Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h −0.027%

Price spread now: Injective against Aster+0.185%97s7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as 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−$690.693% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)−0.314%−$31 · spread now +0.185%, 7d avg +0.051%

Together, before fees−0.121%+ Points / potential airdropAster: Stage 5 · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.135% dearer against Aster than usual: you sell high and buy low (spread +0.185% now, against its 7-day average of +0.051%): +$13 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.193%, so the current rate has only just turned against you. The two prices were read 97 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	Aster ETHUSDT	2,776.8	0.0038	pay 0.0038% / 8h	37m 41s	$257.0M	$1.00B	200x
Short	Injective ETH/USDC PERP	2,781.9	−0.0088	pay 0.0011% / 1h	37m 41s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Aster. 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 AsterbpFee InjectivebpOrdersPrice spread, now +0.185%Rate

Funding earned: −$26.43
Price spread: +0.185% → +0.051%: $13.5
Slippage, 4 orders: −$61.23
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$82.19
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from Aster: live order book, 1 min ago; Injective: 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 Aster live order book, 1 min ago	0.02 bp	4.0 bp −$4	4.1 bp −$41	5.3 bp −$530	11.7 bp −$5,838
Sell Injective live order book, 1 min ago	14.20 bp	46.4 bp −$46	47.5 bp −$475	47.6 bp −$4,764	doesn't fit

ETH 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
Perpl ETH	−0.0447%	43m	2,777.7	+0.035%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,777.2	+0.016%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPshort	−0.0088%	1h	2,781.9	+0.185%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,777.2	+0.016%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0075%	1h	2,779.6	+0.103%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,777.7	+0.034%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.5	+0.026%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,780.9	+0.149%	$880K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0005%	1h	2,780.6	+0.139%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.048%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,776.9	+0.004%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,776.6	−0.006%	$1.70B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,778.1	+0.048%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0028%	8h	2,777.7	+0.035%	$270.8M	$68.9M	150x	as long as short
Aster ETHUSDTlong	+0.0038%	8h	2,776.8	long leg	$257.0M	$1.00B	200x
Bullet ETH-USD	+0.0052%	1h	2,777.6	+0.030%	$183K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,777.6	+0.031%	$55.3M	$229.1M	40x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.3	−0.052%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,776.8	+0.002%	$6.46B	$17.31B	150x	as long as short
MEXC ETH_USDT	+0.0067%	8h	2,777.1	+0.013%	$1.60B	$2.64B	500x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,777	+0.009%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,776.8	0.000%	$3.30B	$9.63B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0081%	1h	2,779	+0.080%	$259.0M	$223.1M	50x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,776.9	+0.005%	$422.2M	$740.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,778.9	+0.078%	$60.1M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,776.9	+0.004%	$2.51B	$4.64B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,777.5	+0.027%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,778.4	+0.059%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,777.4	+0.024%	$116.0M	$497.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.6	+0.066%	$25.4M	$121.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.5	+0.027%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.4	−0.012%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777	+0.009%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,778.4	+0.059%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.9	+0.077%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	+0.015%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.5	−0.009%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.4	+0.061%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.041%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.4	+0.059%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,780.2	+0.124%	$147.6M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	0.000%	$182.3M	$783.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.2	+0.126%	$161.6M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.7	+0.070%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.9	+0.077%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.7	+0.070%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.9	+0.112%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.5	−0.011%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.7	−0.002%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,778.4	+0.059%	$8.3M	$684.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,779	+0.082%	$86.6M	$333.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,780.1	+0.121%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0187%	8h	2,776	−0.029%	$286.4M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,778	+0.044%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,778.3	+0.057%	$253K	$1.6M	20x	as long as short