Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.055%

Price spread now: Bybit against Reya−0.157%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.157% cheaper against Reya than usual: you would sell low and buy high (spread −0.157% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 2.6 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya SRUSDPERP	0.04061	−0.0101	get 0.0013% / 1h	55m 01s	$4	—	15x
Short	Bybit SUSDT	0.04055	0.0100	get 0.0050% / 4h	1h 55m	$5.8M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.157%Rate

Funding earned: $42.25
Price spread: −0.157% → 0.000%: −$15.66
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $9.59
Costs to cover: 0.170%
Break-even: 5.4 days

Slippage unknown: Reya: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	2.46 bp	27.9 bp −$28	85.0 bp −$850	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.

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
01 Exchange SUSD	−0.9864%	1h	0.03940	−2.988%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2377%	1h	0.04055	−0.147%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−2.471%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04061	−0.011%	$1K	—	100x	as long as short
Reya SRUSDPERPlong	−0.0101%	1h	0.04061	long leg	$4	—	15x
Variational Omni S	−0.0018%	4h	0.04059	−0.051%	$631K	$25K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04062	+0.008%	$626	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.951%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0085%	4h	0.04061	−0.009%	$101K	$570K	10x	as long as short
Lighter S	+0.0096%	1h	0.04064	+0.065%	$174K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04060	−0.041%	$1.0M	$598K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04062	+0.012%	$48K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04060	−0.040%	$5.8M	$13.7M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.04055	−0.157%	$5.8M	$4.2M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04058	−0.083%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04055	−0.157%	$330K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04060	−0.034%	$4.0M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04056	−0.132%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04058	−0.083%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04056	−0.132%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	+0.459%	$24K	$490K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04055	−0.157%	$228K	$592K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04059	−0.058%	$278K	$117K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0735%	1h	0.04063	+0.040%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1964%	1h	0.04070	+0.213%	$118K	$426K	5x	as long as short