Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0257%/8h= −28.1% APRpaid last 24h −0.066%

Price spread now: Aster against Kraken Futures−0.166%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1031.031% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now −0.166%, 7d avg −0.051%

Together, before fees+0.081%+ Points / potential airdropAster: Stage 5 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.116% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.014% in total (about 0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1282	0.0357	pay 0.0045% / 1h	29m 18s	$804K	$748K	20x
Short	Aster OPUSDT	0.1280	0.0100	get 0.0100% / 8h	29m 18s	$214K	$241K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$53.87
Price spread: −0.166% → −0.051%: −$11.58
Slippage, 4 orders: −$85.11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$168.57
Costs to cover: 1.031%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 49 min ago; Aster: live order book, 47 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 Kraken Futures live order book, 49 min ago	8.20 bp	33.6 bp −$34	121.0 bp −$1,210	doesn't fit	doesn't fit
Sell Aster live order book, 47 min ago	8.20 bp	15.5 bp −$15	doesn't fit	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1633%	1h	0.1272	−0.784%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1280	−0.135%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.472%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1279	−0.201%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1281	−0.082%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.138%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1281	−0.082%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0074%	8h	0.1279	−0.277%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1280	−0.129%	$285K	$928K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	−0.067%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDTshort	+0.0100%	8h	0.1280	−0.166%	$214K	$241K	10x
Binance OPUSDT	+0.0100%	8h	0.1281	−0.115%	$20.7M	$61.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1280	−0.160%	$18.6M	$25.7M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1281	−0.106%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	−0.184%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	−0.168%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1280	−0.160%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1282	−0.004%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1279	−0.207%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.254%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.269%	$10K	$384K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.266%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	−0.238%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1281	−0.067%	$193	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1279	−0.215%	$177K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1281	−0.114%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1281	−0.058%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	−0.207%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0357%	1h	0.1282	long leg	$804K	$748K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1280	−0.185%	$712	—	20x	as long as short