Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0644%/8h= −70.5% APRpaid last 24h −0.139%

Price spread now: Bybit against Backpack−0.150%45s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as 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−$390.386% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 4 days (all we have)+0.242%+$24 · spread now −0.150%, 7d avg −0.051%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.099% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.051%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.341% in total (about -17.8% 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 AERO_USDC_PERP	0.6919	0.0744	pay 0.0093% / 1h	50m 28s	$96K	$262K	15x
Short	Bybit AEROUSDT	0.6909	0.0100	get 0.0050% / 4h	3h 50m	$22.6M	$17.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$135.19
Price spread: −0.150% → −0.051%: −$9.92
Slippage, 4 orders: −$17.61
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$183.72
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Backpack: live order book, 48 min ago; Bybit: live order book, 3 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, 48 min ago	0.07 bp	5.5 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.72 bp	12.5 bp −$12	35.7 bp −$357	doesn't fit	doesn't fit

AERO on 23 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 AERO-PERP-INTX	−0.0280%	1h	0.6928	+0.124%	$88K	$39K	25x	as long as short
Injective AERO/USDC PERP	+0.0033%	1h	0.6902	−0.251%	$4	$209K	5.5x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6908	−0.165%	$42K	$127K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6913	−0.092%	$26.0M	$25.0M	75x	as long as short
Bybit AEROUSDTshort	+0.0100%	4h	0.6909	−0.150%	$22.6M	$17.9M	25x
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6915	−0.064%	$2.3M	$5.8M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.6909	−0.150%	$1.6M	$463K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.6918	−0.020%	$8.5M	$1.4M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6918	−0.020%	$2.0M	$1.1M	50x	as long as short
Bitget AEROUSDT	+0.0100%	4h	0.6912	−0.107%	$4.0M	$1.9M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AERO-USDT	+0.0100%	4h	0.6913	−0.092%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.6911	−0.116%	$2.0M	$1.2M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6916	−0.056%	$208K	$1.4M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6907	−0.180%	$46K	—	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6911	−0.119%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6903	−0.237%	$943K	$577K	25x	as long as short
RISEx AERO/USDC	+0.0503%	1h	0.6916	−0.042%	$209K	$552K	3x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0519% / S −0.0255%	1h	0.6911	−0.123%	$90K	—	100x	as long as short
01 Exchange AEROUSD	+0.0600%	1h	0.6931	+0.172%	$188	$101	3x	as long as short
Deribit AERO_USDC-PERPETUAL	+0.0618%	1h	0.6916	−0.049%	$55K	$11K	10x	as long as short
Backpack AERO_USDC_PERPlong	+0.0744%	1h	0.6919	long leg	$96K	$262K	15x
Hyperliquid AERO	+0.0819%	1h	0.6926	+0.095%	$22.8M	$5.4M	3x	as long as short
Lighter AERO	+0.1376%	1h	0.6930	+0.153%	$1.3M	$386K	3x	as long as short