Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.040%

Price spread now: Reya against Paradex−0.051%7-day average −0.046% · you buy dearer than you sell

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

Long on Paradex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.051%, 7d avg −0.046%

Together, before fees−0.017%+ Points / potential airdropParadex: Active · Reya: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	85,927.3	0.0100	pay 0.0100% / 8h	7h 02m	$4.2M	$8.6M	50x
Short	Reya BTCRUSDPERP	85,883.8	0.0050	get 0.0006% / 1h	2m 25s	$6.7M	$145.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Paradex. 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 ParadexbpFee ReyabpOrdersPrice spread, now −0.051%Rate

Funding earned: −$10.44
Price spread: −0.051% → −0.046%: −$0.46
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: −$20.91
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 2 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 Paradex live order book, 2 min ago	2.41 bp	4.4 bp −$4	4.4 bp −$44	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.

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
Phoenix BTC	−0.0129%	1h	86,100	+0.201%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,893	−0.040%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,906.2	−0.025%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,930.8	+0.004%	$524K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,964.3	+0.043%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	+0.027%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.265%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,910.3	−0.020%	$498.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,935.8	+0.010%	$821.5M	$716.2M	125x	as long as short
HTX BTC-USDT	+0.0049%	8h	85,900	−0.032%	$2.28B	$960.6M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0050%	1h	85,883.8	−0.051%	$6.7M	$145.8M	40x
RISEx BTC/USDC	+0.0052%	1h	85,894.1	−0.039%	$8.2M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,876.1	−0.060%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0066%	1h	85,940	+0.015%	$60.2M	$338.4M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,887.3	−0.047%	$2.95B	$5.08B	150x	as long as short
Gate BTC_USDT	+0.0077%	8h	85,888.3	−0.045%	$5.72B	$10.71B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,943.4	+0.019%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,902.8	−0.029%	$5.10B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,907.9	−0.023%	$9.35B	$24.38B	150x	as long as short
Bluefin BTC-PERP	+0.0096%	1h	85,982.2	+0.064%	$144K	$666K	40x	as long as short
Lighter BTC	+0.0096%	1h	85,932.5	+0.006%	$169.7M	$999.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,941.9	+0.017%	$23.4M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,908	−0.022%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,869	−0.068%	$202K	$7.3M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,927.3	long leg	$4.2M	$8.6M	50x
Nado BTC-PERP	+0.0100%	1h	85,920.8	−0.008%	$21.9M	$226.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,961.3	+0.040%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,932	+0.006%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,901.3	−0.030%	$5.23B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,895	−0.038%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,894	−0.039%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,889.9	−0.044%	$6.9M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,921.8	−0.006%	$35.3M	$161.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.177%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.217%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.177%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,088.3	+0.187%	$140.8M	$320.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,952.8	+0.030%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,967.5	+0.047%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,887	−0.047%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,890.5	−0.043%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,953	+0.030%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,970.5	+0.050%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,932.5	+0.006%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,912.7	−0.017%	$155.0M	$473.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.249%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,860.6	−0.078%	$45.4M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,029.4	+0.119%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,947	+0.023%	$131.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,959.7	+0.038%	$187.9M	$958.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,135.7	+0.242%	$722K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,142.2	+0.250%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	85,917.9	−0.011%	$414.9M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,997	+0.081%	$10.3M	$766.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	85,955.7	+0.033%	$14.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0214%	1h	85,984.2	+0.066%	$902.8M	$1.51B	50x	as long as short