Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0778%/8h= +85.2% APRpaid last 24h +0.139%

Price spread now: Backpack against Bybit+0.142%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Bybit Short on Backpack

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)−0.234%−$23 · spread now +0.142%, 7d avg +0.051%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Backpack is 0.091% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.051%.

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	Bybit AEROUSDT	0.7102	0.0100	pay 0.0050% / 4h	3h 01m	$23.6M	$19.3M	25x
Short	Backpack AERO_USDC_PERP	0.7112	0.0878	get 0.0110% / 1h	1m 31s	$102K	$249K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.142%Rate

Funding earned: $163.44
Price spread: +0.142% → +0.051%: $9.11
Slippage, 4 orders: −$19.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $132.49
Costs to cover: 0.401%
Break-even: 1.3 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 32 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, 2 min ago	2.10 bp	14.9 bp −$15	38.2 bp −$382	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	0.07 bp	5.7 bp −$6	doesn't fit	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	0.7590	+6.871%	$96K	$43K	25x	as long as short
Injective AERO/USDC PERP	+0.0033%	1h	0.6902	−2.816%	$4	$209K	5.5x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.7110	+0.118%	$43K	$126K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.7107	+0.070%	$27.0M	$25.9M	75x	as long as short
Bybit AEROUSDTlong	+0.0100%	4h	0.7102	long leg	$23.6M	$19.3M	25x
OKX AERO-USDT-SWAP	+0.0100%	4h	0.7110	+0.113%	$2.4M	$5.7M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.7106	+0.056%	$1.7M	$508K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.7111	+0.127%	$8.6M	$1.5M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.7111	+0.127%	$2.0M	$1.2M	50x	as long as short
Bitget AEROUSDT	+0.0100%	4h	0.7102	0.000%	$4.2M	$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	0.7105	+0.042%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.7126	+0.342%	$2.0M	$1.1M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.7103	+0.011%	$216K	$1.4M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.7106	+0.056%	$48K	—	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.7106	+0.053%	$20K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.7128	+0.366%	$975K	$582K	25x	as long as short
Deribit AERO_USDC-PERPETUAL	+0.0454%	1h	0.7109	+0.099%	$56K	$684	10x	as long as short
RISEx AERO/USDC	+0.0503%	1h	0.7132	+0.427%	$235K	$600K	3x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0515% / S −0.0247%	1h	0.7102	−0.007%	$91K	—	100x	as long as short
Backpack AERO_USDC_PERPshort	+0.0878%	1h	0.7112	+0.142%	$102K	$249K	15x
01 Exchange AEROUSD	+0.0880%	1h	0.7113	+0.149%	$193	$101	3x	as long as short
Hyperliquid AERO	+0.1256%	1h	0.7118	+0.225%	$23.4M	$6.1M	3x	as long as short
Lighter AERO	+0.1672%	1h	0.7129	+0.375%	$1.3M	$411K	3x	as long as short