Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.028%

Price spread now: Hibachi against Orderly+0.052%7-day average −0.013% · you sell dearer than you buy

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

Long on Orderly Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$4 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.052%, 7d avg −0.013%

Together, before fees−0.009%+ Points / potential airdropHibachi: Active · farm board−$1 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 0.065% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_EURUSD_USDC	1.1466	0	get 0.0000% / 8h	1h 52m	$198K	$73K	50x
Short	Hibachi EUR/USDT-P	1.1472	0.0160	get 0.0020% / 1h	52m 56s	$190K	$8.3M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Orderly. 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 OrderlybpFee HibachibpOrdersPrice spread, now +0.052%Rate

Funding earned: $33.6
Price spread: +0.052% → −0.013%: $6.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $25.14
Costs to cover: 0.150%
Break-even: 1.8 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 1 min ago	0.04 bp	4.8 bp −$5	19.2 bp −$192	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_EURUSD	−0.0228%	1h	1.1466	+0.001%	$3K	—	50x	as long as short
MEXC EUR_USDT	−0.0208%	4h	1.1472	+0.052%	$6.8M	$133K	100x	as long as short
Bybit EURUSDUSDT	0.0000%	8h	1.1486	+0.177%	$579K	$311K	100x	as long as short
Gate EURUSD_USDT	0.0000%	8h	1.1480	+0.122%	$144K	$6K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1476	+0.087%	$261K	$25K	100x	as long as short
Orderly PERP_EURUSD_USDClong	0.0000%	8h	1.1466	long leg	$198K	$73K	50x
SunX EURUSD-USDT	0.0000%	1h	1.1474	+0.070%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1478	+0.105%	$12K	$264K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1466	−0.003%	$6.8M	$1.2M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	+0.003%	$9K	$78K	101x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest EUR-USD-PERP	+0.0046%	1h	1.1499	+0.284%	—	$264K	100x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1473	+0.061%	$191K	$60K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1478	+0.105%	$12K	—	10x	as long as short
Nado EURUSD-PERP	+0.0121%	1h	1.1470	+0.032%	$467K	$153K	40x	as long as short
Lighter EURUSD	+0.0128%	1h	1.1480	+0.125%	$2.2M	$407K	50x	as long as short
Hibachi EUR/USDT-Pshort	+0.0160%	1h	1.1472	+0.052%	$190K	$8.3M	30x
tradeXYZ xyz:EUR	+0.0214%	1h	1.1474	+0.070%	$23.2M	$1.6M	50x	as long as short
Hotstuff EURUSD-PERP	+0.0272%	1h	1.1476	+0.087%	$33K	—	50x	as long as short