Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0078%/8h= −8.6% APRpaid last 24h −0.039%

Price spread now: Reya against Paradex−0.054%47s7-day average −0.048% · you buy dearer than you sell

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

Long on Paradex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days−0.052%−$5 · spread now −0.054%, 7d avg −0.048%

Together, before fees−0.063%+ Points / potential airdropParadex: Active · Reya: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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	Paradex BTC-USD-PERP	86,643.6	0.0100	pay 0.0100% / 8h	2h 01m	$4.8M	$8.3M	50x
Short	Reya BTCRUSDPERP	86,596.9	0.0022	get 0.0003% / 1h	1m 29s	$6.7M	$144.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Paradex. 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 ParadexbpFee ReyabpOrdersPrice spread, now −0.054%Rate

Funding earned: −$16.43
Price spread: −0.054% → −0.048%: −$0.6
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: −$27.04
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paradex: 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 Paradex live order book, 3 min ago	0.89 bp	2.9 bp −$3	2.9 bp −$29	doesn't fit	doesn't fit
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	−0.033%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,593.7	−0.058%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.103%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,584	−0.069%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,591.4	−0.060%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,583.9	−0.069%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,612.6	−0.036%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,625.3	−0.021%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,618.1	−0.029%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,584.9	−0.068%	$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	−0.054%	$6.7M	$144.5M	40x
BingX BTC-USDC	+0.0029%	8h	86,586.6	−0.066%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,593.2	−0.058%	$149.5M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,593.4	−0.058%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,582	−0.071%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,590.2	−0.062%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,590.9	−0.061%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,591.5	−0.060%	$9.42B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,610.3	−0.038%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,595.1	−0.056%	$5.84B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,599.9	−0.050%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,601.8	−0.048%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612.3	−0.036%	$24.2M	$154.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,593	−0.058%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0098%	8h	86,599.9	−0.050%	$2.55B	$12.74B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,583	−0.070%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,643.6	long leg	$4.8M	$8.3M	50x
Nado BTC-PERP	+0.0100%	1h	86,591.6	−0.060%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,664.9	+0.025%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,624.2	−0.022%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,596	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.6	+0.024%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.062%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,587.9	−0.064%	$38.1M	$151.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.112%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,553.8	−0.104%	$279.5M	$942.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.094%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.090%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.101%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,643.7	0.000%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	−0.054%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599	−0.051%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,603.6	−0.046%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,622.9	−0.024%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,592.3	−0.059%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,594.1	−0.057%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,590	−0.062%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	−0.070%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,585.3	−0.067%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.2	−0.048%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,619.7	−0.028%	$187.0M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,631.8	−0.014%	$131.9M	$5.83B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,596.6	−0.054%	$734K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	86,629	−0.017%	$9.6M	$727.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,579.9	−0.074%	$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	−0.037%	$15.0M	—	200x	as long as short