Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0944%/8h= −103.3% APRpaid last 24h −0.096%

Price spread now: BingX against Backpack−0.117%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$650.654% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.117%, 7d avg −0.046%

Together, before fees−0.283%−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and BingX is 0.071% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.274% in total (about -14.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AERO_USDC_PERP	0.6919	0.1044	pay 0.0130% / 1h	18m 07s	$113K	$292K	15x
Short	BingX AERO-USDT	0.6911	0.0100	get 0.0050% / 4h	1h 18m	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$198.15
Price spread: −0.117% → −0.046%: −$7.15
Slippage, 4 orders: −$45.36
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$270.65
Costs to cover: 0.654%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; BingX: live order book, 5 min ago.

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 Backpack live order book, 45 min ago	0.07 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	2.17 bp	17.6 bp −$18	35.9 bp −$359	153.7 bp −$15.4K	741.6 bp −$370.8K

AERO on 23 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 AERO/USDC PERP	+0.0033%	1h	0.6902	−0.247%	$4	$209K	5.5x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6919	−0.005%	$39K	$116K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6912	−0.101%	$26.2M	$24.8M	75x	as long as short
Bybit AEROUSDT	+0.0100%	4h	0.6910	−0.132%	$22.5M	$18.4M	25x	as long as short
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6911	−0.117%	$2.3M	$5.9M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.6909	−0.146%	$1.6M	$486K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.6912	−0.103%	$8.3M	$1.6M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6918	−0.016%	$2.1M	$931K	50x	as long as short
Bitget AEROUSDT	+0.0100%	4h	0.6908	−0.160%	$4.1M	$1.9M	75x	as long as short
BingX AERO-USDTshort	+0.0100%	4h	0.6911	−0.117%	—	$1.7M	—

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni AERO	+0.0100%	4h	0.6917	−0.034%	$2.0M	$1.3M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6908	−0.161%	$208K	$2.0M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6908	−0.167%	$46K	—	3x	as long as short
Deribit AERO_USDC-PERPETUAL	+0.0184%	1h	0.6911	−0.117%	$55K	$11K	10x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6907	−0.178%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6906	−0.189%	$940K	$608K	25x	as long as short
Hyperliquid AERO	+0.0394%	1h	0.6919	−0.003%	$23.3M	$5.1M	3x	as long as short
01 Exchange AEROUSD	+0.0456%	1h	0.6919	+0.006%	$188	$101	3x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0506% / S −0.0237%	1h	0.6906	−0.191%	$90K	—	100x	as long as short
RISEx AERO/USDC	+0.0540%	1h	0.6912	−0.097%	$230K	$414K	3x	as long as short
Backpack AERO_USDC_PERPlong	+0.1044%	1h	0.6919	long leg	$113K	$292K	15x
Lighter AERO	+0.1320%	1h	0.6929	+0.139%	$1.3M	$501K	3x	as long as short
Coinbase International AERO-PERP-INTX	+1.0840%	1h	0.6883	−0.522%	$90K	$36K	25x	as long as short