Funding arb · Price arb /

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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: Aster against Backpack−0.136%7-day average +0.001% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

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

Long on Backpack Short on Aster

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)+0.334%+$33 · spread now −0.136%, 7d avg +0.001%

Together, before fees+0.190%+ Points / potential airdropAster: Stage 5 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Aster is 0.136% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

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	Backpack S_USDC_PERP	0.04000	0.0659	pay 0.0082% / 1h	52m 58s	$116K	$331K	5x
Short	Aster SUSDT	0.03995	0.0100	get 0.0050% / 4h	2h 52m	$44K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$117.39
Price spread: −0.136% → +0.001%: −$13.62
Slippage, 4 orders: −$137.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$286.35
Costs to cover: 1.553%
Break-even: never at this rate

Slippage from Backpack: live order book, 15 min ago; Aster: live order book, 13 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 Backpack live order book, 15 min ago	12.45 bp	24.7 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 13 min ago	13.78 bp	34.2 bp −$34	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	−1.350%	$49K	$5K	25x	as long as short
01 Exchange SUSD	−0.1368%	1h	0.03840	−4.000%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1271%	1h	0.03988	−0.306%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−1.315%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03989	−0.283%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03986	−0.340%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03991	−0.219%	$615	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.500%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.03991	−0.225%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.03995	−0.125%	$164K	$164K	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	0.03999	−0.028%	$1.0M	$609K	5x	as long as short
Aster SUSDTshort	+0.0100%	4h	0.03995	−0.136%	$44K	$137K	10x
Binance SUSDT	+0.0100%	4h	0.03997	−0.072%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03991	−0.225%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03994	−0.150%	$973K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03989	−0.275%	$329K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03995	−0.125%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03995	−0.125%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03995	−0.125%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03993	−0.175%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−0.500%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03993	−0.175%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	−0.475%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0659%	1h	0.04000	long leg	$116K	$331K	5x
Deribit S_USDC-PERPETUAL	+0.1002%	1h	0.03999	−0.025%	$67K	$10K	10x	as long as short