Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0349%/8h= +38.2% APRpaid last 24h +0.123%

Price spread now: Backpack against Gate+0.126%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.340%+$34 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.126%, 7d avg +0.078%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.048% dearer against Gate than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate AERO_USDT	0.6842	0.0100	pay 0.0050% / 4h	2h 16m	$1.6M	$475K	75x
Short	Backpack AERO_USDC_PERP	0.6851	0.0449	get 0.0056% / 1h	16m 13s	$93K	$260K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.126%Rate

Funding earned: $73.34
Price spread: +0.126% → +0.078%: $4.8
Slippage, 4 orders: −$46.82
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $6.32
Costs to cover: 0.718%
Break-even: 6.4 days

Slippage from Gate: live order book, 1 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 Gate live order book, 1 min ago	3.66 bp	32.3 bp −$32	198.2 bp −$1,982	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	0.07 bp	8.0 bp −$8	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
Injective AERO/USDC PERP	+0.0033%	1h	0.6902	+0.877%	$4	$209K	5.5x	as long as short
Deribit AERO_USDC-PERPETUAL	+0.0042%	1h	0.6846	+0.058%	$54K	$11K	10x	as long as short
Hyperliquid AERO	+0.0100%	1h	0.6848	+0.095%	$22.6M	$5.3M	3x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6842	+0.006%	$41K	$124K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6845	+0.044%	$25.8M	$25.1M	75x	as long as short
Bybit AEROUSDT	+0.0100%	4h	0.6843	+0.015%	$22.3M	$18.2M	25x	as long as short
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6850	+0.117%	$2.3M	$5.9M	20x	as long as short
Gate AERO_USDTlong	+0.0100%	4h	0.6842	long leg	$1.6M	$475K	75x
MEXC AERO_USDT	+0.0100%	4h	0.6846	+0.058%	$8.4M	$1.6M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6852	+0.146%	$2.0M	$1.1M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget AEROUSDT	+0.0100%	4h	0.6844	+0.029%	$4.0M	$1.8M	75x	as long as short
BingX AERO-USDT	+0.0100%	4h	0.6845	+0.044%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.6820	−0.324%	$1.9M	$1.2M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6843	+0.017%	$201K	$1.4M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6845	+0.044%	$46K	—	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6847	+0.068%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6842	0.000%	$924K	$595K	25x	as long as short
01 Exchange AEROUSD	+0.0360%	1h	0.6853	+0.164%	$186	$101	3x	as long as short
RISEx AERO/USDC	+0.0382%	1h	0.6846	+0.065%	$199K	$490K	3x	as long as short
Backpack AERO_USDC_PERPshort	+0.0449%	1h	0.6851	+0.126%	$93K	$260K	15x
Lighter AERO	+0.0464%	1h	0.6856	+0.209%	$1.3M	$507K	3x	as long as short
GMX AERO/USD [ETH-USDC]	L +0.0505% / S −0.0246%	1h	0.6844	+0.024%	$88K	—	100x	as long as short
Coinbase International AERO-PERP-INTX	+0.1984%	1h	0.6854	+0.175%	$89K	$35K	25x	as long as short