Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h −0.042%

Price spread now: Aster against Deribit−0.114%55s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$150.153% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.114%, 7d avg −0.048%

Together, before fees+0.049%+ Points / potential airdropAster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aster is 0.066% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.048%). Swap the legs. The two prices were read 55 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	Deribit BTC-PERPETUAL	86,350.1	0.0153	pay 0.0019% / 1h	19m 23s	$902.2M	$1.51B	50x
Short	Aster BTCUSDT	86,251.6	0.0030	get 0.0030% / 8h	7h 19m	$500.2M	$1.13B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$25.93
Price spread: −0.114% → −0.048%: −$6.57
Slippage, 4 orders: −$0.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$47.83
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Aster: 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 Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	4.1 bp −$41	7.9 bp −$793	13.0 bp −$6,509
Sell Aster live order book, 5 min ago	0.01 bp	4.3 bp −$4	4.7 bp −$47	5.4 bp −$544	9.0 bp −$4,490

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-PERP	−0.0139%	1h	86,337.5	−0.015%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.010%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,268	−0.095%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,263.8	−0.100%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,264.1	−0.100%	$480K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,277.5	−0.084%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.009%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,292.5	−0.067%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDTshort	+0.0030%	8h	86,251.6	−0.114%	$500.2M	$1.13B	200x
KuCoin XBTUSDTM	+0.0042%	8h	86,269.6	−0.093%	$830.8M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,268	−0.095%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,253.4	−0.112%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,265.6	−0.098%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,269	−0.094%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,310.7	−0.046%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,305	−0.052%	$60.4M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,271.1	−0.091%	$5.13B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,258.5	−0.106%	$9.40B	$24.27B	150x	as long as short
Gate BTC_USDT	+0.0092%	8h	86,267	−0.096%	$5.77B	$10.57B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,247.2	−0.119%	$170.3M	$988.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,254.6	−0.111%	$23.7M	$151.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,260	−0.104%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,226	−0.144%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,263.7	−0.100%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,260.1	−0.104%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,336.7	−0.015%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,274.9	−0.087%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,267.7	−0.095%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,222.1	−0.148%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,240	−0.127%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,277.4	−0.084%	$7.2M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,289.7	−0.070%	$37.4M	$159.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.090%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	−0.088%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	−0.085%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	−0.077%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,268.7	−0.094%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,309.7	−0.047%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,271	−0.092%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,268.7	−0.094%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.9	−0.160%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,332	−0.021%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,295.9	−0.063%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,275.9	−0.086%	$2.29B	$958.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,312.1	−0.044%	$155.1M	$473.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.071%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,228.3	−0.141%	$46.0M	$222.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,324.9	−0.029%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,341.1	−0.010%	$132.5M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,333.3	−0.019%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUALlong	+0.0153%	1h	86,350.1	long leg	$902.2M	$1.51B	50x
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	−0.031%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,364.3	+0.016%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	−0.081%	$415.0M	$641.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,311	−0.045%	$10.6M	$765.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,310.7	−0.046%	$14.5M	—	200x	as long as short