Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.025%

Price spread now: Bybit against Reya−0.034%56s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 7 days+0.065%+$7 · spread now −0.034%, 7d avg +0.027%

Together, before fees−0.002%+ Points / potential airdropReya: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.061% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.027%). Swap the legs. The two prices were read 56 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	2,733	0.0187	pay 0.0023% / 1h	5m 29s	$7.3M	$975K	25x
Short	Bybit ETHUSDT	2,732.1	0.0027	get 0.0027% / 8h	1h 05m	$2.34B	$4.38B	150x

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 −0.034%Rate

Funding earned: −$33.64
Price spread: −0.034% → +0.027%: −$6.13
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.78
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 4 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, 4 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.6 bp −$662	9.4 bp −$4,704

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
Hotstuff ETH-PERP	−0.0080%	1h	2,734.8	+0.066%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.044%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.6	+0.058%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,733.1	+0.004%	$813K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.1	+0.038%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,734.6	+0.058%	$6.6M	$682.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,732	−0.036%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,734.1	+0.039%	$262.5M	$213.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,733.8	+0.029%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,733.2	+0.007%	$191K	$890K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0024%	8h	2,732.6	−0.013%	—	$18.6M	—	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.9	−0.039%	$8.6M	$31.5M	100x	as long as short
Bybit ETHUSDTshort	+0.0027%	8h	2,732.1	−0.034%	$2.34B	$4.38B	150x
HTX ETH-USDT	+0.0029%	8h	2,732.9	−0.006%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,733.7	+0.027%	$380.9M	$576.9M	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,732.9	−0.004%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,732.3	−0.025%	$1.65B	$10.87B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,732.4	−0.021%	$253.1M	$846.7M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,733.1	+0.003%	$263.1M	$64.6M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,733.1	+0.004%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,733	0.000%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,732.3	−0.027%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.9	+0.032%	$112.8M	$439.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735	+0.072%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.5	−0.091%	$4.9M	$171K	20x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,733.7	+0.025%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.9	−0.040%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.7	+0.173%	$15.4M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733	−0.001%	$14.2M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.6	+0.095%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.1	+0.039%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.1	+0.004%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.2	+0.008%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.044%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733	+0.001%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.7	−0.012%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.1	+0.004%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.5	−0.017%	$134.3M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.3	−0.062%	$185.7M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.6	−0.014%	$158.8M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.1	+0.040%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.3	+0.085%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.4	+0.088%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.9	+0.033%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	+0.106%	$41.0M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.4	+0.015%	$959K	$10.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.8	−0.043%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,734.7	+0.062%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.3	+0.048%	$46.6M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,733.2	+0.008%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,733.2	+0.008%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,735.7	+0.098%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0187%	1h	2,733	long leg	$7.3M	$975K	25x
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,733.5	+0.020%	$82.2M	$309.8M	100x	as long as short
BloFin ETH-USDT	+0.0380%	8h	2,734.4	+0.051%	$281.2M	$175.8M	150x	as long as short