Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.008%

Price spread now: Reya against Paradex−0.022%7-day average −0.078% · 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)+0.037%+$4 on $10k

Price spread, last 7 days−0.077%−$8 · spread now −0.022%, 7d avg −0.078%

Together, before fees−0.040%+ Points / potential airdropParadex: Active · Reya: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Reya is 0.057% dearer against Paradex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,774.2	0.0100	pay 0.0100% / 8h	1h 35m	$15.9M	$10.5M	50x
Short	Reya ETHRUSDPERP	2,773.6	0.0189	get 0.0024% / 1h	35m 58s	$7.3M	$1.1M	25x

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

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 ParadexbpFee ReyabpOrdersPrice spread, now −0.022%Rate

Funding earned: $18.87
Price spread: −0.022% → −0.078%: $5.66
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: $14.53
Costs to cover: 0.100%
Break-even: 1.6 days

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	58.40 bp	87.5 bp −$88	95.3 bp −$953	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.

ETH on 55 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 ETH	−0.0447%	43m	2,774	−0.008%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774.2	−0.003%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.067%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	+0.103%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,774.7	+0.016%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0023%	1h	2,777.7	+0.126%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	+0.082%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.200%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.8	+0.020%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,774.8	+0.019%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,773.8	−0.018%	$269.8M	$68.5M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,774.5	+0.007%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.5	+0.010%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,774.5	+0.009%	$256.4M	$989.7M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,773.6	−0.023%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,774.8	+0.021%	$14.2M	$117.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,774.6	+0.012%	$6.44B	$17.11B	150x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,774.2	−0.003%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,773.3	−0.034%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,774.3	+0.001%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,774.6	+0.014%	$3.29B	$9.58B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,775.2	+0.036%	$258.3M	$221.9M	50x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,773.4	−0.030%	$55.2M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.9	−0.049%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,774.5	+0.010%	$2.52B	$4.59B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,774	−0.009%	$114.8M	$498.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.031%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776	+0.064%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,774.1	−0.005%	$426.1M	$737.9M	100x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,774.2	long leg	$15.9M	$10.5M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,774.8	+0.020%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.5	+0.045%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.6	+0.049%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.8	−0.016%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.3	+0.075%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.255%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.8	−0.015%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.269%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,778.3	+0.147%	$180.1M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.7	+0.125%	$161.5M	$90.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.131%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.096%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.2	+0.035%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.1	+0.031%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.5	+0.080%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.7	+0.015%	$974K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.1	+0.030%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.5	−0.025%	$31.5M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.1	−0.006%	$60.2M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,776.1	+0.067%	$8.7M	$673.6M	4.9x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,777.9	+0.132%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,776.8	+0.093%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.2	0.000%	$86.1M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,775.5	+0.045%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERPshort	+0.0189%	1h	2,773.6	−0.022%	$7.3M	$1.1M	25x