Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.011%

Price spread now: Bulk against Aster−0.090%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−$25as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Aster Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.095%+$10 · spread now −0.090%, 7d avg −0.001%

Together, before fees+0.116%+ Points / potential airdropAster: Stage 5 · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.090% cheaper against Aster than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of −0.001%). If the spread goes back, that is −$9 on $10k: about 4.4 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.020% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,223.6	0.0032	pay 0.0032% / 8h	7h 10m	$499.8M	$1.13B	200x
Short	Bulk BTC-USD	86,145.7	0.0100	get 0.0013% / 1h	10m 16s	$580.3M	$59.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.090%Rate

Funding earned: $14.24
Price spread: −0.090% → −0.001%: −$8.96
Slippage, 4 orders: −$1.1
Fee Aster: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$10.82
Costs to cover: 0.161%
Break-even: 12.3 days

Slippage from Aster: live order book, 4 min ago; Bulk: live order book, 4 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, 4 min ago	0.01 bp	4.7 bp −$5	5.0 bp −$50	5.2 bp −$520	8.6 bp −$4,279
Sell Bulk live order book, 4 min ago	0.13 bp	3.6 bp −$4	3.6 bp −$36	4.6 bp −$464	6.0 bp −$2,997

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,372	+0.172%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,248	+0.028%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,223.8	0.000%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	+0.008%	$569K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,234	+0.012%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0021%	1h	86,240.5	+0.020%	$144K	$666K	40x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.164%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,264.4	+0.047%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDTlong	+0.0032%	8h	86,223.6	long leg	$499.8M	$1.13B	200x
KuCoin XBTUSDTM	+0.0045%	8h	86,219.9	−0.004%	$829.9M	$714.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,211.1	−0.015%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,210	−0.016%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,237.4	+0.016%	$8.2M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,160.6	−0.073%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0076%	1h	86,161	−0.073%	$60.4M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,187.9	−0.041%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,213.3	−0.012%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,212.7	−0.013%	$9.39B	$24.19B	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	86,143.5	−0.093%	$2.29B	$957.6M	200x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,220.2	−0.004%	$5.76B	$10.63B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,181.1	−0.049%	$170.1M	$993.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,285.7	+0.072%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,233	+0.011%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,196	−0.032%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,300.1	+0.089%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,268.6	+0.052%	$22.1M	$225.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,278	+0.063%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,299.6	+0.088%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,222.4	−0.001%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,223.4	0.000%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,229	+0.006%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,245	+0.025%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,145.7	−0.090%	$580.3M	$59.0M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,209.1	−0.017%	$35.6M	$161.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.021%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.036%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.049%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.077%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.7	−0.022%	$30.6M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,263.6	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,214	−0.011%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,218.8	−0.006%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.8	−0.014%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,222.5	−0.001%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,189.1	−0.040%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,177.3	−0.054%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,180.4	−0.050%	$46.0M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,234.7	+0.013%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,207.6	−0.019%	$132.2M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,187.7	−0.042%	$191.4M	$949.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	+0.006%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,280.7	+0.066%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	−0.016%	$415.5M	$641.1M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0205%	1h	86,251.3	+0.032%	$902.6M	$1.51B	50x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,253	+0.034%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,230.2	+0.008%	$14.5M	—	200x	as long as short