Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.060%

Price spread now: Reya against Bitget−0.059%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Reya is 0.059% cheaper against Bitget than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SUSDT	0.04050	0.0100	pay 0.0050% / 4h	1h 57m	$1.2M	$2.2M	50x
Short	Reya SRUSDPERP	0.04048	−0.0101	pay 0.0013% / 1h	57m 36s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bitget. 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 BitgetbpFee ReyabpOrdersPrice spread, now −0.059%Rate

Funding earned: −$42.26
Price spread: −0.059% → 0.000%: −$5.89
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$66.15
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; Reya: 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 Bitget live order book, 5 min ago	6.14 bp	23.4 bp −$23	60.9 bp −$609	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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.

S on 24 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
01 Exchange SUSD	−0.8000%	1h	0.03950	−2.469%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1696%	1h	0.04051	+0.017%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−0.691%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0350%	4h	0.04052	+0.057%	$630K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04053	+0.079%	$1K	—	100x	as long as short
Reya SRUSDPERPshort	−0.0101%	1h	0.04048	−0.059%	$4	—	15x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04053	+0.082%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.235%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0054%	4h	0.04057	+0.173%	$101K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04058	+0.198%	$168K	$155K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04057	+0.180%	$1.0M	$564K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04057	+0.173%	$44K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04054	+0.099%	$5.6M	$14.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04047	−0.074%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04048	−0.049%	$1.0M	$3.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04046	−0.099%	$333K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04049	−0.025%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04046	−0.099%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDTlong	+0.0100%	4h	0.04050	long leg	$1.2M	$2.2M	50x
BingX S-USDT	+0.0100%	4h	0.04048	−0.049%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04050	0.000%	$20K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04044	−0.140%	$228K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0736%	1h	0.04062	+0.296%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1499%	1h	0.04070	+0.494%	$118K	$350K	5x	as long as short