Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.040%

Price spread now: Paradex against Reya+0.060%7-day average +0.046% · you sell dearer than you buy

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

Long on Reya Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.002%$0 · spread now +0.060%, 7d avg +0.046%

Together, before fees+0.014%+ Points / potential airdropReya: Active · Paradex: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,600.9	0.0027	pay 0.0003% / 1h	43m 08s	$6.7M	$145.4M	40x
Short	Paradex BTC-USD-PERP	86,653.2	0.0100	get 0.0100% / 8h	43m 08s	$4.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.060%Rate

Funding earned: $15.38
Price spread: +0.060% → +0.046%: $1.39
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $6.77
Costs to cover: 0.100%
Break-even: 3.9 days

Slippage unknown: Reya: no order-book sample; Paradex: live order book, 1 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 Paradex live order book, 1 min ago	0.95 bp	3.0 bp −$3	3.0 bp −$30	doesn't fit	doesn'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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0118%	1h	86,580	−0.024%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,613	+0.014%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.038%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,617.8	+0.019%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,617.4	+0.019%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,600.4	−0.001%	$916.4M	$1.49B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,609.5	+0.010%	$502.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,621.5	+0.024%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,586.6	−0.017%	$851.4M	$715.0M	125x	as long as short
Reya BTCRUSDPERPlong	+0.0027%	1h	86,600.9	long leg	$6.7M	$145.4M	40x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0027%	1h	86,674.3	+0.085%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,575.2	−0.030%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,604.8	+0.004%	$150.5M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,573.1	−0.032%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,569.5	−0.036%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,591.9	−0.010%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,574.8	−0.030%	$9.43B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,575.6	−0.029%	$5.88B	$10.74B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,565	−0.041%	$60.5M	$337.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,585.2	−0.018%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,591.1	−0.011%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,601	0.000%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,589	−0.014%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	86,653.2	+0.060%	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,633.9	+0.038%	$22.0M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,651	+0.058%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.1	+0.065%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,577	−0.028%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,575.2	−0.030%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,608	+0.008%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,641.8	+0.047%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.046%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,564.1	−0.043%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	+0.032%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.049%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,648.3	+0.055%	$217.6M	$172.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.070%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,624.8	+0.028%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.8	+0.065%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,601	0.000%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,601.5	+0.001%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.4	−0.018%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,609.1	+0.009%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,604	+0.004%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,626	+0.029%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550.6	−0.058%	$2.30B	$970.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,550.5	−0.058%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.7	+0.019%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,587.4	−0.016%	$193.5M	$951.7M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,627.7	+0.031%	$419K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,607.1	+0.007%	$132.8M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0117%	1h	86,627.6	+0.031%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,688.4	+0.101%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0216%	1h	86,615.2	+0.017%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,567.3	−0.039%	$413.7M	$658.7M	150x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,641	+0.046%	$9.7M	$743.3M	6.4x	as long as short