Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.014%

Price spread now: Aster against Lighter RH−0.041%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$100.096% of the position

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.041%, 7d avg −0.009%

Together, before fees−0.015%+ Points / potential airdropLighter RH: Points live · 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 0.032% cheaper against Lighter RH than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,753.2	0.0096	pay 0.0012% / 1h	29m 37s	$23.4M	$146.7M	50x
Short	Aster BTCUSDT	85,718.1	0.0034	get 0.0034% / 8h	6h 29m	$509.5M	$1.14B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$13.05
Price spread: −0.041% → −0.009%: −$3.19
Slippage, 4 orders: −$1.58
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$25.82
Costs to cover: 0.096%
Break-even: never at this rate

Slippage from Lighter RH: 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 RH live order book, 5 min ago	0.41 bp	1.1 bp −$1	1.2 bp −$12	3.5 bp −$351	26.3 bp −$13.1K
Sell Aster live order book, 5 min ago	0.01 bp	4.0 bp −$4	4.0 bp −$40	5.5 bp −$548	9.5 bp −$4,732

BTC on 55 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	−0.131%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	−0.075%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,734.8	−0.021%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,668.8	−0.098%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,754	+0.001%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,710.9	−0.049%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.073%	$340K	$26.9M	52x	as long as short
Aster BTCUSDTshort	+0.0034%	8h	85,718.1	−0.041%	$509.5M	$1.14B	200x
KuCoin XBTUSDTM	+0.0035%	8h	85,722.9	−0.035%	$903.5M	$755.0M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,755.2	+0.002%	$8.2M	$42.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,738	−0.018%	—	$1.58B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.113%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,695.5	−0.067%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,700	−0.062%	$2.27B	$952.7M	200x	as long as short
Nado BTC-PERP	+0.0064%	1h	85,654.8	−0.115%	$22.7M	$228.2M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,732.7	−0.024%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,740.4	−0.015%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,713.7	−0.046%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,746.1	−0.008%	$9.33B	$24.39B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,745.8	−0.009%	$170.0M	$988.1M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,753.2	long leg	$23.4M	$146.7M	50x
Popdex BTCUSDT	+0.0096%	1h	85,746	−0.008%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,743	−0.012%	$5.61B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,707	−0.054%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,720.9	−0.038%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,811	+0.067%	$3.77B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,768.2	+0.017%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,752.5	−0.001%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,744.3	−0.010%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,749	−0.005%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.8	−0.044%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,731.9	−0.025%	$35.3M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.132%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.141%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.202%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,647.7	−0.123%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.3	−0.021%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,696	−0.067%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,704	−0.057%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,718.4	−0.041%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,755.8	+0.003%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,714.5	−0.045%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	−0.110%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,727	−0.031%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,732	−0.025%	$153.2M	$480.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.193%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,709.6	−0.051%	$43.9M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,667.7	−0.100%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,767.2	+0.016%	$131.1M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,697.9	−0.065%	$698K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,754.5	+0.002%	$188.9M	$965.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,662.2	−0.106%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,703.9	−0.058%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,705	−0.056%	$10.1M	$770.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0221%	1h	85,772.9	+0.023%	$894.4M	$1.53B	50x	as long as short