Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.108%

Price spread now: Perpl against Reya+0.039%7-day average +0.046% · you sell dearer than you buy

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

Long on Reya Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.115%−$11 on $10k

Price spread, last 7 days+0.009%+$1 · spread now +0.039%, 7d avg +0.046%

Together, before fees−0.106%+ Points / potential airdropReya: Active · Perpl: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: −$5 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	2,747.6	0.0157	pay 0.0020% / 1h	54m 39s	$7.3M	$832K	25x
Short	Perpl ETH	2,748.7	0	get 0.0000% / 43m	35m 39s	$269K	$5.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$32.92
Price spread: +0.039% → +0.046%: −$0.71
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$53.43
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Perpl: no order-book sample. 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 Perpl no order-book sample	—	—	—	—	—

Reya and Perpl: 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 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,748.6	+0.034%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.064%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,750	+0.086%	$809K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,748.5	+0.031%	$12.2M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,748.9	+0.046%	$7.2M	$661.5M	4.9x	as long as short
Perpl ETHshort	0.0000%	43m	2,748.7	+0.039%	$269K	$5.0M	8.3x
Bybit ETHUSDT	+0.0005%	8h	2,747.7	+0.001%	$2.37B	$3.82B	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.5	+0.068%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0024%	1h	2,748.5	+0.031%	$8.3M	$25.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,747.7	+0.002%	$1.67B	$9.24B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,749.4	+0.064%	$182K	$950K	50x	as long as short
Gate ETH_USDT	+0.0083%	8h	2,747.6	−0.001%	$3.27B	$7.68B	200x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,747.9	+0.011%	$257.5M	$721.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,747.8	+0.005%	$365.2M	$441.9M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,746.3	−0.050%	$4.9M	$214K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,749.6	+0.072%	$266.7M	$185.5M	50x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,747.8	+0.007%	$1.60B	$2.34B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,747.8	+0.007%	$6.41B	$14.05B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,748.3	+0.023%	$113.8M	$383.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.6	+0.070%	$23.7M	$94.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.8	+0.042%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,749.4	+0.063%	$46.2M	$3.91B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.4	−0.009%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.4	+0.027%	$14.6M	$96.1M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.9	+0.046%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	+0.006%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.8	+0.041%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.059%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.6	0.000%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,747.8	+0.004%	—	$946.2M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.1	+0.016%	$14.9M	$36.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.8	+0.007%	$132.6M	$290.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.3	+0.024%	$185.2M	$607.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.9	+0.082%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.6	+0.035%	$21.1M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.1	+0.089%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.2	+0.093%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.8	+0.042%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.6	+0.036%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.6	+0.034%	$947K	$8.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.7	+0.038%	$61.9M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,748.5	+0.032%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.4	+0.027%	$264.1M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.9	−0.028%	$30.5M	$65.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,748.7	+0.040%	$82.5M	$274.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0105%	1h	2,749.1	+0.054%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERPlong	+0.0157%	1h	2,747.6	long leg	$7.3M	$832K	25x
Orderly PERP_ETH_USDC	+0.0174%	8h	2,751	+0.122%	$32.5M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,748.9	+0.044%	$5.7M	$10.6M	25x	as long as short
dYdX ETH-USD	+0.0214%	1h	2,747.8	+0.006%	$15.2M	$42.8M	50x	as long as short
Hyperliquid ETH	+0.0253%	1h	2,750.7	+0.111%	$3.16B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0360%	8h	2,748.9	+0.047%	$283.3M	$149.9M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.140%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0528%	8h	2,752.3	+0.168%	$16.0M	$6.2M	50x	as long as short