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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC+0.0079%/8h= +8.7% APRnext payment +$0.10 per $10,000 · paid last 24h +0.059%
Price spread now: Hyperliquid against Reya+0.093%7-day average +0.075% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on ReyaShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.034%+$3 on $10k
Price spread, last 7 days−0.065%−$6 · spread now +0.093%, 7d avg +0.075%
Together, before fees−0.030%+ Points / potential airdropReya: Active · Hyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.075%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongReya BTCRUSDPERP86,802.20.0021pay 0.0003% / 1h57m 35s$6.8M$143.7M40x
ShortHyperliquid BTC86,8830.0100get 0.0013% / 1h57m 35s$3.86B$5.14B40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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

Funding earned
$16.59
Price spread: +0.093% → +0.075%
$1.77
Slippage, 4 orders
no order book: not counted
Fee Reya: 3 bp × 2 orders
−$6
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$3.36
Costs to cover
0.150%
Break-even
5.6 days
Slippage unknown: Reya: no order-book sample; Hyperliquid: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Reya no order-book sample—————
Sell Hyperliquid live order book, 7 min ago0.06 bp4.6 bp −$54.6 bp −$465.5 bp −$547doesn't fit
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl BTC−0.0335%43m86,902.3+0.115%$419K$25.5M6.7xas long as short
Aftermath Perps BTCUSD−0.0178%1h86,926.8+0.144%$85K$188K20xas long as short
Phoenix BTC−0.0123%1h86,928+0.145%$2.2M$11.7M40xas long as short
dYdX BTC-USD−0.0096%1h86,803.3+0.001%$18.1M$20.0M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,856+0.062%$9K$3K50xas long as short
Bluefin BTC-PERP−0.0001%1h86,773.7−0.033%$160K$575K40xas long as short
KuCoin XBTUSDTM−0.0001%8h86,793.6−0.010%$838.7M$709.1M125xas long as short
01 Exchange BTCUSD0.0000%1h86,828.7+0.031%$364K$2.5M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,822.5+0.023%$924.2M$1.38B50xas long as short
SoDEX BTC-USD+0.0002%1h86,776−0.030%$60.6M$336.5M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,841.5+0.045%$36.7M—200xas long as short
Phemex BTCUSDT+0.0015%8h86,773.5−0.033%$149.0M$468.5M150xas long as short
BingX BTC-USDT+0.0019%8h86,800.6−0.002%—$1.60B—as long as short
Aster BTCUSDT+0.0020%8h86,796.1−0.007%$506.6M$1.17B200xas long as short
Reya BTCRUSDPERPlong+0.0021%1h86,802.2long leg$6.8M$143.7M40x
Bitget BTCUSDT+0.0025%8h86,815.9+0.016%$2.96B$5.09B150xas long as short
MEXC BTC_USDT+0.0046%8h86,797.5−0.005%$5.20B$5.60B500xas long as short
ApeX Omni BTCUSDT+0.0047%1h86,939.6+0.158%$142.3M$322.7M100xas long as short
Binance BTCUSDT+0.0047%8h86,801.4−0.001%$9.46B$24.41B150xas long as short
Aevo BTC-PERP+0.0048%1h86,789.6−0.015%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,984+0.209%$316K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0054%8h86,825.7+0.027%$2.59B$12.76B100xas long as short
RISEx BTC/USDC+0.0063%1h86,826+0.027%$9.3M$42.1M25xas long as short
Gate BTC_USDT+0.0063%8h86,802.7+0.001%$5.86B$10.52B200xas long as short
Bybit BTCUSDT+0.0078%8h86,821.4+0.022%$5.31B$9.75B150xas long as short
Popdex BTCUSDT+0.0080%1h86,805+0.003%$8.5M$52.2M100xas long as short
Variational Omni BTC+0.0087%8h87,051.5+0.287%$161.3M$562.4M—as long as short
Lighter BTC+0.0096%1h86,826.2+0.028%$172.6M$999.1M50xas long as short
Lighter RH BTC+0.0096%1h86,837.7+0.041%$24.2M$152.3M50xas long as short
GRVT BTC_USDT_Perp+0.0096%8h86,931.5+0.149%$218.3M$190.1M50xas long as short
Orderly PERP_BTC_USDC+0.0096%8h86,810.6+0.010%$2.5M$8.4M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,845.9+0.050%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,800−0.003%$190K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,812.1+0.011%$23.2M$238.1M50xas long as short
Hyperliquid BTCshort+0.0100%1h86,883+0.093%$3.86B$5.14B40x
Pacifica BTC+0.0100%1h86,839.2+0.043%$41.6M$484.5M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,805+0.003%$4.0M$18.9M25xas long as short
Arcus BTC-USD+0.0100%1h86,877.3+0.087%$7.6M$95.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,919.5+0.135%$573.8M$23.8M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,771.7−0.035%$38.4M$147.9M75xas long as short
edgeX BTCUSDC+0.0100%4h86,943.1+0.162%$280.8M$943.5M100xas long as short
StandX BTC-USD+0.0100%1h86,864.8+0.072%$30.9M$205.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,883.9+0.094%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,824+0.025%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,821.2+0.022%$202K$3.4M20xas long as short
Derive BTC-PERP+0.0100%1h86,789.2−0.015%$30.1M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,836.6+0.040%$3.4M$5.6M100xas long as short
HTX BTC-USDT+0.0100%8h86,776.1−0.030%$2.31B$955.8M200xas long as short
Extended BTC-USD+0.0104%1h86,793.6−0.010%$46.3M$230.6M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,912.5+0.127%—$98.1M500xas long as short
Kalshi KXBTCPERP+0.0105%8h86,879+0.088%$8.8M$728.8M6.4xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,810.7+0.010%$195.0M$928.0M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,831.4+0.034%$132.3M$5.98B50xas long as short
BloFin BTC-USDT+0.0167%8h86,893.9+0.106%$420.5M$644.3M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0200%1h86,837.3+0.041%$15.5M—200xas long as short
Hibachi BTC/USDT-P+0.0200%1h86,974+0.198%$753K$7.0M30xas long as short