Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Kraken Futures against Reya+0.060%7-day average +0.029% · you sell dearer than you buy

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

Long on Reya Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.060%, 7d avg +0.029%

Together, before fees−0.145%+ Points / potential airdropReya: Active · farm board−$15 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: Kraken Futures is 0.031% dearer against Reya than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,729.7	0.0222	pay 0.0028% / 1h	38m 01s	$7.3M	$1.2M	25x
Short	Kraken Futures PF_ETHUSD	2,731.4	0.0222	get 0.0028% / 1h	38m 01s	$84.1M	$314.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0.03
Price spread: +0.060% → +0.029%: $3.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$12.9
Costs to cover: 0.160%
Break-even: 2711.6 days

Slippage unknown: Reya: no order-book sample; Kraken Futures: live order book, 1 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 Kraken Futures live order book, 1 min ago	0.18 bp	6.7 bp −$7	7.7 bp −$77	9.5 bp −$947	13.1 bp −$6,572

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	−0.0447%	43m	2,729.9	+0.004%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.038%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.5	−0.008%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	+0.054%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.3	−0.015%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,731.4	+0.061%	$188K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.034%	$828K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0004%	1h	2,730.7	+0.034%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,731.4	+0.061%	$27.0M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,729.5	−0.008%	$8.9M	$31.3M	100x	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	+0.0059%	8h	2,729.9	+0.007%	—	$18.4M	—	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,730.7	+0.035%	$54.4M	$187.6M	40x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,730.5	+0.027%	$380.0M	$576.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,731	+0.045%	$1.67B	$10.72B	100x	as long as short
HTX ETH-USDT	+0.0074%	8h	2,730	+0.009%	$1.05B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,731.3	+0.057%	$251.5M	$845.1M	200x	as long as short
Bybit ETHUSDT	+0.0082%	8h	2,731	+0.047%	$2.39B	$4.35B	150x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,730.7	+0.034%	$265.4M	$65.5M	150x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,731.5	+0.064%	$6.35B	$15.88B	150x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,731.8	+0.076%	$1.52B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,728.7	−0.037%	$4.9M	$155K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,730.6	+0.030%	$112.3M	$436.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.6	+0.068%	$23.3M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.5	+0.028%	—	$30.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,733.1	+0.122%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,730.7	+0.036%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.2	+0.017%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.5	+0.029%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.5	+0.102%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.3	+0.021%	$31.9M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.6	−0.078%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.6	+0.032%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.2	+0.054%	$3.35B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.2	+0.052%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.5	+0.029%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	−0.017%	$133.2M	$325.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.8	+0.039%	$183.7M	$669.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.6	+0.032%	$158.9M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730	+0.010%	$21.1M	$68.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.1	+0.087%	$11.2M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.8	+0.114%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.9	+0.006%	$958K	$11.4M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	+0.043%	$166.8M	$318.0M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.3	+0.056%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.2	+0.018%	$30.3M	$72.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.083%	$51.2M	$4.26B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0113%	1h	2,731.9	+0.079%	$260.1M	$196.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,731.5	+0.063%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,728.9	−0.030%	$6.5M	$678.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,733.4	+0.134%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0222%	1h	2,729.7	long leg	$7.3M	$1.2M	25x
Kraken Futures PF_ETHUSDshort	+0.0222%	1h	2,731.4	+0.060%	$84.1M	$314.2M	100x
Bluefin ETH-PERP	+0.0236%	1h	2,731.3	+0.058%	$21K	$20K	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,729.9	+0.007%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0355%	8h	2,727.1	−0.098%	$282.6M	$174.6M	150x	as long as short