Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.016%

Price spread now: KuCoin against Reya+0.028%7-day average +0.029% · you sell dearer than you buy

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.092%−$9 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.028%, 7d avg +0.029%

Together, before fees−0.098%+ Points / potential airdropReya: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,782.3	0.0198	pay 0.0025% / 1h	48m 36s	$7.4M	$1.2M	25x
Short	KuCoin ETHUSDTM	2,783.1	0.0089	get 0.0089% / 8h	48m 36s	$423.3M	$739.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$22.91
Price spread: +0.028% → +0.029%: −$0.09
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$41
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 11 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 KuCoin live order book, 11 min ago	0.02 bp	6.0 bp −$6	6.9 bp −$69	9.6 bp −$959	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.

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	2,782.8	+0.017%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,782	−0.012%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0110%	1h	2,783.3	+0.036%	$8.8M	$32.8M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	+0.007%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,781.8	−0.018%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,782.7	+0.014%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0009%	1h	2,782.9	+0.020%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.1	+0.064%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.6	+0.046%	$887K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,782.7	+0.014%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,782.2	−0.003%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,781.9	−0.014%	$1.71B	$11.92B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,781.2	−0.041%	$271.0M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,782.7	+0.013%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,782.3	−0.002%	$256.7M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,781.4	−0.031%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,782.1	−0.008%	$1.60B	$2.63B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,781.8	−0.019%	$2.11B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,782.2	−0.002%	$6.45B	$17.28B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0070%	1h	2,782.4	+0.002%	$258.9M	$222.8M	50x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,781.9	−0.013%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,782.1	−0.006%	$3.31B	$9.59B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,782.4	+0.004%	$60.4M	$4.61B	50x	as long as short
KuCoin ETHUSDTMshort	+0.0089%	8h	2,783.1	+0.028%	$423.3M	$739.2M	100x
HTX ETH-USDT	+0.0090%	8h	2,780.9	−0.051%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,782.3	+0.001%	$2.52B	$4.64B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,783.3	+0.037%	$116.3M	$495.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,784.5	+0.077%	$25.4M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.8	+0.017%	—	$41.9M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,782.4	+0.005%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,782.1	−0.006%	$16.0M	$10.3M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.5	+0.007%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,782.1	−0.009%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,785.8	+0.125%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.5	+0.041%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782	−0.011%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.4	+0.039%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.068%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,780.9	−0.051%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,782.7	+0.013%	$147.8M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,783.9	+0.058%	$182.2M	$781.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,783.7	+0.051%	$161.9M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,782.2	−0.004%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783.7	+0.050%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780.5	−0.066%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.1	+0.028%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,781.6	−0.025%	$975K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,780.8	−0.054%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,781.5	−0.028%	$32.7M	$77.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,782.2	−0.005%	$86.9M	$333.3M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,782.4	+0.003%	$8.5M	$682.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,782.6	+0.009%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,781	−0.049%	$284.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERPlong	+0.0198%	1h	2,782.3	long leg	$7.4M	$1.2M	25x
Hibachi ETH/USDT-P	+0.0280%	1h	2,785	+0.096%	$271K	$1.5M	20x	as long as short