Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.017%

Price spread now: Paradex against Reya+0.088%47s7-day average +0.079% · you sell dearer than you buy

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

Long on Reya Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.088%, 7d avg +0.079%

Together, before fees−0.078%+ Points / potential airdropReya: Active · Paradex: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.079%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 47 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	2,730	0.0222	pay 0.0028% / 1h	39m 37s	$7.3M	$1.2M	25x
Short	Paradex ETH-USD-PERP	2,732.4	0.0098	get 0.0098% / 8h	4h 39m	$15.6M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$26.02
Price spread: +0.088% → +0.079%: $0.93
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$35.09
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Paradex: live order book, 5 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 Paradex live order book, 5 min ago	2.16 bp	4.2 bp −$4	4.2 bp −$42	doesn't fit	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
Perpl ETH	−0.0447%	43m	2,731.9	+0.068%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.048%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.2	−0.029%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.9	+0.034%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.7	−0.010%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,728.7	−0.048%	$187K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.044%	$832K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0005%	1h	2,730.5	+0.017%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.4	+0.014%	$26.5M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,729.5	−0.018%	$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-USDT	+0.0059%	8h	2,728	−0.073%	—	$1.14B	—	as long as short
SoDEX ETH-USD	+0.0059%	1h	2,729.4	−0.022%	$54.4M	$187.6M	40x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,729.6	−0.014%	$380.2M	$576.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.7	−0.049%	$1.67B	$10.70B	100x	as long as short
HTX ETH-USDT	+0.0078%	8h	2,728.3	−0.064%	$1.05B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,730.1	+0.003%	$251.4M	$844.3M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0080%	1h	2,730.7	+0.025%	$260.1M	$196.6M	50x	as long as short
Bybit ETHUSDT	+0.0084%	8h	2,728.5	−0.057%	$2.39B	$4.34B	150x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,729.3	−0.025%	$1.52B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,728.9	−0.039%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,728.5	−0.057%	$6.34B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.3	+0.009%	$112.2M	$436.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.5	+0.054%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.2	+0.081%	—	$30.6M	500x	as long as short
Phemex ETHUSDT	+0.0097%	8h	2,729.8	−0.009%	$265.3M	$65.5M	150x	as long as short
Paradex ETH-USD-PERPshort	+0.0098%	8h	2,732.4	+0.088%	$15.6M	$8.0M	50x
RISEx ETH/USDC	+0.0099%	1h	2,729.1	−0.035%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.1	−0.070%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	+0.026%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.3	+0.084%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.1	+0.004%	$31.9M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.2	−0.066%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.9	−0.039%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.3	−0.063%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728	−0.075%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.4	−0.057%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	−0.027%	$133.2M	$325.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.8	+0.029%	$183.7M	$669.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.6	+0.022%	$158.9M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.7	−0.011%	$21.1M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.6	+0.060%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	+0.088%	$11.2M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.062%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.2	+0.045%	$957K	$11.4M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	+0.033%	$166.8M	$318.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.3	−0.101%	$30.4M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731	+0.035%	$51.5M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0124%	1h	2,731.7	+0.061%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0150%	8h	2,731.1	+0.040%	$6.5M	$677.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.7	+0.099%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,729.5	−0.017%	$84.1M	$313.9M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0222%	1h	2,730	long leg	$7.3M	$1.2M	25x
Hibachi ETH/USDT-P	+0.0248%	1h	2,731.5	+0.056%	$253K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0312%	1h	2,730.8	+0.029%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,730.3	+0.010%	$282.9M	$174.9M	150x	as long as short