Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.013%

Price spread now: Injective against Aster−0.018%7-day average +0.017% · you buy dearer than you sell

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

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

costs, in and out, $10k−$130.126% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now −0.018%, 7d avg +0.017%

Together, before fees−0.012%+ Points / potential airdropAster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.035% cheaper against Aster than usual: you would sell low and buy high (spread −0.018% now, against its 7-day average of +0.017%). If the spread goes back, that is −$4 on $10k: about 2.9 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.025% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,540.6	0.0004	pay 0.0004% / 8h	3h 33m	$515.1M	$1.10B	200x
Short	Injective BTC/USDC PERP	85,525	0.0044	get 0.0005% / 1h	33m 08s	$339K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.018%Rate

Funding earned: $8.49
Price spread: −0.018% → +0.017%: −$3.53
Slippage, 4 orders: −$4.55
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$7.62
Costs to cover: 0.126%
Break-even: 13.3 days

Slippage from Aster: live order book, 6 min ago; Injective: live order book, 1 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, 6 min ago	0.01 bp	4.0 bp −$4	4.5 bp −$45	5.0 bp −$502	7.1 bp −$3,539
Sell Injective live order book, 1 min ago	2.11 bp	2.1 bp −$2	12.5 bp −$125	doesn't fit	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
Phoenix BTC	−0.0140%	1h	85,514	−0.031%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,542	+0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,533.3	−0.009%	$918.8M	$756.7M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,545.5	+0.006%	$419.4M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,524.5	−0.019%	$365K	$2.3M	50x	as long as short
Aster BTCUSDTlong	+0.0004%	8h	85,540.6	long leg	$515.1M	$1.10B	200x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,550.4	+0.011%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0006%	1h	85,499.7	−0.048%	$24.7M	$222.8M	50x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,527.6	−0.015%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERPshort	+0.0044%	1h	85,525	−0.018%	$339K	$26.9M	52x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,552.1	+0.013%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,544.5	+0.005%	$148.1M	$493.9M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,551.6	+0.013%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,588.1	+0.056%	$884.5M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,545	+0.005%	$59.9M	$336.0M	40x	as long as short
ApeX Omni BTCUSDT	+0.0095%	1h	85,536.5	−0.005%	$139.9M	$315.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,563.2	+0.026%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,564.8	+0.028%	$24.0M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,520	−0.024%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,541.4	+0.001%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0097%	1h	85,519.1	−0.025%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,490	−0.059%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,557.4	+0.020%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,636	+0.112%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,535.3	−0.006%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,551.5	+0.013%	$9.42B	$24.34B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,547.7	+0.008%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,553	+0.014%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,500	−0.047%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,515.9	−0.029%	$4.6M	$99.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.027%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,552.6	+0.014%	$5.54B	$10.79B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,551.1	+0.012%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,542.4	+0.002%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,486	−0.064%	$153.7M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.054%	$279.3M	$927.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,530.2	−0.012%	$214.9M	$168.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.5	+0.005%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,574.9	+0.040%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,519	−0.025%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,529.8	−0.013%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,541.3	+0.001%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,583.8	+0.051%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,532.8	−0.009%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,518.7	−0.026%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,525	−0.018%	$2.26B	$947.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,516.5	−0.028%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,510.2	−0.036%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,589.2	+0.057%	$117.0M	$5.24B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,570.5	+0.035%	$187.7M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,553.7	+0.015%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,537.5	−0.004%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,550	+0.011%	$11.8M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,546.9	+0.007%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,555.4	+0.017%	$78K	$221K	20x	as long as short
Perpl BTC	+0.0335%	43m	85,506.5	−0.040%	$505K	$18.7M	6.7x	as long as short