Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h −0.131%

Price spread now: Orderly against Reya+0.075%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.075% dearer against Reya than usual: you sell high and buy low (spread +0.075% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1263	0.0440	pay 0.0055% / 1h	39m 43s	$702	—	20x
Short	Orderly PERP_OP_USDC	0.1264	0.0054	get 0.0054% / 8h	5h 39m	$6K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.075%Rate

Funding earned: −$81.08
Price spread: +0.075% → 0.000%: $7.54
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$85.53
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Orderly: 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya and Orderly: 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	−0.1488%	1h	0.1257	−0.479%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	+0.017%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	−0.024%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	+0.075%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.060%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0030%	8h	0.1262	−0.099%	$6.1M	$29.0M	50x	as long as short
Variational Omni OP	+0.0047%	8h	0.1263	−0.027%	$223K	$50K	—	as long as short
Orderly PERP_OP_USDCshort	+0.0054%	8h	0.1264	+0.075%	$6K	$45K	10x
Lighter OP	+0.0096%	1h	0.1263	+0.020%	$280K	$934K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1264	+0.075%	$3.7M	$3.0M	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	0.1264	+0.080%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.049%	$20.4M	$60.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1262	−0.123%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	−0.027%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	−0.012%	$20.6M	$6.9M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.162%	$2.9M	$6.7M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	−0.004%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	−0.004%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	+0.012%	$121K	$195K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	+0.015%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1267	+0.325%	$312K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.075%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1263	+0.012%	$176	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	+0.044%	$174K	$218K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	−0.118%	$101K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	+0.055%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0152%	1h	0.1265	+0.155%	$24K	$71K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	−0.043%	$1.0M	$271K	75x	as long as short
Reya OPRUSDPERPlong	+0.0440%	1h	0.1263	long leg	$702	—	20x
Kraken Futures PF_OPUSD	+0.0491%	1h	0.1264	+0.110%	$798K	$581K	20x	as long as short