Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h −0.010%

Price spread now: Orderly against Reya+0.178%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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Orderly is 0.178% dearer against Reya than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya SRUSDPERP	0.04019	−0.0101	get 0.0013% / 1h	20m 28s	$4	—	15x
Short	Orderly PERP_S_USDC	0.04026	0.0084	get 0.0042% / 4h	2h 20m	$100K	$553K	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 +0.178%Rate

Funding earned: $38.81
Price spread: +0.178% → 0.000%: $17.8
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: $44.61
Costs to cover: 0.120%
Break-even: from the start

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.

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
01 Exchange SUSD	−0.9752%	1h	0.03850	−4.201%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1813%	1h	0.04010	−0.208%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−1.439%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04019	+0.006%	$1K	—	100x	as long as short
Reya SRUSDPERPlong	−0.0101%	1h	0.04019	long leg	$4	—	15x
Variational Omni S	−0.0081%	4h	0.04012	−0.163%	$623K	$25K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04019	+0.003%	$619	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.019%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0084%	4h	0.04026	+0.178%	$100K	$553K	10x
Lighter S	+0.0096%	1h	0.04026	+0.178%	$171K	$140K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04019	+0.004%	$1.0M	$594K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04022	+0.083%	$47K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04018	−0.012%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04022	+0.078%	$5.7M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04023	+0.103%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04015	−0.096%	$327K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04021	+0.054%	$3.8M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04018	−0.021%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04023	+0.103%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04020	+0.029%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	+0.029%	$24K	$483K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04020	+0.026%	$226K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04016	−0.071%	$276K	$108K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0746%	1h	0.04022	+0.078%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2333%	1h	0.04030	+0.277%	$117K	$426K	5x	as long as short