Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.012%

Price spread now: SunX against Reya−0.049%7-day average −0.001% · you buy dearer than you sell

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

Long on Reya Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$6 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now −0.049%, 7d avg −0.001%

Together, before fees−0.112%+ Points / potential airdropReya: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SunX is 0.048% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,784	0.0197	pay 0.0025% / 1h	54m 03s	$7.4M	$1.2M	25x
Short	SunX ETH-USDT	2,782.7	0.0100	get 0.0100% / 8h	54m 03s	$976K	$13.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$20.37
Price spread: −0.049% → −0.001%: −$4.8
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$39.17
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; SunX: live order book, 5 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 SunX live order book, 5 min ago	0.34 bp	4.3 bp −$4	5.0 bp −$50	7.8 bp −$775	12.5 bp −$6,240

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	2,784.1	+0.004%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,784	+0.002%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0131%	1h	2,779.8	−0.150%	$8.8M	$32.7M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.054%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,784.3	+0.011%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,784.1	+0.004%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0003%	1h	2,780.4	−0.129%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.4	+0.014%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.7	−0.190%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.9	+0.032%	$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-USDC	+0.0014%	8h	2,783.9	−0.005%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.4	−0.022%	$1.71B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,784.4	+0.014%	$271.3M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.7	+0.024%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,784.5	+0.018%	$255.3M	$998.4M	200x	as long as short
Bullet ETH-USD	+0.0057%	1h	2,783.9	−0.004%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,784.4	+0.014%	$1.60B	$2.62B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,783.9	−0.003%	$5.1M	$636K	20x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,783.7	−0.011%	$6.46B	$17.25B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,784.3	+0.011%	$2.11B	$3.11B	150x	as long as short
Nado ETH-PERP	+0.0066%	1h	2,784.1	+0.003%	$14.4M	$118.2M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0070%	1h	2,786.3	+0.081%	$258.8M	$222.5M	50x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,784.2	+0.006%	$3.31B	$9.57B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,785.8	+0.064%	$60.4M	$4.62B	50x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,784.3	+0.011%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.6	−0.015%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,784.2	+0.008%	$424.3M	$739.3M	100x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,784.1	+0.005%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,785.2	+0.041%	$116.4M	$495.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.4	+0.085%	$25.4M	$120.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783	−0.036%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,784.2	+0.007%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786.9	+0.104%	$3.20B	$2.34B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.7	−0.011%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.5	−0.054%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,785.4	+0.052%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.218%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,784.4	+0.014%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.093%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779	−0.178%	$181.9M	$779.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	−0.116%	$161.7M	$90.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	0.000%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785.2	+0.043%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784.5	+0.017%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,787.2	+0.114%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,782.7	−0.049%	$976K	$13.9M	100x
SoDEX ETH-USD	+0.0100%	1h	2,784.4	+0.014%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,784.5	+0.019%	$32.7M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.6	+0.022%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,785.6	+0.058%	$86.8M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,784.8	+0.029%	$8.4M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,786.9	+0.105%	$32.7M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,783.7	−0.010%	$285.4M	$195.1M	150x	as long as short
Reya ETHRUSDPERPlong	+0.0197%	1h	2,784	long leg	$7.4M	$1.2M	25x
Hibachi ETH/USDT-P	+0.0288%	1h	2,784.8	+0.028%	$271K	$1.5M	20x	as long as short