Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0800%/8h= +87.6% APRpaid last 24h −0.006%

Price spread now: Orderly against Hotstuff−0.078%433s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.078% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 8 hours of funding at the current rate (+$24 a day). The two prices were read 433 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	Hotstuff EURUSD-PERP	1.1470	−0.0800	get 0.0100% / 1h	44m 02s	$33K	—	50x
Short	Orderly PERP_EURUSD_USDC	1.1461	0	get 0.0000% / 8h	4h 44m	$247K	$122K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hotstuff. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 HotstuffbpFee OrderlybpOrdersPrice spread, now −0.078%Rate

Funding earned: $168
Price spread: −0.078% → 0.000%: −$7.85
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $149.15
Costs to cover: 0.110%
Break-even: 0.8 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: no order-book sample. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and 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 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-PERPlong	−0.0800%	1h	1.1470	long leg	$33K	—	50x
MEXC EUR_USDT	−0.0172%	4h	1.1464	−0.052%	$6.8M	$145K	100x	as long as short
Kraken Futures PF_EURUSD	−0.0112%	1h	1.1457	−0.115%	$3K	—	50x	as long as short
Nado EURUSD-PERP	−0.0012%	1h	1.1465	−0.047%	$191K	$293K	40x	as long as short
Lighter EURUSD	0.0000%	1h	1.1471	+0.013%	$2.1M	$501K	50x	as long as short
Bybit EURUSDUSDT	0.0000%	8h	1.1481	+0.099%	$625K	$351K	100x	as long as short
Gate EURUSD_USDT	0.0000%	8h	1.1470	0.000%	$144K	$4K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1471	+0.009%	$260K	$27K	100x	as long as short
Orderly PERP_EURUSD_USDCshort	0.0000%	8h	1.1461	−0.078%	$247K	$122K	50x
SunX EURUSD-USDT	0.0000%	1h	1.1464	−0.052%	—	$1.6M	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	1.1471	+0.009%	$12K	$270K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1462	−0.073%	$6.8M	$1.3M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	−0.031%	$9K	$78K	101x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1493	+0.203%	—	$190K	100x	as long as short
tradeXYZ xyz:EUR	+0.0070%	1h	1.1465	−0.044%	$22.9M	$1.7M	50x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1462	−0.074%	$196K	$64K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1467	−0.029%	$12K	—	10x	as long as short
Hibachi EUR/USDT-P	+0.0232%	1h	1.1463	−0.057%	$177K	$8.6M	30x	as long as short