Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.028%

Price spread now: Hibachi against Bybit−0.169%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Bybit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.586%+$59 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.169%, 7d avg −0.082%

Together, before fees+0.769%+ Points / potential airdropHibachi: Active · farm board+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.087% cheaper against Bybit than usual: you would sell low and buy high (spread −0.169% now, against its 7-day average of −0.082%). If the spread goes back, that is −$9 on $10k: about 26 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EURUSDUSDT	1.1484	0	get 0.0000% / 8h	1h 38m	$579K	$311K	100x
Short	Hibachi EUR/USDT-P	1.1465	0.0264	get 0.0033% / 1h	38m 09s	$185K	$8.3M	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 −0.169%Rate

Funding earned: $55.44
Price spread: −0.169% → −0.082%: −$8.67
Slippage, 4 orders: −$21.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $4.95
Costs to cover: 0.418%
Break-even: 6.4 days

Slippage from Bybit: live order book, 62 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, 62 min ago	3.35 bp	21.1 bp −$21	41.4 bp −$414	doesn't fit	doesn't fit
Sell Hibachi live order book, 1 min ago	0.04 bp	4.9 bp −$5	20.1 bp −$201	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
Kraken Futures PF_EURUSD	−0.0228%	1h	1.1462	−0.197%	$3K	—	50x	as long as short
MEXC EUR_USDT	−0.0226%	4h	1.1466	−0.161%	$6.8M	$134K	100x	as long as short
Bybit EURUSDUSDTlong	0.0000%	8h	1.1484	long leg	$579K	$311K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1475	−0.083%	$144K	$6K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1477	−0.065%	$261K	$25K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1459	−0.222%	$198K	$73K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1470	−0.126%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1471	−0.118%	$12K	$267K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1460	−0.217%	$6.8M	$1.2M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	−0.158%	$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	1.1492	+0.063%	—	$241K	100x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1467	−0.152%	$191K	$60K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1474	−0.088%	$12K	—	10x	as long as short
Nado EURUSD-PERP	+0.0106%	1h	1.1463	−0.191%	$467K	$154K	40x	as long as short
tradeXYZ xyz:EUR	+0.0245%	1h	1.1471	−0.118%	$23.2M	$1.6M	50x	as long as short
Hotstuff EURUSD-PERP	+0.0264%	1h	1.1471	−0.118%	$33K	—	50x	as long as short
Hibachi EUR/USDT-Pshort	+0.0264%	1h	1.1465	−0.169%	$185K	$8.3M	30x
Lighter EURUSD	+0.0288%	1h	1.1476	−0.072%	$2.2M	$408K	50x	as long as short