Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0173%/8h= −18.9% APRpaid last 24h −0.025%

Price spread now: HTX against Reya+0.075%47s7-day average +0.004% · you sell dearer than you buy

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

Long on Reya Short on HTX

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 4 days (all we have)−0.113%−$11 · spread now +0.075%, 7d avg +0.004%

Together, before fees−0.186%+ Points / potential airdropReya: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.071% dearer against Reya than usual: you sell high and buy low (spread +0.075% now, against its 7-day average of +0.004%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 3 days (−0.072% in total) that is about 3.4 days. The two prices were read 47 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	Reya ETHRUSDPERP	2,731.1	0.0190	pay 0.0024% / 1h	23m 21s	$7.3M	$1.1M	25x
Short	HTX ETH-USDT	2,733.2	0.0017	get 0.0017% / 8h	1h 23m	$1.05B	$1.23B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.075%Rate

Funding earned: −$36.25
Price spread: +0.075% → +0.004%: $7.15
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$47.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; HTX: live order book, 1 min ago. 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 HTX live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.8 bp −$779	11.4 bp −$5,702

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	−0.0112%	43m	2,731.8	+0.025%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.4	+0.084%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.129%	$117K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0018%	1h	2,730	−0.039%	$8.6M	$31.5M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.9	+0.064%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,733.3	+0.080%	$813K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733.7	+0.095%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.1	+0.036%	$6.5M	$686.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,734	+0.105%	$262.6M	$214.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733	+0.070%	$33.0M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,732.1	+0.036%	$191K	$893K	50x	as long as short
HTX ETH-USDTshort	+0.0017%	8h	2,733.2	+0.075%	$1.05B	$1.23B	200x
BingX ETH-USDT	+0.0025%	8h	2,732.3	+0.044%	—	$1.10B	—	as long as short
Bybit ETHUSDT	+0.0030%	8h	2,732.3	+0.044%	$2.34B	$4.41B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,731.9	+0.029%	$374.7M	$577.3M	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,732.3	+0.042%	$252.5M	$849.0M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,732.2	+0.040%	$1.65B	$10.94B	100x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,732.9	+0.065%	$54.4M	$187.2M	40x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,731.8	+0.026%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,732.3	+0.045%	$6.34B	$16.17B	150x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,731.5	+0.015%	$958K	$11.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,731.1	−0.001%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,732.4	+0.047%	$112.2M	$435.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.7	+0.095%	$23.5M	$103.2M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.2	−0.033%	$4.9M	$157K	20x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,732.6	+0.053%	$263.3M	$64.6M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.6	+0.018%	$511K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737	+0.216%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.4	+0.011%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.4	+0.120%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733	+0.068%	$32.0M	$332.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.5	+0.014%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.1	+0.037%	$1.5M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.7	+0.056%	$3.30B	$9.01B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.7	+0.059%	$2.09B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733	+0.070%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.9	+0.029%	$134.0M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.1	−0.074%	$185.6M	$681.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.5	−0.023%	$158.7M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.8	+0.098%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	+0.096%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.2	+0.076%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,732.2	+0.040%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	+0.070%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.140%	$40.9M	$30.3M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.180%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732	+0.031%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,733.5	+0.087%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.2	+0.113%	$49.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,732.2	+0.040%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,735.1	+0.144%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0190%	1h	2,731.1	long leg	$7.3M	$1.1M	25x
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,733.5	+0.088%	$82.4M	$312.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,732.8	+0.062%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732.9	+0.064%	$281.8M	$175.7M	150x	as long as short