Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.014%

Price spread now: Binance against Reya−0.022%55s7-day average +0.027% · you buy dearer than you sell

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

Long on Reya Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.060%−$6 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.022%, 7d avg +0.027%

Together, before fees−0.015%+ Points / potential airdropReya: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.049% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.027%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,767.3	0.0202	pay 0.0025% / 1h	23m 39s	$7.3M	$1.1M	25x
Short	Binance ETHUSDT	2,766.7	0.0058	get 0.0058% / 8h	23m 39s	$6.44B	$17.31B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.022%Rate

Funding earned: −$30.32
Price spread: −0.022% → +0.027%: −$4.93
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$51.24
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Binance: live order book, 6 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 Binance live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$566	8.1 bp −$4,028

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.

ETH on 55 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
Perpl ETH	−0.0223%	43m	2,768.5	+0.044%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,766.6	−0.025%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.527%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	−0.004%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	+0.183%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,767.2	−0.004%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,767	−0.011%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	+0.137%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.2	+0.032%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,766.9	−0.016%	—	$1.22B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766.8	−0.018%	$1.70B	$11.86B	100x	as long as short
Aftermath Perps ETHUSD	+0.0023%	1h	2,772.5	+0.189%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,768.1	+0.030%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0029%	8h	2,767.3	0.000%	$255.4M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0032%	1h	2,766.3	−0.036%	$55.1M	$229.0M	40x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,767.3	0.000%	$269.8M	$69.0M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,767.8	+0.019%	$259.0M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,767.4	+0.005%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,763.8	−0.125%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,767.4	+0.003%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDTshort	+0.0058%	8h	2,766.7	−0.022%	$6.44B	$17.31B	150x
Bitget ETHUSDT	+0.0066%	8h	2,766.6	−0.026%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,766.8	−0.017%	$3.28B	$9.66B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,766	−0.046%	$420.3M	$739.9M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,768	+0.027%	$60.0M	$4.58B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,767.1	−0.007%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.5	+0.042%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,766	−0.046%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,766.8	−0.020%	$115.0M	$499.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,767.5	+0.006%	$25.2M	$121.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.6	−0.027%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.1	−0.044%	$475K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	+0.014%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,767.8	+0.018%	$3.17B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.5	+0.007%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,765.6	−0.062%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.6	+0.012%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.202%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,765.9	−0.053%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	+0.109%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.5	+0.041%	$181.7M	$783.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	+0.142%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	+0.148%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	+0.018%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.1	+0.029%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.001%	$970K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769	+0.060%	$42.6M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.2	−0.038%	$32.5M	$78.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.7	+0.124%	—	$42.0M	500x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,768.9	+0.058%	$8.2M	$687.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,767.7	+0.013%	$87.0M	$335.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,769.3	+0.072%	$32.5M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770	+0.097%	$287.3M	$194.2M	150x	as long as short
Reya ETHRUSDPERPlong	+0.0202%	1h	2,767.3	long leg	$7.3M	$1.1M	25x
Hibachi ETH/USDT-P	+0.0232%	1h	2,771.5	+0.150%	$252K	$1.6M	20x	as long as short