Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.006%

Price spread now: Aster against Bulk−0.030%54s7-day average 0.000% · you buy dearer than you sell

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

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

costs, in and out, $10k−$150.154% of the position

Long on Bulk Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.030%, 7d avg 0.000%

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.031% cheaper against Bulk than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of 0.000%). Swap the legs. 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	Bulk BTC-USD	86,792.1	0.0100	pay 0.0013% / 1h	17m 44s	$573.3M	$22.0M	40x
Short	Aster BTCUSDT	86,765.7	0.0008	get 0.0008% / 8h	2h 17m	$506.7M	$1.16B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bulk. 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 BulkbpFee AsterbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$19.37
Price spread: −0.030% → 0.000%: −$3.06
Slippage, 4 orders: −$0.41
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$37.83
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Bulk: live order book, 1 min ago; Aster: 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 Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	4.3 bp −$427	5.1 bp −$2,543
Sell Aster live order book, 1 min ago	0.01 bp	4.4 bp −$4	5.0 bp −$50	5.7 bp −$572	8.2 bp −$4,079

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
Aftermath Perps BTCUSD	−0.0240%	1h	86,749.1	−0.050%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,772.5	−0.023%	$428K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,750	−0.049%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,753	−0.045%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,773.8	−0.021%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,779	−0.015%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,783.5	−0.010%	$932.6M	$1.45B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,774.1	−0.021%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,760	−0.037%	$849.6M	$707.3M	125x	as long as short
Aster BTCUSDTshort	+0.0008%	8h	86,765.7	−0.030%	$506.7M	$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	86,742.6	−0.057%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,743.7	−0.056%	$150.1M	$471.7M	150x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,780.1	−0.014%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,779.1	−0.015%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.176%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,752.9	−0.045%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,770.6	−0.025%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,794.7	+0.003%	$9.44B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,761.9	−0.035%	$9.2M	$41.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,780	−0.014%	$5.86B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,775	−0.020%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0086%	8h	86,792	0.000%	$2.56B	$12.75B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,810.5	+0.021%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,801.7	+0.011%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,752	−0.046%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,738	−0.062%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,804	+0.014%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,744.1	−0.055%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,842	+0.057%	$3.83B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,785.4	−0.008%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,756	−0.042%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,819.7	+0.032%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,792.1	long leg	$573.3M	$22.0M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,748.4	−0.050%	$38.1M	$148.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.044%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,763.7	−0.033%	$280.3M	$952.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	−0.041%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	−0.015%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.043%	$30.8M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,813	+0.024%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,752	−0.046%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,751	−0.047%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,768.2	−0.028%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,776.1	−0.018%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,757.8	−0.040%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,752.7	−0.045%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.047%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,747.8	−0.051%	$2.30B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,757.2	−0.040%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,776.2	−0.018%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,781.5	−0.012%	$188.0M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796.3	+0.005%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0151%	8h	86,793	+0.001%	$9.7M	$727.1M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,740.2	−0.060%	$415.7M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,766.5	−0.030%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,801.3	+0.011%	$710K	$7.4M	30x	as long as short