Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0559%/8h= +61.2% APRpaid last 24h +0.141%

Price spread now: Backpack against Aster+0.130%7-day average −0.001% · 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−$142as in the Price arb table

costs, in and out, $10k−$1551.553% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.145%+$14 on $10k

Price spread, last 4 days (all we have)−0.329%−$33 · spread now +0.130%, 7d avg −0.001%

Together, before fees−0.184%+ Points / potential airdropAster: Stage 5 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.131% dearer against Aster than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.001%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.145% in total (about 9.8% 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	Aster SUSDT	0.03995	0.0100	pay 0.0050% / 4h	2h 52m	$44K	$137K	10x
Short	Backpack S_USDC_PERP	0.04000	0.0659	get 0.0082% / 1h	52m 46s	$116K	$331K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.130%Rate

Funding earned: $117.39
Price spread: +0.130% → −0.001%: $13.08
Slippage, 4 orders: −$137.35
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$24.88
Costs to cover: 1.553%
Break-even: 8.5 days

Slippage from Aster: live order book, 13 min ago; Backpack: live order book, 16 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, 13 min ago	13.78 bp	69.5 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	12.45 bp	26.9 bp −$27	doesn't fit	doesn't fit	doesn't fit

S on 25 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
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.222%	$49K	$5K	25x	as long as short
01 Exchange SUSD	−0.1368%	1h	0.03840	−3.875%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1271%	1h	0.03988	−0.176%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−1.187%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03989	−0.153%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03986	−0.210%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03991	−0.089%	$615	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.634%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.03991	−0.095%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.03999	+0.105%	$164K	$165K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03998	+0.093%	$1.0M	$609K	5x	as long as short
Aster SUSDTlong	+0.0100%	4h	0.03995	long leg	$44K	$137K	10x
Binance SUSDT	+0.0100%	4h	0.03995	0.000%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03993	−0.045%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03998	+0.080%	$973K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03989	−0.145%	$329K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03999	+0.105%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03997	+0.055%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03998	+0.080%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03997	+0.055%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−0.370%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03993	−0.045%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	−0.345%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0659%	1h	0.04000	+0.130%	$116K	$331K	5x
Deribit S_USDC-PERPETUAL	+0.1002%	1h	0.03999	+0.105%	$67K	$10K	10x	as long as short