Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.062%

Price spread now: Hibachi against Gate−0.099%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$550.553% of the position

Long on Gate Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.099%, 7d avg −0.068%

Together, before fees+0.412%+ Points / potential airdropHibachi: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.031% cheaper against Gate than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of −0.068%). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.376% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate EURUSD_USDT	1.1478	0	get 0.0000% / 8h	1h 47m	$142K	$10K	100x
Short	Hibachi EUR/USDT-P	1.1467	0.0040	get 0.0005% / 1h	47m 10s	$165K	$9.3M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Gate. 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 GatebpFee HibachibpOrdersPrice spread, now −0.099%Rate

Funding earned: $8.4
Price spread: −0.099% → −0.068%: −$3.15
Slippage, 4 orders: −$31.33
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$50.07
Costs to cover: 0.553%
Break-even: 48.7 days

Slippage from Gate: live order book, 28 min ago; Hibachi: live order book, 2 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 Gate live order book, 28 min ago	7.84 bp	23.0 bp −$23	169.4 bp −$1,694	doesn't fit	doesn't fit
Sell Hibachi live order book, 2 min ago	0.04 bp	4.5 bp −$5	17.2 bp −$172	doesn't fit	doesn't fit

EUR on 18 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
MEXC EUR_USDT	−0.0194%	4h	1.1467	−0.096%	$6.8M	$154K	100x	as long as short
Kraken Futures PF_EURUSD	−0.0125%	1h	1.1463	−0.130%	$3K	—	50x	as long as short
Bybit EURUSDUSDT	0.0000%	8h	1.1485	+0.062%	$594K	$529K	100x	as long as short
Gate EURUSD_USDTlong	0.0000%	8h	1.1478	long leg	$142K	$10K	100x
Bitget EURUSDUSDT	0.0000%	8h	1.1471	−0.061%	$250K	$70K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1465	−0.113%	$198K	$111K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1471	−0.061%	—	$2.6M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1474	−0.035%	$13K	$245K	20x	as long as short
Vest EUR-USD-PERP	+0.0030%	1h	1.1495	+0.145%	—	$287K	100x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1465	−0.115%	$6.7M	$1.9M	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1470	−0.066%	$9K	$78K	101x	as long as short
Hibachi EUR/USDT-Pshort	+0.0040%	1h	1.1467	−0.099%	$165K	$9.3M	30x
Lighter EURUSD	+0.0048%	1h	1.1477	−0.005%	$2.2M	$846K	50x	as long as short
Nado EURUSD-PERP	+0.0068%	1h	1.1466	−0.105%	$466K	$315K	40x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1466	−0.105%	$190K	$187K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1476	−0.015%	$12K	—	10x	as long as short
tradeXYZ xyz:EUR	+0.0175%	1h	1.1470	−0.070%	$23.2M	$2.5M	50x	as long as short
Hotstuff EURUSD-PERP	+0.0208%	1h	1.1474	−0.035%	$33K	—	50x	as long as short