Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0216%/8h= −23.7% APRpaid last 24h +0.034%

Price spread now: Hibachi against Bybit−0.073%7-day average −0.083% · 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−$40as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Bybit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.587%+$59 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.073%, 7d avg −0.083%

Together, before fees+0.640%+ Points / potential airdropHibachi: Active · farm board+$64 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.083%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.587%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EURUSDUSDT	1.1480	0	get 0.0000% / 8h	3h 37m	$585K	$223K	100x
Short	Hibachi EUR/USDT-P	1.1472	−0.0216	pay 0.0027% / 1h	37m 19s	$169K	$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

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 BybitbpFee HibachibpOrdersPrice spread, now −0.073%Rate

Funding earned: −$45.36
Price spread: −0.073% → −0.083%: $0.94
Slippage, 4 orders: −$21.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$85.68
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Bybit: live order book, 8 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 Bybit live order book, 8 min ago	3.92 bp	19.0 bp −$19	41.7 bp −$417	doesn't fit	doesn't fit
Sell Hibachi live order book, 2 min ago	0.04 bp	4.5 bp −$5	21.4 bp −$214	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
Hibachi EUR/USDT-Pshort	−0.0216%	1h	1.1472	−0.073%	$169K	$8.3M	30x
Kraken Futures PF_EURUSD	−0.0179%	1h	1.1474	−0.056%	$3K	—	50x	as long as short
MEXC EUR_USDT	−0.0148%	4h	1.1479	−0.011%	$6.8M	$133K	100x	as long as short
Lighter EURUSD	0.0000%	1h	1.1485	+0.039%	$2.1M	$415K	50x	as long as short
Bybit EURUSDUSDTlong	0.0000%	8h	1.1480	long leg	$585K	$223K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1479	−0.011%	$144K	$5K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1478	−0.020%	$253K	$20K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1475	−0.046%	$198K	$73K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1482	+0.015%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1484	+0.032%	$12K	$264K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado EURUSD-PERP	+0.0014%	1h	1.1478	−0.019%	$467K	$153K	40x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1475	−0.046%	$6.7M	$1.2M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	−0.121%	$9K	$78K	101x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1507	+0.231%	—	$265K	100x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1478	−0.020%	$191K	$63K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1482	+0.015%	$12K	—	10x	as long as short
Hotstuff EURUSD-PERP	+0.0144%	1h	1.1482	+0.015%	$33K	—	50x	as long as short
tradeXYZ xyz:EUR	+0.0186%	1h	1.1482	+0.015%	$23.3M	$1.7M	50x	as long as short