Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.008%

Price spread now: Reya against edgeX−0.140%65s7-day average +0.004% · you buy dearer than you sell

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

Long on edgeX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.031%+$3 on $10k

Price spread, last 7 days+0.133%+$13 · spread now −0.140%, 7d avg +0.004%

Together, before fees+0.164%+ Points / potential airdropedgeX: Active · Reya: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.144% cheaper against edgeX than usual: you would sell low and buy high (spread −0.140% now, against its 7-day average of +0.004%). If the spread goes back, that is −$14 on $10k: about 5.1 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.031% in total) that is about 15 days. The two prices were read 65 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	edgeX ETHUSDC	2,779.6	0.0100	pay 0.0050% / 4h	1h 15m	$181.9M	$783.9M	100x
Short	Reya ETHRUSDPERP	2,775.8	0.0193	get 0.0024% / 1h	15m 50s	$7.4M	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against edgeX. 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 edgeXbpFee ReyabpOrdersPrice spread, now −0.140%Rate

Funding earned: $19.54
Price spread: −0.140% → +0.004%: −$14.36
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$9.82
Costs to cover: 0.150%
Break-even: 10.5 days

Slippage unknown: edgeX: 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 edgeX live order book, 3 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.0 bp −$504	6.2 bp −$3,121
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
Perpl ETH	−0.0447%	43m	2,775	−0.167%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776	−0.130%	$5.7M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,775.2	−0.160%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	−0.002%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	−0.113%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0008%	1h	2,777.2	−0.088%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.6	−0.144%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	−0.002%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.8	−0.103%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0009%	1h	2,776.6	−0.110%	$258.5M	$222.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0015%	8h	2,774.5	−0.186%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,774.6	−0.183%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.1	−0.127%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.7	−0.107%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,776	−0.131%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,774.8	−0.173%	$256.4M	$991.9M	200x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,775.9	−0.133%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.2	−0.161%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,774.9	−0.170%	$6.44B	$17.21B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,774.7	−0.180%	$1.61B	$2.67B	500x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,775	−0.167%	$2.10B	$3.10B	150x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.022%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,774.9	−0.171%	$3.29B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,774.9	−0.171%	$55.2M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,774.9	−0.170%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,775.2	−0.160%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.2	−0.159%	$115.1M	$502.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777	−0.095%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.6	−0.108%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,774.8	−0.174%	$422.3M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775	−0.168%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	−0.120%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.5	−0.077%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776	−0.133%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.7	−0.178%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	−0.072%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	−0.026%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.2	−0.161%	$15.2M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	−0.037%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,779.6	long leg	$181.9M	$783.9M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.6	−0.074%	$161.5M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.099%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	−0.088%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.2	−0.122%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.2	−0.053%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.3	−0.191%	$973K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.5	−0.114%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.1	−0.201%	$32.6M	$77.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.3	−0.121%	$59.8M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.3	−0.120%	$8.4M	$679.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,778.7	−0.035%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,775.9	−0.133%	$86.0M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,775.5	−0.149%	$284.2M	$194.5M	150x	as long as short
Reya ETHRUSDPERPshort	+0.0193%	1h	2,775.8	−0.140%	$7.4M	$1.2M	25x
Hibachi ETH/USDT-P	+0.0232%	1h	2,778.8	−0.030%	$270K	$1.5M	20x	as long as short