Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.013%

Price spread now: Reya against Bybit+0.031%46s7-day average −0.026% · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.058%+$6 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.031%, 7d avg −0.026%

Together, before fees+0.004%+ Points / potential airdropReya: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.057% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.026%. 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	Bybit ETHUSDT	2,767.8	0.0063	pay 0.0063% / 8h	7h 55m	$2.51B	$4.59B	150x
Short	Reya ETHRUSDPERP	2,768.7	0.0207	get 0.0026% / 1h	55m 43s	$7.3M	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bybit. 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 BybitbpFee ReyabpOrdersPrice spread, now +0.031%Rate

Funding earned: $30.28
Price spread: +0.031% → −0.026%: $5.73
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $19.01
Costs to cover: 0.170%
Break-even: 2.6 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.5 bp −$65	7.9 bp −$795	11.3 bp −$5,657
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.

ETH 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
Injective ETH/USDC PERP	−0.0752%	1h	2,771.6	+0.137%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,769.1	+0.048%	$284K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.9	+0.077%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.2	+0.122%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,770.3	+0.090%	$168K	$1.2M	50x	as long as short
Bullet ETH-USD	−0.0013%	1h	2,768.6	+0.027%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	−0.0007%	1h	2,769.2	+0.050%	$55.1M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,773.8	+0.216%	$8.7M	$32.9M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	+0.045%	$12.7M	$45.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,771.4	+0.129%	$8.1M	$690.0M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ETH	+0.0003%	1h	2,771.4	+0.129%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.5	+0.062%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,767.7	−0.003%	$1.70B	$11.77B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,769.4	+0.056%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0035%	1h	2,773	+0.188%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,768.9	+0.038%	$255.6M	$1.00B	200x	as long as short
Gate ETH_USDT	+0.0043%	8h	2,769.2	+0.048%	$3.29B	$8.88B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	+0.067%	$5.0M	$326K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,767.9	+0.003%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,768	+0.006%	$6.45B	$17.18B	150x	as long as short
Bybit ETHUSDTlong	+0.0063%	8h	2,767.8	long leg	$2.51B	$4.59B	150x
Bitget ETHUSDT	+0.0066%	8h	2,768.1	+0.009%	$2.10B	$3.07B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0079%	1h	2,770.2	+0.087%	$259.1M	$220.9M	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,769.4	+0.056%	$422.2M	$735.1M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.8	+0.107%	$60.8M	$4.57B	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,769.2	+0.049%	$269.7M	$68.1M	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,769.8	+0.073%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	+0.018%	$115.0M	$455.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.1	+0.081%	$25.2M	$109.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.4	−0.017%	$15.9M	$9.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.8	+0.072%	$483K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.2	+0.084%	$14.4M	$117.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.8	+0.108%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.1	+0.046%	$31.2M	$319.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768	+0.007%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.2	+0.013%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	+0.098%	$170.6M	$266.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769.2	+0.050%	—	$1.24B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	+0.068%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.4	+0.130%	$151.3M	$343.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.3	+0.234%	$182.1M	$783.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776	+0.297%	$161.4M	$88.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.9	+0.111%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.4	+0.057%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.7	+0.069%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.2	+0.120%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.4	+0.020%	$971K	$13.8M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	+0.039%	$1.08B	$1.31B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.3	+0.053%	$32.5M	$78.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	+0.148%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.8	+0.109%	$90.7M	$328.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0146%	8h	2,771.4	+0.130%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,770.6	+0.099%	$286.6M	$192.8M	150x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,772	+0.151%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERPshort	+0.0207%	1h	2,768.7	+0.031%	$7.3M	$1.2M	25x