Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1267%/8h= +138.7% APRpaid last 24h +0.075%

Price spread now: Backpack against BingX+0.294%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 4 days (all we have)−0.262%−$26 · spread now +0.294%, 7d avg +0.044%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Backpack is 0.249% dearer against BingX than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.044%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.246% in total (about 12.8% 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	BingX AERO-USDT	0.6949	0.0100	pay 0.0050% / 4h	3h 46m	—	$1.8M	—
Short	Backpack AERO_USDC_PERP	0.6969	0.1367	get 0.0171% / 1h	46m 30s	$133K	$327K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.294%Rate

Funding earned: $266.04
Price spread: +0.294% → +0.044%: $24.92
Slippage, 4 orders: −$14.91
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $256.05
Costs to cover: 0.349%
Break-even: 0.3 days

Slippage from BingX: live order book, 6 min ago; Backpack: live order book, 27 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 BingX live order book, 6 min ago	2.15 bp	12.6 bp −$13	21.3 bp −$213	257.6 bp −$25.8K	721.5 bp −$360.8K
Sell Backpack live order book, 27 min ago	0.07 bp	6.1 bp −$6	doesn't fit	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
Deribit AERO_USDC-PERPETUAL	0.0000%	1h	0.6952	+0.043%	$55K	$11K	10x	as long as short
Injective AERO/USDC PERP	+0.0033%	1h	0.6902	−0.676%	$4	$209K	5.5x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6953	+0.051%	$40K	$116K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6950	+0.014%	$26.4M	$26.7M	75x	as long as short
Bybit AEROUSDT	+0.0100%	4h	0.6949	0.000%	$22.4M	$21.5M	25x	as long as short
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6949	0.000%	$2.3M	$6.9M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.6946	−0.043%	$1.6M	$491K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.6954	+0.072%	$8.3M	$1.7M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6950	+0.014%	$2.1M	$938K	50x	as long as short
Bitget AEROUSDT	+0.0100%	4h	0.6947	−0.029%	$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-USDTlong	+0.0100%	4h	0.6949	long leg	—	$1.8M	—
Variational Omni AERO	+0.0100%	4h	0.6953	+0.064%	$2.0M	$1.8M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6948	−0.010%	$218K	$1.5M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6950	+0.010%	$47K	—	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6947	−0.030%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6949	0.000%	$941K	$749K	25x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0510% / S −0.0240%	1h	0.6949	−0.002%	$91K	—	100x	as long as short
01 Exchange AEROUSD	+0.0528%	1h	0.6959	+0.141%	$189	$111	3x	as long as short
RISEx AERO/USDC	+0.0687%	1h	0.6951	+0.035%	$220K	$403K	3x	as long as short
Hyperliquid AERO	+0.0770%	1h	0.6966	+0.249%	$23.4M	$5.3M	3x	as long as short
Backpack AERO_USDC_PERPshort	+0.1367%	1h	0.6969	+0.294%	$133K	$327K	15x
Lighter AERO	+0.1696%	1h	0.6973	+0.347%	$1.3M	$430K	3x	as long as short
Coinbase International AERO-PERP-INTX	+0.3896%	1h	0.6966	+0.245%	$92K	$33K	25x	as long as short