Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.036%

Price spread now: Bybit against Hibachi+0.169%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Hibachi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.607%−$61 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now +0.169%, 7d avg +0.086%

Together, before fees−0.782%+ Points / potential airdropHibachi: Active · farm board−$78 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.083% dearer against Hibachi than usual: you sell high and buy low (spread +0.169% now, against its 7-day average of +0.086%): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi EUR/USDT-P	1.1464	0.0208	pay 0.0026% / 1h	7m 42s	$179K	$8.4M	30x
Short	Bybit EURUSDUSDT	1.1483	0	get 0.0000% / 8h	4h 07m	$625K	$334K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hibachi. 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 HibachibpFee BybitbpOrdersPrice spread, now +0.169%Rate

Funding earned: −$43.68
Price spread: +0.169% → +0.086%: $8.29
Slippage, 4 orders: −$14.59
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.98
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 min ago; Bybit: live order book, 26 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 Hibachi live order book, 5 min ago	0.04 bp	4.5 bp −$5	14.8 bp −$148	doesn't fit	doesn't fit
Sell Bybit live order book, 26 min ago	4.49 bp	11.9 bp −$12	44.8 bp −$448	doesn't fit	doesn't fit

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-PERP	−0.0800%	1h	1.1466	+0.017%	$33K	—	50x	as long as short
MEXC EUR_USDT	−0.0120%	4h	1.1466	+0.017%	$6.8M	$149K	100x	as long as short
Kraken Futures PF_EURUSD	−0.0112%	1h	1.1458	−0.054%	$3K	—	50x	as long as short
Nado EURUSD-PERP	−0.0016%	1h	1.1468	+0.036%	$191K	$293K	40x	as long as short
Lighter EURUSD	0.0000%	1h	1.1474	+0.082%	$2.1M	$502K	50x	as long as short
Bybit EURUSDUSDTshort	0.0000%	8h	1.1483	+0.169%	$625K	$334K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1470	+0.052%	$144K	$4K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1471	+0.060%	$261K	$27K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1464	−0.001%	$247K	$122K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1466	+0.017%	—	$1.5M	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	1.1469	+0.043%	$12K	$269K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1463	−0.005%	$6.8M	$1.3M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	+0.020%	$9K	$78K	101x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1496	+0.276%	—	$192K	100x	as long as short
tradeXYZ xyz:EUR	+0.0079%	1h	1.1468	+0.034%	$22.9M	$1.7M	50x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1463	−0.006%	$195K	$59K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1469	+0.040%	$12K	—	10x	as long as short
Hibachi EUR/USDT-Plong	+0.0208%	1h	1.1464	long leg	$179K	$8.4M	30x