Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0320%/8h= +35.0% APRpaid last 24h +0.036%

Price spread now: Hibachi against Bybit−0.123%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Bybit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.605%+$60 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.123%, 7d avg −0.084%

Together, before fees+0.708%+ Points / potential airdropHibachi: Active · farm board+$71 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.039% cheaper against Bybit than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.084%). If the spread goes back, that is −$4 on $10k: about 10 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EURUSDUSDT	1.1483	0	get 0.0000% / 8h	5h 45m	$625K	$350K	100x
Short	Hibachi EUR/USDT-P	1.1469	0.0320	get 0.0040% / 1h	45m 51s	$157K	$8.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Bybit. 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 BybitbpFee HibachibpOrdersPrice spread, now −0.123%Rate

Funding earned: $67.2
Price spread: −0.123% → −0.084%: −$3.88
Slippage, 4 orders: −$17.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $25.43
Costs to cover: 0.379%
Break-even: 4.4 days

Slippage from Bybit: live order book, 61 min ago; Hibachi: live order book, 1 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 Bybit live order book, 61 min ago	3.66 bp	12.5 bp −$12	44.1 bp −$441	doesn't fit	doesn't fit
Sell Hibachi live order book, 1 min ago	0.04 bp	5.0 bp −$5	19.8 bp −$198	doesn't fit	doesn't fit

EUR on 18 exchanges

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 EURUSD-PERP	−0.0800%	1h	1.1469	−0.122%	$33K	—	50x	as long as short
MEXC EUR_USDT	−0.0144%	4h	1.1466	−0.148%	$6.8M	$142K	100x	as long as short
Kraken Futures PF_EURUSD	−0.0111%	1h	1.1461	−0.193%	$3K	—	50x	as long as short
Nado EURUSD-PERP	−0.0028%	1h	1.1467	−0.135%	$191K	$295K	40x	as long as short
Lighter EURUSD	0.0000%	1h	1.1471	−0.104%	$2.1M	$507K	50x	as long as short
Bybit EURUSDUSDTlong	0.0000%	8h	1.1483	long leg	$625K	$350K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1473	−0.087%	$144K	$3K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1471	−0.105%	$263K	$27K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1463	−0.174%	$247K	$122K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1469	−0.122%	—	$1.7M	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX EURUSD-USDT	0.0000%	1h	1.1473	−0.087%	$12K	$271K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1462	−0.179%	$6.8M	$1.3M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	−0.145%	$9K	$78K	101x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1496	+0.114%	—	$192K	100x	as long as short
tradeXYZ xyz:EUR	+0.0064%	1h	1.1468	−0.131%	$23.2M	$1.9M	50x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1464	−0.165%	$196K	$64K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1469	−0.124%	$12K	—	10x	as long as short
Hibachi EUR/USDT-Pshort	+0.0320%	1h	1.1469	−0.123%	$157K	$8.1M	30x