Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.019%

Price spread now: Reya against Gate−0.002%7-day average −0.035% · you buy dearer than you sell

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

Long on Gate Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 7 days−0.021%−$2 · spread now −0.002%, 7d avg −0.035%

Together, before fees+0.003%+ Points / potential airdropReya: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.032% dearer against Gate than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.035%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,558.3	0.0081	pay 0.0081% / 8h	2h 04m	$5.84B	$10.71B	200x
Short	Reya BTCRUSDPERP	86,556.3	0.0022	get 0.0003% / 1h	4m 07s	$6.7M	$144.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee ReyabpOrdersPrice spread, now −0.002%Rate

Funding earned: −$12.48
Price spread: −0.002% → −0.035%: $3.24
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Reya: 3 bp × 2 orders: −$6
Net: −$30.24
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Gate: 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 Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	8.0 bp −$80	9.1 bp −$908	12.8 bp −$6,411
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 56 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
Aftermath Perps BTCUSD	−0.0255%	1h	86,618	+0.069%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,582.2	+0.028%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.005%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.007%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	+0.038%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,546.3	−0.014%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	+0.025%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,586.7	+0.033%	$927.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	+0.026%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,542.4	−0.018%	$850.7M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0022%	1h	86,556.3	−0.002%	$6.7M	$144.5M	40x
BingX BTC-USDC	+0.0029%	8h	86,548.1	−0.012%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,559.8	+0.002%	$149.5M	$472.1M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,553.7	−0.005%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.245%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,553	−0.006%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,553.9	−0.005%	$5.19B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558.1	0.000%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	+0.032%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDTlong	+0.0081%	8h	86,558.3	long leg	$5.84B	$10.71B	200x
Bybit BTCUSDT	+0.0083%	8h	86,561.8	+0.004%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,560	+0.002%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573	+0.017%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	+0.002%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,567.6	+0.011%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.011%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	+0.061%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.5	0.000%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,626	+0.078%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	+0.041%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	+0.018%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.087%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.143%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,554.8	−0.004%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.014%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.073%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.064%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.041%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.003%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.3	+0.062%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	+0.002%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559	+0.001%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,564.2	+0.007%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,579.4	+0.024%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,557.6	−0.001%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	+0.005%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,549	−0.011%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.2	−0.006%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,538.5	−0.023%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	+0.031%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,584.8	+0.031%	$186.9M	$934.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,598	+0.046%	$131.8M	$5.82B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,597	+0.045%	$9.5M	$727.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	+0.042%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	0.000%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,573	+0.017%	$15.0M	—	200x	as long as short