Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h +0.010%

Price spread now: Reya against Orderly−0.035%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 0.035% cheaper against Orderly than usual: you would sell low and buy high (−$4 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	Orderly PERP_S_USDC	0.04040	0.0085	pay 0.0043% / 4h	1h 11m	$100K	$589K	10x
Short	Reya SRUSDPERP	0.04039	−0.0101	pay 0.0013% / 1h	11m 42s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now −0.035%Rate

Funding earned: −$39.19
Price spread: −0.035% → 0.000%: −$3.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: −$54.72
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and 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 25 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	−0.7784%	1h	0.03940	−2.475%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2388%	1h	0.04037	−0.070%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−1.955%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04039	−0.035%	$1K	—	100x	as long as short
Reya SRUSDPERPshort	−0.0101%	1h	0.04039	−0.035%	$4	—	15x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04054	+0.353%	$625	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.485%	$2K	$37K	12x	as long as short
Variational Omni S	+0.0050%	4h	0.04044	+0.094%	$627K	$22K	—	as long as short
Orderly PERP_S_USDClong	+0.0085%	4h	0.04040	long leg	$100K	$589K	10x
Lighter S	+0.0096%	1h	0.04040	0.000%	$173K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04043	+0.062%	$1.0M	$580K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04040	−0.011%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04039	−0.036%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04035	−0.124%	$5.8M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04040	0.000%	$1.0M	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04034	−0.149%	$328K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04040	0.000%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04040	0.000%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04043	+0.074%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04040	0.000%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	+0.495%	$24K	$487K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04039	−0.021%	$232K	$396K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0245%	1h	0.04044	+0.099%	$68K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04056	+0.396%	$279K	$116K	75x	as long as short
Backpack S_USDC_PERP	+0.1833%	1h	0.04050	+0.248%	$118K	$426K	5x	as long as short