Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.011%

Price spread now: Aster against Backpack−0.038%45s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.180% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days+0.602%+$60 · spread now −0.038%, 7d avg +0.008%

Together, before fees+0.704%+ Points / potential airdropAster: Stage 5 · farm board+$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.046% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.102%, so the current rate has only just turned against you. The two prices were read 45 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	Backpack BTC_USDC_PERP	85,790.6	0.0100	pay 0.0013% / 1h	51m 25s	$35.1M	$162.5M	75x
Short	Aster BTCUSDT	85,758.1	0.0030	get 0.0030% / 8h	6h 51m	$497.6M	$1.13B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$14.7
Price spread: −0.038% → +0.008%: −$4.62
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$37.34
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Aster: live order book, 3 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$618	32.3 bp −$16.2K
Sell Aster live order book, 3 min ago	0.01 bp	4.0 bp −$4	4.4 bp −$44	4.6 bp −$456	6.9 bp −$3,465

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	−0.0144%	1h	85,641	−0.174%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.014%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.5	−0.022%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0008%	1h	85,747.6	−0.050%	$140.2M	$320.8M	100x	as long as short
BloFin BTC-USDT	−0.0001%	8h	85,768.6	−0.026%	$415.3M	$656.7M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,786.3	−0.005%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,794.1	+0.004%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796	+0.006%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.023%	$341K	$26.9M	52x	as long as short
Aster BTCUSDTshort	+0.0030%	8h	85,758.1	−0.038%	$497.6M	$1.13B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	85,756.1	−0.040%	$890.9M	$755.9M	125x	as long as short
HTX BTC-USDT	+0.0043%	8h	85,756.5	−0.040%	$2.28B	$967.2M	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,783	−0.009%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,789.2	−0.002%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,760.9	−0.035%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,766.5	−0.028%	$2.94B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0079%	8h	85,767.4	−0.027%	$5.08B	$5.65B	500x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,793.6	+0.003%	$5.66B	$10.35B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,763.7	−0.031%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,780.7	−0.012%	$9.33B	$24.58B	150x	as long as short
Nado BTC-PERP	+0.0085%	1h	85,774.3	−0.019%	$22.5M	$228.7M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,810.4	+0.023%	$896.6M	$1.53B	50x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,771	−0.023%	$60.0M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,766.7	−0.028%	$170.8M	$976.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,792.3	+0.002%	$23.3M	$145.0M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.039%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,780	−0.012%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,756	−0.040%	$201K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,779.7	−0.013%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,837	+0.054%	$3.76B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,787.8	−0.003%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,799.9	+0.011%	$5.25B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,799.9	+0.011%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.024%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,766.6	−0.028%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.114%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,790.6	long leg	$35.1M	$162.5M	75x
Variational Omni BTC	+0.0100%	8h	85,711.3	−0.092%	$155.5M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.120%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.7	−0.069%	$30.3M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,823.4	+0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,770	−0.024%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,781.9	−0.010%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,790.6	0.000%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,806.8	+0.019%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,780	−0.012%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,721.2	−0.081%	$3.1M	$6.2M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,783	−0.009%	$153.7M	$476.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,751.9	−0.045%	$45.0M	$225.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,800.1	+0.011%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,815.2	+0.029%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	+0.027%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,805.3	+0.017%	$189.5M	$968.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	85,819	+0.033%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,828	+0.044%	$9.9M	$768.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0195%	1h	85,788	−0.003%	$13.8M	—	200x	as long as short