Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0047%/8h= +5.2% APRpaid last 24h +0.047%

Price spread now: Hibachi against Aster+0.130%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Aster Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.365%+$37 on $10k

Price spread, last 7 days−0.085%−$8 · spread now +0.130%, 7d avg +0.039%

Together, before fees+0.280%+ Points / potential airdropAster: Stage 5 · Hibachi: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hibachi is 0.091% dearer against Aster than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,571.3	−0.0007	get 0.0007% / 8h	1h 37m	$505.2M	$1.15B	200x
Short	Hibachi BTC/USDT-P	86,683.5	0.0040	get 0.0005% / 1h	37m 08s	$731K	$8.2M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.130%Rate

Funding earned: $9.89
Price spread: +0.130% → +0.039%: $9.09
Slippage, 4 orders: −$0.13
Fee Aster: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $1.84
Costs to cover: 0.171%
Break-even: 5.7 days

Slippage from Aster: live order book, 2 min ago; Hibachi: live order book, 2 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, 2 min ago	0.01 bp	4.0 bp −$4	4.0 bp −$40	4.6 bp −$463	6.4 bp −$3,212
Sell Hibachi live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	44.0 bp −$4,404	doesn't fit

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
Bluefin BTC-PERP	−0.0753%	1h	86,588	+0.019%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.064%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0153%	1h	86,645.4	+0.086%	$83K	$215K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.040%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,627.2	+0.065%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,603.6	+0.037%	$359K	$2.4M	50x	as long as short
Aster BTCUSDTlong	−0.0007%	8h	86,571.3	long leg	$505.2M	$1.15B	200x
Perpl BTC	0.0000%	43m	86,598.6	+0.032%	$419K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,602.6	+0.036%	$925.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,569.3	−0.002%	$852.2M	$708.1M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,595.3	+0.028%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,601.5	+0.035%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,573.6	+0.003%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.014%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,570.1	−0.001%	$150.3M	$473.7M	150x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,565.3	−0.007%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-Pshort	+0.0040%	1h	86,683.5	+0.130%	$731K	$8.2M	30x
Bitget BTCUSDT	+0.0042%	8h	86,582	+0.012%	$2.95B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,575.7	+0.005%	$5.18B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,575.8	+0.005%	$9.42B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,565.9	−0.006%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,572.4	+0.001%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,585.3	+0.016%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,579.1	+0.009%	$171.8M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,592.7	+0.025%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,587	+0.018%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,585	+0.016%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,631.6	+0.070%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,602.6	+0.036%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,653	+0.094%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,643.6	+0.083%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,587.2	+0.018%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,606	+0.040%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.3	+0.124%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.152%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,570.7	−0.001%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.144%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.075%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.081%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.083%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,666	+0.109%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,649.2	+0.090%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	+0.018%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,586	+0.017%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,576.3	+0.006%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,570.8	−0.001%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.2	+0.056%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,568	−0.004%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,566.6	−0.005%	$2.30B	$964.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,553.1	−0.021%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,632.2	+0.070%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,611.6	+0.047%	$131.7M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,601.7	+0.035%	$191.6M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,601.8	+0.035%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0182%	8h	86,570	−0.002%	$414.5M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	86,624	+0.061%	$9.7M	$728.0M	6.4x	as long as short