Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.028%

Price spread now: Perpl against Aster+0.016%54s7-day average +0.017% · you sell dearer than you buy

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

Long on Aster Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 7 days+0.070%+$7 · spread now +0.016%, 7d avg +0.017%

Together, before fees+0.429%+ Points / potential airdropAster: Stage 5 · Perpl: Active · farm board+$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.360%, so the current rate has only just turned against you. The two prices were read 54 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	86,607.6	0.0010	pay 0.0010% / 8h	2h 40m	$505.7M	$1.16B	200x
Short	Perpl BTC	86,621.2	−0.0335	pay 0.0030% / 43m	27m 37s	$429K	$25.1M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$72.42
Price spread: +0.016% → +0.017%: −$0.12
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$94.33
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 4 min ago; Perpl: 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, 4 min ago	0.01 bp	5.3 bp −$5	5.6 bp −$56	5.9 bp −$590	7.5 bp −$3,726
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 BTCshort	−0.0335%	43m	86,621.2	+0.016%	$429K	$25.1M	6.7x
Aftermath Perps BTCUSD	−0.0216%	1h	86,617.8	+0.012%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	−0.001%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0101%	1h	86,656.5	+0.056%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	−0.003%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,615.1	+0.009%	$845.4M	$708.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,639.7	+0.037%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,645.7	+0.044%	$937.2M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,637.9	+0.035%	$36.6M	—	200x	as long as short
Aster BTCUSDTlong	+0.0010%	8h	86,607.6	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	+0.008%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,613	+0.006%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,611.3	+0.004%	$149.7M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,613.8	+0.007%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,613.8	+0.007%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.144%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,621.7	+0.016%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,617.5	+0.011%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,626.4	+0.022%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,622.2	+0.017%	$2.57B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,621.1	+0.016%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,615.7	+0.009%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.014%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633	+0.029%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,634.5	+0.031%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,614	+0.007%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.043%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,673.8	+0.076%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	0.000%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	0.000%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,688	+0.093%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,655.7	+0.055%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,620	+0.014%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.8	+0.094%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.001%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,615.5	+0.009%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.042%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.049%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	−0.001%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	+0.082%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,612	+0.005%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,625.7	+0.021%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,636.1	+0.033%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,624	+0.019%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,611.1	+0.004%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,609	+0.002%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,606.4	−0.001%	$2.30B	$956.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,614.4	+0.008%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,635.7	+0.032%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,644.4	+0.042%	$190.5M	$930.0M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,636	+0.033%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,655.1	+0.055%	$131.8M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.007%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,634.1	+0.031%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	+0.045%	$600K	$7.2M	30x	as long as short