Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0399%/8h= +43.7% APRpaid last 24h −0.026%

Price spread now: Paradex against Reya+0.158%107s7-day average +0.086% · you sell dearer than you buy

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

Long on Reya Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 7 days−0.091%−$9 · spread now +0.158%, 7d avg +0.086%

Together, before fees−0.138%+ Points / potential airdropReya: Active · Paradex: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Paradex is 0.073% dearer against Reya than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.086%. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.047% in total (about -4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,745.5	0.0156	pay 0.0020% / 1h	49m 23s	$7.3M	$832K	25x
Short	Paradex ETH-USD-PERP	2,749.8	0.0555	get 0.0555% / 8h	5h 49m	$15.9M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Reya. 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 ReyabpFee ParadexbpOrdersPrice spread, now +0.158%Rate

Funding earned: $83.81
Price spread: +0.158% → +0.086%: $7.26
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $81.07
Costs to cover: 0.100%
Break-even: 0.2 days

Slippage unknown: Reya: no order-book sample; Paradex: live order book, 3 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 Paradex live order book, 3 min ago	2.38 bp	4.4 bp −$4	4.4 bp −$44	doesn't fit	doesn't fit

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 54 exchanges

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
Hibachi ETH/USDT-P	−0.0112%	1h	2,746.8	+0.050%	$235K	$1.2M	20x	as long as short
ApeX Omni ETHUSDT	−0.0107%	1h	2,746.5	+0.037%	$8.3M	$25.1M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.143%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747.3	+0.067%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,747.6	+0.078%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,747.1	+0.060%	$7.2M	$660.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,747	+0.057%	$272K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,747.4	+0.070%	$33.2M	—	200x	as long as short
Bybit ETHUSDT	+0.0008%	8h	2,745.8	+0.011%	$2.37B	$3.80B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,745.5	+0.001%	$1.67B	$9.21B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,746.3	+0.031%	$182K	$914K	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,745.4	−0.002%	$3.26B	$7.69B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,745.7	+0.010%	$257.7M	$718.9M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,745.6	+0.005%	$1.60B	$2.34B	500x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,745.6	+0.004%	$365.2M	$440.4M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.7	−0.062%	$4.9M	$215K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,745.5	0.000%	$6.41B	$14.00B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.9	+0.016%	$113.8M	$384.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.2	+0.063%	$23.6M	$94.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.4	+0.033%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,747.3	+0.068%	$46.2M	$3.89B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.2	−0.009%	$509K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.6	+0.006%	$14.6M	$94.6M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	+0.047%	$32.1M	$322.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.1	+0.023%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.7	+0.046%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.139%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.3	−0.005%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,745.5	0.000%	—	$945.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.8	+0.012%	$14.9M	$36.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	+0.014%	$132.4M	$287.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.8	+0.013%	$185.0M	$608.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.099%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	+0.060%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.2	+0.065%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	+0.063%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.6	+0.005%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.4	+0.035%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.8	+0.048%	$948K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.3	+0.031%	$61.8M	$121.6M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,747.3	+0.067%	$266.9M	$184.6M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.4	+0.033%	$1.05B	$1.04B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.3	+0.032%	$263.8M	$56.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.4	−0.037%	$30.3M	$65.3M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,746.4	+0.035%	$82.5M	$272.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.6	+0.076%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERPlong	+0.0156%	1h	2,745.5	long leg	$7.3M	$832K	25x
dYdX ETH-USD	+0.0170%	1h	2,746.3	+0.031%	$15.2M	$42.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,747.9	+0.088%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,746.7	+0.044%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0258%	1h	2,748.9	+0.125%	$3.15B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0356%	8h	2,746.4	+0.034%	$283.2M	$149.8M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.220%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERPshort	+0.0555%	8h	2,749.8	+0.158%	$15.9M	$6.2M	50x