Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.028%

Price spread now: OKX against Reya+0.013%7-day average +0.038% · you sell dearer than you buy

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

Long on Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 7 days0.000%$0 · spread now +0.013%, 7d avg +0.038%

Together, before fees+0.008%+ Points / potential airdropReya: Active · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.025% cheaper against Reya than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	85,509.8	0.0103	pay 0.0013% / 1h	16m 30s	$6.6M	$147.1M	40x
Short	OKX BTC-USDT-SWAP	85,520.6	0.0100	get 0.0100% / 8h	3h 16m	$2.59B	$12.13B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$0.61
Price spread: +0.013% → +0.038%: −$2.52
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$19.13
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$525	6.7 bp −$3,331

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.

BTC on 56 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
Phoenix BTC	−0.0140%	1h	85,565	+0.065%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,583	+0.086%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,515.8	+0.007%	$920.1M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,560.8	+0.060%	$420.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,536.9	+0.032%	$364K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,518.8	+0.011%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,566.2	+0.066%	$504K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,521	+0.013%	$24.5M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,580.1	+0.082%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,584.5	+0.087%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.049%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0055%	1h	85,566	+0.066%	$60.0M	$336.0M	40x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,509.3	−0.001%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,571.4	+0.072%	$149.0M	$496.6M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,521	+0.013%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0083%	1h	85,614.1	+0.122%	$872.0M	$1.60B	50x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,524.8	+0.018%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,516.7	+0.008%	$9.45B	$24.45B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,538.1	+0.033%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,539.6	+0.035%	$23.9M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,515	+0.006%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,554.5	+0.052%	$2.8M	$2.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,506	−0.004%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,583.1	+0.086%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,611	+0.118%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,563.5	+0.063%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,514.4	+0.005%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,520.6	+0.013%	$2.59B	$12.13B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,548	+0.045%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,527.6	+0.021%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,531.8	+0.026%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,530	+0.024%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.029%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.4	−0.018%	$279.2M	$930.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	+0.045%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,536.9	+0.032%	$139.8M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,565.5	+0.065%	$30.2M	$206.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,588.8	+0.092%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,518	+0.010%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,565	+0.065%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,562.8	+0.062%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,615.5	+0.124%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,553.6	+0.051%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,541.9	+0.038%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,553	+0.051%	$2.27B	$949.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.074%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERPlong	+0.0103%	1h	85,509.8	long leg	$6.6M	$147.1M	40x
Extended BTC-USD	+0.0104%	1h	85,497	−0.015%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,584.7	+0.088%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,613	+0.121%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,590.4	+0.094%	$188.0M	$957.1M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,555.1	+0.053%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,577.9	+0.080%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,604	+0.110%	$11.5M	$753.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,604.4	+0.111%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,543.5	+0.039%	$78K	$222K	20x	as long as short