Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.023%

Price spread now: Bitget against Reya−0.018%7-day average +0.036% · you buy dearer than you sell

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.018%, 7d avg +0.036%

Together, before fees+0.025%+ Points / potential airdropReya: Active · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.055% cheaper against Reya than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,565.3	0.0021	pay 0.0003% / 1h	44m 49s	$6.7M	$144.0M	40x
Short	Bitget BTCUSDT	86,549.4	0.0027	get 0.0027% / 8h	2h 44m	$2.94B	$5.07B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now −0.018%Rate

Funding earned: $1.31
Price spread: −0.018% → +0.036%: −$5.47
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$22.16
Costs to cover: 0.180%
Break-even: 125.2 days

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$680	8.1 bp −$4,038

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
Perpl BTC	−0.0335%	43m	86,600.4	+0.041%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0213%	1h	86,645	+0.092%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,607.2	+0.048%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	+0.030%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,568	+0.003%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,563.3	−0.002%	$845.7M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	+0.047%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,603.3	+0.044%	$938.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,593	+0.032%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	86,544	−0.025%	$505.2M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPlong	+0.0021%	1h	86,565.3	long leg	$6.7M	$144.0M	40x
BingX BTC-USDC	+0.0021%	8h	86,552.9	−0.014%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,568	+0.003%	$149.4M	$470.6M	150x	as long as short
Bitget BTCUSDTshort	+0.0027%	8h	86,549.4	−0.018%	$2.94B	$5.07B	150x
MEXC BTC_USDT	+0.0048%	8h	86,563.4	−0.002%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,567.1	+0.002%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,562	−0.004%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.193%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,567.9	+0.003%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,582.4	+0.020%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,564.5	−0.001%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,559.2	−0.007%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.061%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,570.3	+0.006%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.4	+0.021%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	+0.003%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	+0.049%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,587.9	+0.026%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,613.1	+0.055%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,562	−0.004%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	0.000%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638	+0.084%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.4	+0.042%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,572	+0.008%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,640.8	+0.087%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.115%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.8	+0.002%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	+0.046%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	+0.039%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	+0.048%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	+0.083%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	+0.007%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.4	+0.002%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,593.8	+0.033%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.1	+0.011%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.5	−0.003%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	+0.002%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,565.8	+0.001%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,545.8	−0.023%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,592.8	+0.032%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,603	+0.044%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,594.9	+0.034%	$190.9M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,615.6	+0.058%	$131.8M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	+0.003%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,588.8	+0.027%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	+0.093%	$600K	$7.2M	30x	as long as short