Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0803%/8h= +88.0% APRpaid last 24h +0.154%

Price spread now: Aster against Bluefin−0.060%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Bluefin Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now −0.060%, 7d avg +0.019%

Together, before fees+0.491%+ Points / potential airdropAster: Stage 5 · farm board+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.079% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of +0.019%). If the spread goes back, that is −$8 on $10k: about 8 hours of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.241% in total) that is about 2.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.241% in total (about 12.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,850.8	−0.0785	get 0.0098% / 1h	16m 12s	$197K	$722K	40x
Short	Aster BTCUSDT	85,799.6	0.0019	get 0.0019% / 8h	5h 16m	$517.0M	$1.10B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bluefin. 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 BluefinbpFee AsterbpOrdersPrice spread, now −0.060%Rate

Funding earned: $168.68
Price spread: −0.060% → +0.019%: −$7.91
Slippage, 4 orders: −$5.05
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $140.71
Costs to cover: 0.201%
Break-even: 1.2 days

Slippage from Bluefin: live order book, 48 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 Bluefin live order book, 48 min ago	0.88 bp	6.0 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.01 bp	4.1 bp −$4	5.5 bp −$55	6.8 bp −$684	12.0 bp −$6,017

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-PERPlong	−0.0785%	1h	85,850.8	long leg	$197K	$722K	40x
Phoenix BTC	−0.0160%	1h	85,789	−0.072%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,792	−0.068%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,782.7	−0.079%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.094%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	−0.062%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,825.7	−0.029%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,799.2	−0.060%	$918.9M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.074%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDTshort	+0.0019%	8h	85,799.6	−0.060%	$517.0M	$1.10B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,800.1	−0.059%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,817.7	−0.039%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,798.4	−0.061%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,801.5	−0.057%	$148.8M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.051%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,803.8	−0.055%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,802.6	−0.056%	$5.05B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,806.1	−0.052%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	85,805.5	−0.053%	$2.27B	$935.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,819.8	−0.036%	$170.3M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,822.5	−0.033%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.073%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	85,817	−0.039%	$60.1M	$336.1M	40x	as long as short
SunX BTC-USDT	+0.0098%	8h	85,769.7	−0.094%	$2.9M	$6.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,817.7	−0.039%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,754	−0.113%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,869	+0.021%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,811.9	−0.045%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,808.5	−0.049%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,807	−0.051%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.112%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,754.5	−0.112%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,818.8	−0.037%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,773.9	−0.090%	$35.2M	$173.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	−0.092%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.139%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.105%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	−0.049%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,760.8	−0.105%	$30.3M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,833	−0.021%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,799	−0.060%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,814	−0.043%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.1	−0.056%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,810.6	−0.047%	$30.1M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.197%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,794.4	−0.066%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,787.3	−0.074%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.6	+0.009%	$129.4M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,812.6	−0.045%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,841.2	−0.011%	$189.0M	$951.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,858.8	+0.009%	$891.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,776.7	−0.086%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,800.6	−0.058%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,820.5	−0.035%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,821	−0.035%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,800.1	−0.059%	$509K	$19.3M	6.7x	as long as short