Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.055%

Price spread now: Bybit against Reya−0.125%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

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. Bybit is 0.125% cheaper against Reya than usual: you would sell low and buy high (spread −0.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 2.1 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya SRUSDPERP	0.03898	−0.0101	get 0.0013% / 1h	36m 05s	$4	—	15x
Short	Bybit SUSDT	0.03893	0.0100	get 0.0050% / 4h	2h 36m	$5.6M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: $42.26
Price spread: −0.125% → 0.000%: −$12.53
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $12.73
Costs to cover: 0.170%
Break-even: 4.9 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.28 bp	34.2 bp −$34	85.6 bp −$856	doesn't fit	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.

S on 25 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
Kraken Futures PF_SUSD	−0.1463%	1h	0.03900	+0.062%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−1.844%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1172%	4h	0.03903	+0.132%	$608K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03902	+0.118%	$1K	—	100x	as long as short
Reya SRUSDPERPlong	−0.0101%	1h	0.03898	long leg	$4	—	15x
Aster SUSDT	−0.0034%	4h	0.03903	+0.128%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0017%	4h	0.03900	+0.054%	$100K	$339K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03903	+0.122%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	+0.054%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.185%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03903	+0.131%	$164K	$240K	5x	as long as short
OKX S-USDT-SWAP	+0.0099%	4h	0.03899	+0.029%	$970K	$7.4M	20x	as long as short
Hyperliquid S	+0.0100%	1h	0.03900	+0.049%	$984K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03900	+0.054%	$5.3M	$24.0M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03893	−0.125%	$5.6M	$6.4M	50x
Gate S_USDT	+0.0100%	4h	0.03898	+0.003%	$319K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03900	+0.054%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03897	−0.023%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03901	+0.080%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03896	−0.048%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.311%	$23K	$470K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03899	+0.030%	$219K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03906	+0.208%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03906	+0.208%	$270K	$178K	75x	as long as short
Backpack S_USDC_PERP	+0.0568%	1h	0.03910	+0.311%	$114K	$288K	5x	as long as short