Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.028%

Price spread now: KuCoin against Reya+0.041%7-day average +0.030% · you sell dearer than you buy

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days−0.004%$0 · spread now +0.041%, 7d avg +0.030%

Together, before fees−0.103%+ Points / potential airdropReya: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,738.3	0.0169	pay 0.0021% / 1h	16m 48s	$7.3M	$961K	25x
Short	KuCoin ETHUSDTM	2,739.4	0.0086	get 0.0086% / 8h	7h 16m	$374.0M	$491.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$17.53
Price spread: +0.041% → +0.030%: $1.11
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$34.42
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	0.02 bp	6.0 bp −$6	8.0 bp −$80	10.7 bp −$1,068	doesn't fit

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
BloFin ETH-USDT	−0.0159%	8h	2,740	+0.063%	$281.1M	$175.1M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,739.8	+0.053%	$276K	$5.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	+0.033%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0045%	8h	2,740.1	+0.065%	$2.32B	$4.18B	150x	as long as short
Phemex ETHUSDT	−0.0036%	8h	2,740.4	+0.076%	$263.8M	$62.4M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,736.4	−0.069%	$810K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.3	+0.074%	$11.9M	—	200x	as long as short
HTX ETH-USDT	−0.0002%	8h	2,740.2	+0.070%	$1.05B	$1.18B	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.3	+0.037%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.1	+0.066%	$6.6M	$664.3M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi ETH/USDT-P	0.0000%	1h	2,739.5	+0.044%	$241K	$1.4M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.3	+0.075%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,740.1	+0.066%	$195K	$879K	50x	as long as short
SunX ETH-USDT	+0.0045%	8h	2,740	+0.061%	$964K	$10.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,736	−0.085%	$8.3M	$30.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,741.5	+0.117%	$266.2M	$215.9M	50x	as long as short
SoDEX ETH-USD	+0.0059%	1h	2,740.1	+0.066%	$54.6M	$163.3M	40x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,739.9	+0.060%	$3.28B	$8.36B	200x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,739.2	+0.033%	$253.5M	$801.0M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,740.3	+0.073%	$1.66B	$10.23B	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,739	+0.026%	$1.59B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,739.7	+0.051%	$6.33B	$15.46B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,737.9	−0.013%	$4.9M	$193K	20x	as long as short
KuCoin ETHUSDTMshort	+0.0086%	8h	2,739.4	+0.041%	$374.0M	$491.0M	100x
Bullet ETH-USD	+0.0088%	1h	2,740	+0.062%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,740.3	+0.072%	$113.1M	$405.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.5	+0.118%	$23.8M	$96.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.4	+0.079%	—	$23.9M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.5	+0.044%	$521K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.6	+0.231%	$15.4M	$6.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.3	+0.038%	$14.5M	$99.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.9	+0.132%	$3.12B	$1.96B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.8	+0.091%	$32.1M	$328.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.6	+0.048%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.4	+0.077%	$1.6M	$15.5M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.2	+0.069%	$2.12B	$2.57B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,738.7	+0.014%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.8	+0.054%	$15.2M	$38.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.7	−0.060%	$132.3M	$311.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.4	−0.067%	$186.3M	$685.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.4	−0.068%	$159.1M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.3	0.000%	$21.0M	$71.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741	+0.101%	—	$417K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740	+0.063%	$11.2M	$9.2M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.510%	$40.5M	$29.1M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,738.5	+0.009%	$165.3M	$346.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.3	−0.001%	$30.4M	$69.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,740.9	+0.096%	$82.3M	$294.3M	100x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,735.1	−0.116%	$30K	$19K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,741.4	+0.112%	$45.4M	$4.14B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,740.8	+0.091%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERPlong	+0.0169%	1h	2,738.3	long leg	$7.3M	$961K	25x
Orderly PERP_ETH_USDC	+0.0181%	8h	2,742.5	+0.153%	$32.3M	$10.7M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,743.8	+0.201%	$118K	$22.7M	52x	as long as short
Bluefin ETH-PERP	+0.0925%	1h	2,740.8	+0.092%	$20K	$15K	25x	as long as short