Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h +0.015%

Price spread now: Orderly against Reya+0.112%7-day average +0.100% · you sell dearer than you buy

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

Long on Reya Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.032%+$3 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now +0.112%, 7d avg +0.100%

Together, before fees−0.011%+ Points / potential airdropReya: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.100%, 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	Reya ETHRUSDPERP	2,744.8	0.0223	pay 0.0028% / 1h	57m 54s	$7.3M	$1.1M	25x
Short	Orderly PERP_ETH_USDC	2,747.9	0.0183	get 0.0183% / 8h	5h 57m	$32.3M	$11.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.112%Rate

Funding earned: −$8.55
Price spread: +0.112% → +0.100%: $1.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.4
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Orderly: 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 Orderly no order-book sample	—	—	—	—	—

Reya and Orderly: 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 54 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	2,746.7	+0.069%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	+0.109%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,747.5	+0.098%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.4	+0.021%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.131%	$847K	$2.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.1	+0.083%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.5	+0.024%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.6	+0.065%	$183K	$981K	50x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,742.7	−0.076%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0054%	8h	2,743	−0.068%	$1.70B	$10.60B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,743.2	−0.058%	$368.4M	$598.7M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,743.8	−0.036%	$252.3M	$842.1M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.6	+0.065%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,743	−0.065%	$4.9M	$159K	20x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.9	+0.004%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,745.2	+0.014%	$54.7M	$187.5M	40x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,743.4	−0.051%	$1.57B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,743.4	−0.052%	$6.38B	$15.76B	150x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,745	+0.007%	$1.06B	$1.18B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0089%	1h	2,746.5	+0.060%	$258.9M	$195.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,746.6	+0.063%	$8.7M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,745.6	+0.030%	$112.9M	$430.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	+0.081%	$24.7M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.3	+0.091%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.3	+0.054%	$58.6M	$4.28B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750	+0.189%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.2	+0.050%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.9	+0.074%	$13.9M	$106.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.8	+0.036%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	+0.069%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.3	−0.055%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.6	+0.028%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	+0.064%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.6	−0.044%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.1	−0.061%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.8	−0.037%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	+0.065%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	+0.074%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.133%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.9	+0.112%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.7	+0.067%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.1	+0.047%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.7	+0.031%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.1	+0.085%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.7	−0.006%	$963K	$11.9M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.3	+0.017%	$267.2M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	+0.051%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.5	−0.085%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,747.3	+0.090%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,746.6	+0.065%	$7.9M	$670.8M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0183%	8h	2,747.9	+0.112%	$32.3M	$11.0M	100x
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.042%	$88.1M	$309.5M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0223%	1h	2,744.8	long leg	$7.3M	$1.1M	25x
Hibachi ETH/USDT-P	+0.0232%	1h	2,748.3	+0.129%	$250K	$1.4M	20x	as long as short