Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0341%/8h= −37.3% APRpaid last 24h −0.099%

Price spread now: Bitget against Reya+0.042%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bitget is 0.042% dearer against Reya than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1269	0.0441	pay 0.0055% / 1h	21m 30s	$706	—	20x
Short	Bitget OPUSDT	0.1270	0.0100	get 0.0100% / 8h	4h 21m	$5.9M	$6.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$71.61
Price spread: +0.042% → 0.000%: $4.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$85.45
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	3.94 bp	10.9 bp −$11	23.2 bp −$232	96.3 bp −$9,629	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.

OP on 30 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 OP/USDC PERP	−0.1607%	1h	0.1267	−0.195%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1269	−0.027%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1270	+0.022%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1269	−0.037%	$42K	$140K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1270	+0.017%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0050%	8h	0.1270	+0.010%	$6.2M	$28.6M	50x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1269	−0.037%	$6K	$45K	10x	as long as short
Variational Omni OP	+0.0060%	8h	0.1270	+0.003%	$224K	$48K	—	as long as short
Lighter OP	+0.0096%	1h	0.1270	+0.049%	$279K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1270	+0.081%	$3.7M	$2.8M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1271	+0.097%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1270	+0.026%	$20.5M	$60.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	−0.061%	$18.6M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	+0.018%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	+0.034%	$21.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1268	−0.116%	$2.9M	$6.5M	75x	as long as short
Bitget OPUSDTshort	+0.0100%	8h	0.1270	+0.042%	$5.9M	$6.4M	75x
BingX OP-USDC	+0.0100%	8h	0.1269	−0.037%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1268	−0.116%	$123K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1270	+0.019%	$4K	$386K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1270	+0.042%	$318K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	+0.278%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	−0.053%	$201	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1270	+0.034%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1268	−0.081%	$104K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	+0.002%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0168%	1h	0.1262	−0.589%	$24K	$63K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1270	+0.065%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0347%	1h	0.1269	−0.009%	$789K	$544K	20x	as long as short
Reya OPRUSDPERPlong	+0.0441%	1h	0.1269	long leg	$706	—	20x