Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.032%

Price spread now: Reya against OKX−0.003%57s7-day average −0.038% · you buy dearer than you sell

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

Long on OKX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.014%−$1 · spread now −0.003%, 7d avg −0.038%

Together, before fees−0.016%+ Points / potential airdropReya: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.035% dearer against OKX than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.038%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 3 days (−0.002% in total) that is about 52 days. The two prices were read 57 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	OKX BTC-USDT-SWAP	86,599.9	0.0098	pay 0.0098% / 8h	2h 01m	$2.55B	$12.74B	100x
Short	Reya BTCRUSDPERP	86,596.9	0.0022	get 0.0003% / 1h	1m 34s	$6.7M	$144.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against OKX. 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 OKXbpFee ReyabpOrdersPrice spread, now −0.003%Rate

Funding earned: −$16.09
Price spread: −0.003% → −0.038%: $3.45
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.64
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$513	5.3 bp −$2,644
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
Aftermath Perps BTCUSD	−0.0253%	1h	86,615.3	+0.018%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,593.7	−0.007%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.053%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,584	−0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,591.4	−0.010%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,583.9	−0.018%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,612.6	+0.015%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,625.3	+0.029%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,618.1	+0.021%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,584.9	−0.017%	$850.2M	$709.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0022%	1h	86,596.9	−0.003%	$6.7M	$144.5M	40x
BingX BTC-USDC	+0.0029%	8h	86,586.6	−0.015%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,593.2	−0.008%	$149.5M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,593.4	−0.008%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,582	−0.021%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,590.2	−0.011%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,590.9	−0.010%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,591.5	−0.010%	$9.42B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,610.3	+0.012%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,595.1	−0.006%	$5.84B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,599.9	0.000%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,601.8	+0.002%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612.3	+0.014%	$24.2M	$154.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,593	−0.008%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAPlong	+0.0098%	8h	86,599.9	long leg	$2.55B	$12.74B	100x
Katana Perps BTC-USD	+0.0100%	8h	86,583	−0.020%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,643.6	+0.050%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,591.6	−0.010%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,664.9	+0.075%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,624.2	+0.028%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,596	−0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.6	+0.075%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.011%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,587.9	−0.014%	$38.1M	$151.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.062%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,553.8	−0.053%	$279.5M	$942.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.044%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.040%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.051%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,643.7	+0.051%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	−0.003%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599	−0.001%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,603.6	+0.004%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,622.9	+0.027%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,592.3	−0.009%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,594.1	−0.007%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,590	−0.011%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	−0.019%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,585.3	−0.017%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.2	+0.003%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,619.7	+0.023%	$187.0M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,631.8	+0.037%	$131.9M	$5.83B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,596.6	−0.004%	$734K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	86,629	+0.034%	$9.6M	$727.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,579.9	−0.023%	$416.9M	$655.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,611.9	+0.014%	$15.0M	—	200x	as long as short