Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.035%

Price spread now: Aster against Hyperliquid−0.083%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.083%, 7d avg −0.040%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$1 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 0.043% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,840	0.0100	pay 0.0013% / 1h	52m 09s	$3.76B	$5.02B	40x
Short	Aster BTCUSDT	85,768.5	0.0028	get 0.0028% / 8h	6h 52m	$497.6M	$1.13B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$15.06
Price spread: −0.083% → −0.040%: −$4.34
Slippage, 4 orders: −$0.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$36.53
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Aster: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.5 bp −$2,771
Sell Aster live order book, 2 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	−0.232%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,822	−0.021%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,813.4	−0.031%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0038%	1h	85,878.6	+0.045%	$140.4M	$320.6M	100x	as long as short
BloFin BTC-USDT	−0.0001%	8h	85,768.6	−0.083%	$415.3M	$656.7M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,830	−0.012%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,813.3	−0.031%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.4	−0.061%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.035%	$341K	$26.9M	52x	as long as short
Aster BTCUSDTshort	+0.0028%	8h	85,768.5	−0.083%	$497.6M	$1.13B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0043%	8h	85,756.5	−0.097%	$2.28B	$967.2M	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,756.3	−0.098%	$890.6M	$755.9M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,822.1	−0.021%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,784.6	−0.065%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,777.3	−0.073%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,777.6	−0.073%	$2.94B	$5.12B	150x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,789.1	−0.059%	$22.5M	$228.5M	50x	as long as short
MEXC BTC_USDT	+0.0079%	8h	85,795.5	−0.052%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0080%	8h	85,788.2	−0.060%	$9.33B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,763.7	−0.089%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0084%	8h	85,802.7	−0.043%	$5.66B	$10.34B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,810.4	−0.035%	$896.6M	$1.53B	50x	as long as short
GRVT BTC_USDT_Perp	+0.0092%	8h	85,651.7	−0.219%	$215.0M	$162.3M	50x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,771	−0.080%	$60.0M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,784.6	−0.065%	$170.7M	$975.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,789.6	−0.059%	$23.3M	$145.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,826	−0.016%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,797	−0.050%	$203K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,820.1	−0.023%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,840	long leg	$3.76B	$5.02B	40x
Pacifica BTC	+0.0100%	1h	85,821.6	−0.021%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,821.6	−0.021%	$5.25B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,823.3	−0.019%	$2.54B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	−0.036%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,806.8	−0.039%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.056%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,790.6	−0.058%	$35.1M	$162.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,711.3	−0.150%	$155.5M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,859.5	+0.023%	$277.9M	$937.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.7	−0.126%	$30.3M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,837.6	−0.003%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,803	−0.043%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,787	−0.062%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,770.5	−0.081%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,806.8	−0.039%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,780	−0.070%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,721.2	−0.138%	$3.1M	$6.2M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,783	−0.066%	$153.7M	$476.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,743.3	−0.113%	$45.0M	$225.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,833.8	−0.007%	—	$101.5M	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	85,798.7	−0.048%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,805.3	−0.040%	$189.5M	$968.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0156%	1h	85,825.5	−0.017%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,828	−0.014%	$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	−0.061%	$13.8M	—	200x	as long as short