Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0337%/8h= +36.9% APRpaid last 24h +0.106%

Price spread now: Reya against Bybit−0.063%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.063% cheaper against Bybit than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 15 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPUSDT	0.1279	0.0100	pay 0.0100% / 8h	1h 10m	$18.8M	$25.4M	75x
Short	Reya OPRUSDPERP	0.1278	0.0437	get 0.0055% / 1h	10m 17s	$711	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bybit. 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 BybitbpFee ReyabpOrdersPrice spread, now −0.063%Rate

Funding earned: $70.77
Price spread: −0.063% → 0.000%: −$6.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $47.47
Costs to cover: 0.170%
Break-even: 2.3 days

Slippage unknown: Bybit: 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 Bybit live order book, 3 min ago	0.39 bp	12.7 bp −$13	27.5 bp −$275	113.8 bp −$11.4K	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.

OP on 30 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
Injective OP/USDC PERP	−0.1710%	1h	0.1274	−0.414%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	+0.011%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	+0.055%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	+0.063%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	+0.055%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	+0.055%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1279	−0.023%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	+0.037%	$233K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.133%	$290K	$923K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	+0.039%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1280	+0.026%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	+0.016%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDTlong	+0.0100%	8h	0.1279	long leg	$18.8M	$25.4M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	+0.047%	$6.0M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.047%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	−0.039%	$20.3M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.102%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	+0.055%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1279	−0.008%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1280	+0.063%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	+0.005%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	+0.008%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	+0.055%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	+0.023%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.016%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	−0.024%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.037%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	+0.094%	$1.0M	$299K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1281	+0.140%	$801K	$745K	20x	as long as short
Reya OPRUSDPERPshort	+0.0437%	1h	0.1278	−0.063%	$711	—	20x