Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.009%

Price spread now: Aster against Lighter+0.011%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$80.083% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.011%, 7d avg −0.009%

Together, before fees−0.074%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.020% dearer against Lighter than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.009%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.056% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BTC	86,478.6	0.0096	pay 0.0012% / 1h	9m 22s	$170.2M	$1.02B	50x
Short	Aster BTCUSDT	86,488.3	0.0008	get 0.0008% / 8h	9m 22s	$501.7M	$1.15B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$18.49
Price spread: +0.011% → −0.009%: $2.03
Slippage, 4 orders: −$0.28
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$24.74
Costs to cover: 0.083%
Break-even: never at this rate

Slippage from Lighter: 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 Lighter live order book, 5 min ago	0.01 bp	0.0 bp $0	0.5 bp −$5	1.1 bp −$114	3.8 bp −$1,880
Sell Aster live order book, 5 min ago	0.01 bp	4.0 bp −$4	4.0 bp −$40	5.1 bp −$515	8.4 bp −$4,211

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	−0.0118%	1h	86,444	−0.040%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,460	−0.022%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.154%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,468.1	−0.012%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,480.4	+0.002%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,474.2	−0.005%	$413K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,499.1	+0.024%	$36.8M	—	200x	as long as short
Aster BTCUSDTshort	+0.0008%	8h	86,488.3	+0.011%	$501.7M	$1.15B	200x
KuCoin XBTUSDTM	+0.0022%	8h	86,465.6	−0.015%	$834.1M	$728.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0036%	1h	86,471.1	−0.009%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0043%	8h	86,472	−0.008%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0055%	8h	86,480.2	+0.002%	$2.97B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,447.4	−0.036%	$150.8M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0062%	1h	86,456.7	−0.025%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,469.6	−0.010%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	86,474.6	−0.005%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,482.3	+0.004%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,477.9	−0.001%	$5.85B	$10.81B	200x	as long as short
Lighter BTClong	+0.0096%	1h	86,478.6	long leg	$170.2M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,487	+0.010%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,453	−0.030%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,484.3	+0.007%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,441	−0.043%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,497.1	+0.021%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,454.3	−0.028%	$21.8M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,532	+0.062%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,494.7	+0.019%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,498.5	+0.023%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,474	−0.005%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,491.8	+0.015%	$7.3M	$96.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,452.4	−0.030%	$38.0M	$156.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.082%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,408.7	−0.081%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,429.2	−0.057%	$217.0M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,423.1	−0.064%	$141.3M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,460.1	−0.021%	$30.7M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,499.5	+0.024%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,465	−0.016%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,481.3	+0.003%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,479.4	+0.001%	$2.5M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,517.8	+0.045%	$141K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,513.7	+0.041%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.8	−0.018%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,446	−0.038%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,458.8	−0.023%	$2.29B	$968.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.030%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,436.1	−0.049%	$45.7M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,468.3	−0.012%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,474.3	−0.005%	$192.9M	$953.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,480.4	+0.002%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0159%	1h	86,475.5	−0.004%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,484.8	+0.007%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,439.9	−0.045%	$415.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0223%	1h	86,489.7	+0.013%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,476	−0.003%	$10.0M	$751.4M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0350%	1h	86,507	+0.033%	$913.2M	$1.49B	50x	as long as short