Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0162%/8h= −17.8% APRpaid last 24h −0.024%

Price spread now: OKX against Reya+0.022%7-day average +0.024% · you sell dearer than you buy

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

Long on Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 7 days−0.005%$0 · spread now +0.022%, 7d avg +0.024%

Together, before fees−0.081%+ Points / potential airdropReya: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: −$5 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	2,767.6	0.0183	pay 0.0023% / 1h	31m 26s	$7.5M	$992K	25x
Short	OKX ETH-USDT-SWAP	2,768.2	0.0021	get 0.0021% / 8h	2h 31m	$1.71B	$11.86B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$34.1
Price spread: +0.022% → +0.024%: −$0.22
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$50.33
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.3 bp −$635	8.6 bp −$4,296

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	−0.0112%	43m	2,768.1	+0.020%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.053%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.7	−0.031%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,769.1	+0.056%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767	−0.020%	$794K	$3.7M	25x	as long as short
ApeX Omni ETHUSDT	−0.0011%	1h	2,766.3	−0.046%	$8.8M	$32.5M	100x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.6	+0.001%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,767.4	−0.006%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.3	+0.061%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAPshort	+0.0021%	8h	2,768.2	+0.022%	$1.71B	$11.86B	100x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0023%	8h	2,766.1	−0.055%	$266.3M	$66.0M	150x	as long as short
Aftermath Perps ETHUSD	+0.0027%	1h	2,767.4	−0.005%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.2	+0.058%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,768.1	+0.021%	$255.9M	$995.9M	200x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,768.3	+0.026%	$6.42B	$17.20B	150x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,768.5	+0.033%	$1.62B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,766.2	−0.050%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0066%	8h	2,768.7	+0.040%	$3.29B	$9.62B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,768.4	+0.029%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,768.2	+0.024%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.128%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,766.7	−0.031%	$115.2M	$511.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.2	+0.021%	$25.4M	$122.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.7	+0.076%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,765.7	−0.067%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	+0.052%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767	−0.022%	$14.7M	$117.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.1	+0.128%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.4	−0.008%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.4	+0.029%	$2.50B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.4	−0.042%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.4	+0.065%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.059%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,768.7	+0.040%	$424.7M	$740.9M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768.3	+0.027%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,766.6	−0.036%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.054%	$177.8M	$792.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.8	−0.065%	$160.8M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,766.3	−0.046%	$21.4M	$57.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770	+0.088%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.1	+0.057%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.9	+0.121%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.2	+0.023%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,768.8	+0.045%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.2	−0.048%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,768.7	+0.039%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768	+0.016%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770.8	+0.117%	$60.1M	$4.62B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,770.1	+0.092%	$258.4M	$224.7M	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,767.3	−0.009%	$8.6M	$672.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,771.2	+0.132%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,765.5	−0.076%	$285.6M	$194.7M	150x	as long as short
Reya ETHRUSDPERPlong	+0.0183%	1h	2,767.6	long leg	$7.5M	$992K	25x
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.2	+0.095%	$87.6M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,768.8	+0.045%	$290K	$1.5M	20x	as long as short