Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.044%

Price spread now: Hotstuff against Aster−0.142%52s7-day average — · you buy dearer than you sell

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

Long on Aster Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hotstuff is 0.142% cheaper against Aster than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	86,776.6	0.0009	pay 0.0009% / 8h	2h 24m	$506.8M	$1.16B	200x
Short	Hotstuff BTC-PERP	86,653	−0.0080	pay 0.0010% / 1h	24m 40s	$9K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$18.72
Price spread: −0.142% → 0.000%: −$14.24
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$45.97
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 5 min ago; Hotstuff: 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, 5 min ago	0.01 bp	4.0 bp −$4	4.1 bp −$41	4.8 bp −$480	6.5 bp −$3,259
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Aftermath Perps BTCUSD	−0.0236%	1h	86,676.1	−0.116%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,781	+0.005%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.223%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	86,653	−0.142%	$9K	$3K	50x
dYdX BTC-USD	−0.0071%	1h	86,784.5	+0.009%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,779.3	+0.003%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,784.5	+0.009%	$935.1M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,792.6	+0.018%	$849.4M	$706.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,774.4	−0.003%	$36.9M	—	200x	as long as short
Aster BTCUSDTlong	+0.0009%	8h	86,776.6	long leg	$506.8M	$1.16B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,751.1	−0.029%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,754	−0.026%	$150.3M	$471.5M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,791.7	+0.017%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,792.6	+0.018%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.159%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0056%	8h	86,792	+0.018%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,752.4	−0.028%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,797.2	+0.024%	$9.45B	$24.33B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.7	−0.016%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,796.8	+0.023%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0079%	8h	86,800	+0.027%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,793.2	+0.019%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,806.9	+0.035%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,812.2	+0.041%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,752	−0.028%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.057%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,741	−0.041%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,838	+0.071%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,742	−0.040%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,872	+0.110%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,822.1	+0.052%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,791	+0.017%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,861.5	+0.098%	$7.6M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.229%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,766.3	−0.012%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.141%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.115%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.103%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.054%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,801.6	+0.029%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,754	−0.026%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,754	−0.026%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,773.3	−0.004%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,780.3	+0.004%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,763.3	−0.015%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,753.1	−0.027%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.030%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,750	−0.031%	$2.30B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,786.1	+0.011%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,775	−0.002%	—	$98.6M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,791.2	+0.017%	$188.4M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,804.3	+0.032%	$132.1M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,788	+0.013%	$9.6M	$726.0M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.029%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,770.5	−0.007%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,778.9	+0.003%	$617K	$7.1M	30x	as long as short