Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.055%

Price spread now: Bybit against Reya−0.429%56s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.429% cheaper against Reya than usual: you would sell low and buy high (spread −0.429% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$43 on $10k: about 7.1 days of funding at the current rate (+$6 a day). The two prices were read 56 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 SRUSDPERP	0.04093	−0.0101	get 0.0013% / 1h	55m 31s	$4	—	15x
Short	Bybit SUSDT	0.04075	0.0100	get 0.0050% / 4h	1h 55m	$5.8M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.429%Rate

Funding earned: $42.26
Price spread: −0.429% → 0.000%: −$42.95
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.69
Costs to cover: 0.170%
Break-even: 9.9 days

Slippage unknown: Reya: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	6.18 bp	30.4 bp −$30	102.4 bp −$1,024	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.

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	−0.9144%	1h	0.03950	−3.484%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1681%	1h	0.04087	−0.138%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.724%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0312%	4h	0.04087	−0.141%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04093	+0.020%	$1K	—	100x	as long as short
Reya SRUSDPERPlong	−0.0101%	1h	0.04093	long leg	$4	—	15x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04093	+0.016%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.181%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0056%	4h	0.04093	+0.010%	$102K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04091	−0.039%	$170K	$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	0.04089	−0.080%	$1.0M	$564K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04090	−0.069%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04081	−0.283%	$5.6M	$14.1M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.04075	−0.429%	$5.8M	$4.5M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04082	−0.258%	$1.0M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04083	−0.234%	$336K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04087	−0.136%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04082	−0.258%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04086	−0.161%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04084	−0.210%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	−0.796%	$20K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04081	−0.295%	$230K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0971%	1h	0.04099	+0.157%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1713%	1h	0.04100	+0.181%	$121K	$352K	5x	as long as short