Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.055%

Price spread now: Reya against Bybit−0.032%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Reya is 0.032% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.04462	0.0100	pay 0.0050% / 4h	3h 21m	$6.4M	$4.9M	50x
Short	Reya SRUSDPERP	0.04461	−0.0101	pay 0.0013% / 1h	21m 52s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bybit. 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 BybitbpFee ReyabpOrdersPrice spread, now −0.032%Rate

Funding earned: −$42.25
Price spread: −0.032% → 0.000%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$62.45
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	4.50 bp	35.0 bp −$35	328.8 bp −$3,288	doesn't fit	doesn't fit
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.

S on 25 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
Kraken Futures PF_SUSD	−0.2541%	1h	0.04466	+0.091%	$38K	$20K	10x	as long as short
01 Exchange SUSD	−0.2304%	1h	0.04390	−1.614%	$26K	$3K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−3.451%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04460	−0.052%	$2K	—	100x	as long as short
Variational Omni S	−0.0102%	4h	0.04403	−1.319%	$682K	$7K	—	as long as short
Reya SRUSDPERPshort	−0.0101%	1h	0.04461	−0.032%	$4	—	15x
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04473	+0.247%	$75K	$11K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04472	+0.226%	$688	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−8.113%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0067%	4h	0.04469	+0.157%	$111K	$639K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04469	+0.157%	$191K	$100K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04468	+0.137%	$1.1M	$737K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04471	+0.197%	$49K	$186K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04471	+0.192%	$6.7M	$17.3M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04462	long leg	$6.4M	$4.9M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04466	+0.090%	$1.3M	$5.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04467	+0.112%	$381K	$232K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04471	+0.202%	$4.7M	$2.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04468	+0.134%	$2.1M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04472	+0.224%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04468	+0.134%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04380	−1.838%	$25K	$514K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04468	+0.131%	$245K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04461	−0.022%	$314K	$121K	75x	as long as short
Backpack S_USDC_PERP	+0.0710%	1h	0.04480	+0.403%	$105K	$474K	5x	as long as short