Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.002%

Price spread now: Reya against BloFin+0.052%46s7-day average −0.010% · you sell dearer than you buy

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

Long on BloFin Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.065%+$6 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.052%, 7d avg −0.010%

Together, before fees+0.027%+ Points / potential airdropReya: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Reya is 0.063% dearer against BloFin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 46 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	BloFin BTC-USDT	85,495.3	−0.0025	get 0.0025% / 8h	1h 19m	$420.7M	$684.5M	150x
Short	Reya BTCRUSDPERP	85,540.1	0.0131	get 0.0016% / 1h	19m 57s	$6.6M	$147.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against BloFin. 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 BloFinbpFee ReyabpOrdersPrice spread, now +0.052%Rate

Funding earned: $32.82
Price spread: +0.052% → −0.010%: $6.27
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $21.09
Costs to cover: 0.180%
Break-even: 2.5 days

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$621	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.

BTC 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
Phoenix BTC	−0.0082%	1h	85,446	−0.058%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,485	−0.012%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,511.1	+0.018%	$929.1M	$774.4M	125x	as long as short
BloFin BTC-USDTlong	−0.0025%	8h	85,495.3	long leg	$420.7M	$684.5M	150x
Aster BTCUSDT	−0.0006%	8h	85,522.7	+0.032%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,539.1	+0.051%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,558.9	+0.074%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.026%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	+0.020%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,492.9	−0.003%	$24.4M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.290%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0072%	8h	85,510.6	+0.018%	—	$17.5M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	85,528	+0.038%	$8.4M	$56.5M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,544.2	+0.057%	$186.3M	$960.2M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,509.8	+0.017%	$2.97B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,511.1	+0.018%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,527.6	+0.038%	$9.43B	$25.00B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,544.3	+0.057%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540	+0.052%	$23.6M	$148.3M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,530.8	+0.041%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,523.3	+0.033%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	+0.014%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,585.3	+0.105%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,577	+0.096%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.1	+0.064%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,536.2	+0.048%	$2.60B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,490	−0.006%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,512	+0.020%	$5.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	+0.005%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,532	+0.043%	$5.56B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,497	+0.002%	$37.3M	$179.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.037%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.068%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.059%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,447.2	−0.056%	$139.7M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,485	−0.012%	$30.1M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,595.7	+0.117%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	+0.063%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,539.1	+0.051%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,537.6	+0.049%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,580.1	+0.099%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,484.2	−0.013%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,533	+0.044%	$59.9M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,535.7	+0.047%	$2.26B	$967.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,535.6	+0.047%	$153.7M	$511.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,489.7	−0.007%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,504.7	+0.011%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,567.4	+0.084%	$114.6M	$5.50B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0131%	1h	85,540.1	+0.052%	$6.6M	$147.7M	40x
Deribit BTC-PERPETUAL	+0.0139%	1h	85,575.7	+0.094%	$861.8M	$1.63B	50x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,551	+0.065%	$11.8M	$742.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,554.8	+0.070%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,542	+0.055%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,498.8	+0.004%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,467.5	−0.033%	$79K	$230K	20x	as long as short