Funding arb · Price arb /

PIPPIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.036%

Price spread now: Aster against Bybit+0.085%7-day average −0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on Bybit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.098%+$10 on $10k

Price spread, last 4 days (all we have)−0.395%−$39 · spread now +0.085%, 7d avg −0.157%

Together, before fees−0.297%+ Points / potential airdropAster: Stage 5 · farm board−$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.242% dearer against Bybit than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.157%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PIPPINUSDT	0.01901	0.0100	pay 0.0050% / 4h	2h 53m	$3.7M	$1.4M	13x
Short	Aster PIPPINUSDT	0.01903	0.0100	get 0.0050% / 4h	2h 53m	$111K	$33K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bybit. 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 BybitbpFee AsterbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → −0.157%: $24.18
Slippage, 4 orders: −$61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aster: 4 bp × 2 orders: −$8
Net: −$55.82
Costs to cover: 0.800%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Aster: live order book, 12 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 Bybit live order book, 4 min ago	2.63 bp	21.9 bp −$22	219.5 bp −$2,195	doesn't fit	doesn't fit
Sell Aster live order book, 12 min ago	7.81 bp	15.6 bp −$16	doesn't fit	doesn't fit	doesn't fit

PIPPIN on 13 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
BloFin PIPPIN-USDT	+0.0052%	4h	0.01893	−0.421%	$253K	$29K	25x	as long as short
Aster PIPPINUSDTshort	+0.0100%	4h	0.01903	+0.085%	$111K	$33K	5x
Pacifica PIPPIN	+0.0100%	1h	0.01900	−0.079%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01900	−0.053%	$5.4M	$4.7M	25x	as long as short
Bybit PIPPINUSDTlong	+0.0100%	4h	0.01901	long leg	$3.7M	$1.4M	13x
OKX PIPPIN-USDT-SWAP	+0.0100%	4h	0.01902	+0.053%	$1.5M	$3.2M	20x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01898	−0.158%	$2.4M	$739K	50x	as long as short
SunX PIPPIN-USDT	+0.0100%	4h	0.01894	−0.368%	$1K	$10.0M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01892	−0.473%	$34K	$15K	20x	as long as short
Gate PIPPIN_USDT	+0.0498%	4h	0.01896	−0.263%	$1.8M	$300K	20x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PIPPINUSDTM	+0.1650%	4h	0.01896	−0.263%	$2.1M	$4.3M	25x	as long as short
BingX PIPPIN-USDT	+0.2000%	4h	0.01903	+0.105%	—	$1.3M	—	as long as short
Bitget PIPPINUSDT	+0.2024%	4h	0.01896	−0.263%	$1.6M	$332K	10x	as long as short