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 +0.010%

Price spread now: Nado against Aster+0.051%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 7 days−0.049%−$5 · spread now +0.051%, 7d avg +0.005%

Together, before fees−0.029%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board−$3 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 Nado is 0.046% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,527.2	0.0010	pay 0.0010% / 8h	2h 38m	$505.3M	$1.16B	200x
Short	Nado BTC-PERP	86,571.1	0.0100	get 0.0012% / 1h	38m 55s	$21.8M	$235.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.051%Rate

Funding earned: $18.92
Price spread: +0.051% → +0.005%: $4.56
Slippage, 4 orders: −$1.39
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $7.09
Costs to cover: 0.164%
Break-even: 4.4 days

Slippage from Aster: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	0.01 bp	5.3 bp −$5	5.6 bp −$56	5.9 bp −$590	7.5 bp −$3,726
Sell Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.0 bp −$398	9.7 bp −$4,866

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	86,583.4	+0.065%	$429K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0219%	1h	86,610.4	+0.096%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.092%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0100%	1h	86,611.8	+0.098%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,612	+0.098%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,523.3	−0.005%	$844.5M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,574.3	+0.054%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,566.2	+0.045%	$936.5M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,571.8	+0.051%	$36.6M	—	200x	as long as short
Aster BTCUSDTlong	+0.0010%	8h	86,527.2	long leg	$505.3M	$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	86,537.1	+0.011%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,517.7	−0.011%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,530.7	+0.004%	$149.6M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,513.1	−0.016%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,539.9	+0.015%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.237%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,517.8	−0.011%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,519.9	−0.008%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,559.6	+0.037%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0067%	8h	86,523.5	−0.004%	$2.56B	$12.68B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,520	−0.008%	$5.84B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,520	−0.008%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.107%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,544.2	+0.020%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,549.7	+0.026%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,548	+0.024%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,595.7	+0.079%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	+0.016%	$197K	$6.8M	50x	as long as short
Nado BTC-PERPshort	+0.0100%	1h	86,571.1	+0.051%	$21.8M	$235.8M	50x
Hyperliquid BTC	+0.0100%	1h	86,602	+0.086%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,598.4	+0.082%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,569	+0.048%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,614.3	+0.101%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.092%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	0.000%	$38.0M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,603.7	+0.088%	$279.8M	$949.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.108%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.120%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,602	+0.086%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,630.5	+0.119%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,552	+0.029%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,550	+0.026%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,555.5	+0.033%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,561.7	+0.040%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,552.3	+0.029%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,572.6	+0.052%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,535	+0.009%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,530.7	+0.004%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,506.2	−0.024%	$46.4M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,568.3	+0.047%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,567.1	+0.046%	$190.4M	$930.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,578	+0.059%	$8.8M	$723.8M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,578.9	+0.060%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	+0.032%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,566.8	+0.046%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.2	+0.140%	$602K	$7.2M	30x	as long as short