Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.040%

Price spread now: Deribit against Aster+0.054%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now +0.054%, 7d avg +0.048%

Together, before fees−0.055%+ Points / potential airdropAster: Stage 5 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,604.9	0.0010	pay 0.0010% / 8h	2h 40m	$505.7M	$1.16B	200x
Short	Deribit BTC-PERPETUAL	86,651.7	0	get 0.0000% / 1h	40m 00s	$937.1M	$1.43B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$2.09
Price spread: +0.054% → +0.048%: $0.59
Slippage, 4 orders: −$1.33
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$17.83
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Deribit: live order book, 4 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 Aster live order book, 4 min ago	0.01 bp	5.3 bp −$5	5.6 bp −$56	5.9 bp −$590	7.5 bp −$3,726
Sell Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	6.0 bp −$595	12.5 bp −$6,262

BTC on 56 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
Perpl BTC	−0.0223%	43m	86,625.8	+0.024%	$429K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0218%	1h	86,616.9	+0.014%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.002%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0101%	1h	86,656.5	+0.060%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	0.000%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,610.8	+0.007%	$845.4M	$708.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,639.7	+0.040%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,651.7	+0.054%	$937.1M	$1.43B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,642.3	+0.043%	$36.6M	—	200x	as long as short
Aster BTCUSDTlong	+0.0010%	8h	86,604.9	long leg	$505.7M	$1.16B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,614.5	+0.011%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,615.1	+0.012%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,616.6	+0.013%	$149.7M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,591	−0.016%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,615.8	+0.013%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.147%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,622.6	+0.020%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,622.3	+0.020%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,626.4	+0.025%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,618.5	+0.016%	$2.57B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,617.9	+0.015%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,615	+0.012%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.017%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633.4	+0.033%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,642.2	+0.043%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,614	+0.010%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.039%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,673.8	+0.080%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	+0.004%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	+0.003%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,694	+0.103%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,655.7	+0.059%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,620	+0.017%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.8	+0.097%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.002%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.5	+0.021%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.039%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.046%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	+0.002%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	+0.085%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	+0.019%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,619.3	+0.017%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,634.7	+0.034%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.9	+0.043%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.6	+0.026%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.8	+0.018%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	+0.015%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.5	+0.012%	$2.30B	$956.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,583.1	−0.025%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,651.4	+0.054%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,663.6	+0.068%	$190.5M	$930.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,650	+0.052%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,672.1	+0.078%	$132.2M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.003%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.5	+0.039%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	+0.048%	$600K	$7.2M	30x	as long as short