%	$263.5M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.7	−0.157%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,732.6	−0.049%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.7	−0.009%	$50.3M	$4.32B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,733.6	−0.014%	$6.8M	$692.4M	4.9x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.6	−0.087%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,734.7	+0.025%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,732.5	−0.054%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,732.5	−0.056%	$83.5M	$311.3M	100x	as long as short
Hibachi ETH/USDT-Pshort	+0.0280%	1h	2,733.3	−0.027%	$248K	$1.4M	20x
BloFin ETH-USDT	+0.0400%	8h	2,732	−0.073%	$281.4M	$175.2M	150x	as long as short