Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.041%

Price spread now: SunX against Reya−0.035%7-day average +0.007% · you buy dearer than you sell

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

Long on Reya Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.035%, 7d avg +0.007%

Together, before fees+0.006%+ Points / potential airdropReya: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.042% cheaper against Reya than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.007%). If the spread goes back, that is −$4 on $10k: about 46 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.012% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,566.4	0.0028	pay 0.0004% / 1h	38m 06s	$6.7M	$145.4M	40x
Short	SunX BTC-USDT	86,536.1	0.0100	get 0.0100% / 8h	38m 06s	$3.4M	$5.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $15.11
Price spread: −0.035% → +0.007%: −$4.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$3.05
Costs to cover: 0.140%
Break-even: 8.4 days

Slippage unknown: Reya: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	0.62 bp	5.1 bp −$5	5.9 bp −$59	7.6 bp −$764	11.3 bp −$5,674

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	−0.0118%	1h	86,598	+0.037%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,545	−0.025%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.002%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,566.4	0.000%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,574.7	+0.010%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,556.7	−0.011%	$502.1M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,592.3	+0.030%	$916.5M	$1.48B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,572.1	+0.007%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	86,561.9	−0.005%	$850.7M	$715.4M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,538.7	−0.032%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPlong	+0.0028%	1h	86,566.4	long leg	$6.7M	$145.4M	40x
BingX BTC-USDT	+0.0042%	8h	86,563.9	−0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,559.6	−0.008%	$150.5M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,561.1	−0.006%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,564.2	−0.003%	$5.15B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,555.2	−0.013%	$9.43B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,543.7	−0.026%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,563.2	−0.004%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,564.4	−0.002%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,576.3	+0.011%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,569	+0.003%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,555	−0.013%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,565.4	−0.001%	$5.27B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,542	−0.028%	$197K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,577.3	+0.013%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,514.6	−0.060%	$21.8M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,635.5	+0.080%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,568.8	+0.003%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,562.9	−0.004%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,547	−0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,590.5	+0.028%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,560.7	−0.007%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.022%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,569.6	+0.004%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.039%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.6	+0.036%	$141.5M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	−0.010%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,608.9	+0.049%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	+0.009%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.6	−0.008%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,556.4	−0.012%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,585.1	+0.022%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,581.7	+0.018%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,536.1	−0.035%	$3.4M	$5.4M	100x
HTX BTC-USDT	+0.0100%	8h	86,544.2	−0.026%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	−0.004%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,528.7	−0.043%	$45.4M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,546.9	−0.023%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,590.4	+0.028%	$194.2M	$952.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,578.9	+0.014%	$416K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,603.4	+0.043%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0127%	1h	86,603.6	+0.043%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,525.3	−0.047%	$415.4M	$658.3M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,567.2	+0.001%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,567.4	+0.001%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,579	+0.015%	$9.7M	$744.3M	6.4x	as long as short