Funding arb · Price arb /

AERO

all AERO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0932%/8h= −102.1% APRpaid last 24h −0.067%

Price spread now: OKX against Backpack−0.237%56s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.375% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.222%−$22 on $10k

Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.237%, 7d avg −0.019%

Together, before fees−0.025%−$3 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 OKX is 0.218% cheaper against Backpack than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.019%). Swap the legs. The two prices were read 56 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 7 days it paid -0.222% in total (about -11.6% 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	0.7050	0.1032	pay 0.0129% / 1h	28m 11s	$105K	$316K	15x
Short	OKX AERO-USDT-SWAP	0.7033	0.0100	get 0.0050% / 4h	28m 11s	$2.3M	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$195.78
Price spread: −0.237% → −0.019%: −$21.77
Slippage, 4 orders: −$17.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$255.06
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; OKX: 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, 50 min ago	0.36 bp	5.8 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.71 bp	13.0 bp −$13	38.8 bp −$388	doesn't fit	doesn't fit

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	−2.095%	$4	$209K	5.5x	as long as short
Deribit AERO_USDC-PERPETUAL	+0.0035%	1h	0.7027	−0.322%	$56K	$11K	10x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.7031	−0.271%	$40K	$113K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.7028	−0.308%	$26.4M	$26.5M	75x	as long as short
Bybit AEROUSDT	+0.0100%	4h	0.7029	−0.294%	$22.8M	$21.8M	25x	as long as short
OKX AERO-USDT-SWAPshort	+0.0100%	4h	0.7033	−0.237%	$2.3M	$7.1M	20x
Gate AERO_USDT	+0.0100%	4h	0.7028	−0.308%	$1.6M	$537K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.7031	−0.265%	$8.4M	$1.7M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.7034	−0.223%	$2.2M	$937K	50x	as long as short
Bitget AEROUSDT	+0.0100%	4h	0.7024	−0.365%	$4.1M	$2.2M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AERO-USDT	+0.0100%	4h	0.7028	−0.308%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.7041	−0.121%	$2.1M	$1.8M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.7024	−0.358%	$218K	$1.3M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.7023	−0.372%	$47K	—	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.7028	−0.305%	$20K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.7048	−0.024%	$945K	$732K	25x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0513% / S −0.0250%	1h	0.7021	−0.401%	$91K	—	100x	as long as short
Coinbase International AERO-PERP-INTX	+0.0520%	1h	0.7106	+0.799%	$94K	$33K	25x	as long as short
RISEx AERO/USDC	+0.0563%	1h	0.7032	−0.248%	$231K	$395K	3x	as long as short
Hyperliquid AERO	+0.0615%	1h	0.7040	−0.140%	$23.7M	$5.4M	3x	as long as short
01 Exchange AEROUSD	+0.0696%	1h	0.7036	−0.199%	$191	$111	3x	as long as short
Backpack AERO_USDC_PERPlong	+0.1032%	1h	0.7050	long leg	$105K	$316K	15x
Lighter AERO	+0.1920%	1h	0.7045	−0.070%	$1.3M	$461K	3x	as long as short