Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.017%

Price spread now: Derive against Aster+0.027%57s7-day average −0.004% · you sell dearer than you buy

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

Long on Aster Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)−0.136%−$14 · spread now +0.027%, 7d avg −0.004%

Together, before fees−0.148%+ Points / potential airdropAster: Stage 5 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Derive is 0.032% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,595.9	0.0010	pay 0.0010% / 8h	2h 41m	$505.7M	$1.16B	200x
Short	Derive BTC-PERP	86,619.6	0.0100	get 0.0013% / 1h	41m 24s	$30.0M	$61.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now +0.027%Rate

Funding earned: $18.91
Price spread: +0.027% → −0.004%: $3.16
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: $8.07
Costs to cover: 0.140%
Break-even: 4.0 days

Slippage unknown: Aster: live order book, 3 min ago; Derive: no order-book sample. 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 Aster live order book, 3 min ago	0.01 bp	5.3 bp −$5	5.6 bp −$56	5.9 bp −$590	7.5 bp −$3,726
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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.

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	−0.0335%	43m	86,621.2	+0.029%	$429K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0216%	1h	86,617.8	+0.025%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.013%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0098%	1h	86,656.5	+0.070%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	+0.031%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,613.5	+0.020%	$845.5M	$708.2M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,647.9	+0.060%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,642	+0.053%	$937.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,637.9	+0.049%	$36.6M	—	200x	as long as short
Aster BTCUSDTlong	+0.0010%	8h	86,595.9	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	86,620.6	+0.028%	$6.7M	$144.1M	40x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,611.6	+0.018%	$149.5M	$470.4M	150x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,607.2	+0.013%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,617.4	+0.025%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,607.5	+0.013%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0049%	8h	86,619.7	+0.027%	$5.18B	$5.65B	500x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.157%	$315K	$26.8M	52x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,613.8	+0.021%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,641.3	+0.052%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,617.3	+0.025%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,614.6	+0.022%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,612.4	+0.019%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.026%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,605.6	+0.011%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,611.3	+0.018%	$24.0M	$153.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	+0.028%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.029%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,652.1	+0.065%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,623	+0.031%	$201K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,586.5	−0.011%	$21.8M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,698	+0.118%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,639.2	+0.050%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,616	+0.023%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,690.8	+0.110%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.013%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,606.9	+0.013%	$38.0M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.028%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.036%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,596.9	+0.001%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,679	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,635	+0.045%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,612	+0.019%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,625.7	+0.034%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,636.1	+0.046%	$141K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,619.6	+0.027%	$30.0M	$61.7M	15x
SunX BTC-USDT	+0.0100%	8h	86,616.1	+0.023%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,608	+0.014%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,605.4	+0.011%	$2.30B	$956.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,603.6	+0.009%	$46.4M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,635.7	+0.046%	—	$98.2M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,650	+0.062%	$8.9M	$723.3M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,645.6	+0.057%	$190.5M	$929.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,653.6	+0.067%	$131.8M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,601.3	+0.006%	$419.0M	$646.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,634.1	+0.044%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	+0.058%	$600K	$7.2M	30x	as long as short