Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h +0.023%

Price spread now: Derive against Aster+0.026%407s7-day average −0.002% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.242%−$24 · spread now +0.026%, 7d avg −0.002%

Together, before fees−0.242%+ Points / potential airdropAster: Stage 5 · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Derive is 0.029% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.002%. The two prices were read 407 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,465.8	0.0028	pay 0.0028% / 8h	7h 50m	$502.4M	$1.08B	200x
Short	Derive BTC-PERP	85,488.3	0.0170	get 0.0021% / 1h	50m 36s	$28.8M	$49.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now +0.026%Rate

Funding earned: $29.92
Price spread: +0.026% → −0.002%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: $18.8
Costs to cover: 0.140%
Break-even: 2.6 days

Slippage unknown: Aster: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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	4.0 bp −$4	4.0 bp −$40	4.4 bp −$444	6.8 bp −$3,382
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff BTC-PERP	−0.0080%	1h	85,451	−0.017%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,469.9	+0.005%	$423.6M	$682.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,448	−0.021%	$307K	$23.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,468	+0.003%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,493.9	+0.033%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	85,470.7	+0.006%	$930.8M	$776.4M	125x	as long as short
Aster BTCUSDTlong	+0.0028%	8h	85,465.8	long leg	$502.4M	$1.08B	200x
dYdX BTC-USD	+0.0031%	1h	85,475.8	+0.012%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,494.8	+0.034%	$186.3M	$949.7M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,461	−0.006%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0080%	8h	85,459	−0.008%	—	$1.58B	—	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	85,518.3	+0.061%	$830.6M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,486.3	+0.024%	$170.4M	$940.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,484.6	+0.022%	$23.6M	$133.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,458	−0.009%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,476.2	+0.012%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,434	−0.037%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,505.8	+0.047%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,452.1	−0.016%	$24.1M	$220.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,497.1	+0.037%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,459.7	−0.007%	$9.41B	$25.13B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452.9	−0.015%	$5.09B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,454.4	−0.013%	$2.61B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,475	+0.011%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,471.5	+0.007%	$4.6M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.098%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,467.2	+0.002%	$5.50B	$9.85B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,466.8	+0.001%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,460.2	−0.007%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,475.4	+0.011%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	0.000%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.058%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	−0.020%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	−0.019%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	+0.007%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,540.3	+0.087%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,308	−0.185%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489	+0.027%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,480.9	+0.018%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,530.5	+0.076%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,381	−0.099%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,479	+0.015%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,479.6	+0.016%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,472.6	+0.008%	$160.5M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,430.7	−0.041%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,404.8	−0.071%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530	+0.075%	$111.5M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,473.1	+0.009%	$6.6M	$140.0M	40x	as long as short
Derive BTC-PERPshort	+0.0170%	1h	85,488.3	+0.026%	$28.8M	$49.6M	15x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,488.6	+0.027%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0185%	8h	85,492	+0.031%	$10.6M	$740.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,480.5	+0.017%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0253%	1h	85,554	+0.103%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0294%	1h	85,421.9	−0.051%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,493	+0.032%	$685K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,492.7	+0.031%	$468K	$18.4M	6.7x	as long as short