Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.036%

Price spread now: Reya against Bybit+0.006%7-day average −0.037% · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.006%, 7d avg −0.037%

Together, before fees−0.017%+ Points / potential airdropReya: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.043% dearer against Bybit than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.037%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 3 days (−0.003% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,620.6	0.0100	pay 0.0100% / 8h	3h 57m	$5.19B	$9.82B	150x
Short	Reya BTCRUSDPERP	85,625.8	0.0089	get 0.0011% / 1h	57m 17s	$6.6M	$146.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.006%Rate

Funding earned: −$2.33
Price spread: +0.006% → −0.037%: $4.32
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$15.01
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Reya: 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 Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$572	6.9 bp −$3,454
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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.

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,646	+0.030%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,649	+0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0036%	8h	85,614.3	−0.007%	$923.2M	$754.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,665	+0.052%	$418.0M	$675.1M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,635.4	+0.017%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	+0.017%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,635.9	+0.018%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,618.5	−0.003%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,634.6	+0.016%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.081%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,627.2	+0.008%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,623.2	+0.003%	$148.6M	$489.3M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,665.3	+0.052%	$886.4M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,626.2	+0.007%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERPshort	+0.0089%	1h	85,625.8	+0.006%	$6.6M	$146.9M	40x
Lighter BTC	+0.0096%	1h	85,640.9	+0.024%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,645.1	+0.029%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,625	+0.005%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,622.7	+0.002%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,601	−0.023%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,698.8	+0.091%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,666.1	+0.053%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,627	+0.007%	$9.38B	$24.26B	150x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,620.6	long leg	$5.19B	$9.82B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635.8	+0.018%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,617	−0.004%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,617.4	−0.004%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.155%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,626.6	+0.007%	$5.52B	$10.71B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,625.4	+0.006%	$5.06B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,616.5	−0.005%	$35.7M	$177.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.064%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	+0.019%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	+0.054%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,668.6	+0.056%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.2	+0.010%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,682.2	+0.072%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,630	+0.011%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,630.2	+0.011%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,625.5	+0.006%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.8	+0.056%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,619.7	−0.001%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,613.4	−0.008%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,625	+0.005%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,625	+0.005%	$2.27B	$946.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,600.4	−0.024%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,635.5	+0.017%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,661.6	+0.048%	$117.3M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0113%	1h	85,716	+0.111%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,646.3	+0.030%	$187.7M	$955.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,652.5	+0.037%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,636.9	+0.019%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0217%	1h	85,629.5	+0.010%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,666	+0.053%	$12.0M	$757.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,699.5	+0.092%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.7	+0.021%	$502K	$18.8M	6.7x	as long as short