Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0088%/8h= +9.7% APRpaid last 24h −0.002%

Price spread now: Perpl against Reya+0.044%7-day average +0.054% · you sell dearer than you buy

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

Long on Reya Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.072%+$7 on $10k

Price spread, last 7 days+0.075%+$7 · spread now +0.044%, 7d avg +0.054%

Together, before fees+0.147%+ Points / potential airdropReya: Active · Perpl: Active · farm board+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,348.2	0.0023	pay 0.0003% / 1h	6m 09s	$6.7M	$145.0M	40x
Short	Perpl BTC	86,386.6	0.0112	get 0.0010% / 43m	19m 09s	$420K	$23.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.044%Rate

Funding earned: $18.58
Price spread: +0.044% → +0.054%: −$0.96
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$2.18
Costs to cover: 0.198%
Break-even: 7.8 days

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

Reya and Perpl: 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
Bluefin BTC-PERP	−0.0520%	1h	86,389.6	+0.048%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,349	+0.001%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,345	−0.004%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,365.9	+0.020%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,352.9	+0.005%	$503.0M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,348.7	+0.001%	$849.1M	$713.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,371.8	+0.027%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,359.6	+0.013%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,352	+0.004%	$16.9M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	86,387.8	+0.046%	$917.4M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPlong	+0.0023%	1h	86,348.2	long leg	$6.7M	$145.0M	40x
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.014%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,338.6	−0.011%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,356.6	+0.010%	$149.9M	$477.1M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,349.6	+0.002%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0063%	1h	86,385.3	+0.043%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,352.5	+0.005%	$5.13B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.9	−0.002%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0065%	8h	86,353.1	+0.006%	$9.41B	$24.49B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,350.3	+0.002%	$5.84B	$10.78B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,357.1	+0.010%	$5.26B	$9.80B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,357.3	+0.011%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,371.1	+0.027%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,357	+0.010%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,341	−0.008%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,323.4	−0.029%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,352.4	+0.005%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,422	+0.085%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,393.3	+0.052%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,353.6	+0.006%	$2.54B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,372	+0.028%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,408.7	+0.070%	$7.8M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.032%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,345.3	−0.003%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.037%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	−0.031%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	−0.014%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,333	−0.018%	$141.1M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,324.9	−0.027%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,396.1	+0.055%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,354	+0.007%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359.9	+0.014%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,358.2	+0.012%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,381	+0.038%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,332.5	−0.018%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,355	+0.008%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,355.8	+0.009%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,339.5	−0.010%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,372.6	+0.028%	—	$98.9M	500x	as long as short
Perpl BTCshort	+0.0112%	43m	86,386.6	+0.044%	$420K	$23.5M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,394.9	+0.054%	$131.8M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,375.2	+0.031%	$191.9M	$946.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,334	−0.017%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,325.3	−0.027%	$414.6M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0210%	1h	86,366.8	+0.022%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,381	+0.038%	$9.5M	$736.0M	6.4x	as long as short