Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.015%

Price spread now: Bullet against Aster+0.004%7-day average +0.006% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Aster Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.004%, 7d avg +0.006%

Together, before fees+0.021%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,460.9	0.0012	pay 0.0012% / 8h	4h 21m	$515.2M	$1.10B	200x
Short	Bullet BTC-USD	85,464	0.0100	get 0.0013% / 1h	21m 02s	$190K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.004%Rate

Funding earned: $18.39
Price spread: +0.004% → +0.006%: −$0.22
Slippage, 4 orders: −$1.21
Fee Aster: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: $0.97
Costs to cover: 0.172%
Break-even: 6.6 days

Slippage from Aster: live order book, 3 min ago; Bullet: 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 Aster live order book, 3 min ago	0.01 bp	4.2 bp −$4	4.3 bp −$43	5.3 bp −$533	7.7 bp −$3,863
Sell Bullet live order book, 3 min ago	0.29 bp	4.5 bp −$5	7.5 bp −$75	doesn't fit	doesn't fit

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	−0.0179%	1h	85,530	+0.081%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,528	+0.079%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,460	−0.001%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,466.9	+0.007%	$416.3M	$667.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,447.5	−0.016%	$918.2M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,475.8	+0.017%	$36.5M	—	200x	as long as short
Aster BTCUSDTlong	+0.0012%	8h	85,460.9	long leg	$515.2M	$1.10B	200x
dYdX BTC-USD	+0.0014%	1h	85,497.7	+0.043%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,448.2	−0.015%	$4.4M	$98.0M	40x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,472	+0.013%	$25.4M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,445.1	−0.018%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,466.8	+0.007%	$147.6M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,463.6	+0.003%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,459.3	−0.002%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,477.6	+0.020%	$172.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,474.6	+0.016%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,464	+0.004%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,461.3	0.000%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,468.5	+0.009%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,459	−0.002%	$9.36B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,436	−0.029%	$209K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,539	+0.091%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,547	+0.101%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,504.9	+0.051%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,460.6	0.000%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,476	+0.018%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	+0.015%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.064%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,468.8	+0.009%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454	−0.008%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.006%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.050%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.061%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.071%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512.1	+0.060%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,528	+0.079%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.001%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,464	+0.004%	$190K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.4	+0.004%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,504.7	+0.051%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,454	−0.008%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,438.9	−0.026%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,470	+0.011%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	+0.016%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,438.3	−0.026%	$44.5M	$230.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,479.5	+0.022%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,500.1	+0.046%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,515	+0.063%	$884.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.016%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,481.9	+0.025%	$187.6M	$955.1M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,482.9	+0.026%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,473.1	+0.014%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0206%	1h	85,532.2	+0.083%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,549.5	+0.104%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,495	+0.040%	$10.3M	$756.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,515.6	+0.064%	$500K	$18.8M	6.7x	as long as short