Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.011%

Price spread now: Injective against Aster−0.127%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now −0.127%, 7d avg +0.017%

Together, before fees−0.089%+ Points / potential airdropAster: Stage 5 · farm board−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.143% cheaper against Aster than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of +0.017%). If the spread goes back, that is −$14 on $10k: about 7.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.023% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,686.5	0.0019	pay 0.0019% / 8h	5h 32m	$516.3M	$1.11B	200x
Short	Injective BTC/USDC PERP	85,578	0.0079	get 0.0010% / 1h	32m 40s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.127%Rate

Funding earned: $12.69
Price spread: −0.127% → +0.017%: −$14.33
Slippage, 4 orders: −$8.57
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$18.23
Costs to cover: 0.166%
Break-even: 17.1 days

Slippage from Aster: live order book, 2 min ago; Injective: live order book, 2 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, 2 min ago	0.47 bp	5.0 bp −$5	5.1 bp −$51	5.9 bp −$588	7.8 bp −$3,887
Sell Injective live order book, 2 min ago	1.87 bp	4.5 bp −$4	16.4 bp −$164	609.9 bp −$61.0K	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	−0.0160%	1h	85,662	−0.029%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,712	+0.030%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,685.6	−0.001%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	+0.010%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.001%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.5	+0.018%	$36.6M	—	200x	as long as short
Bluefin BTC-PERP	+0.0010%	1h	85,726.5	+0.047%	$196K	$722K	40x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,695.9	+0.011%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,684.2	−0.003%	$918.3M	$753.0M	125x	as long as short
Aster BTCUSDTlong	+0.0019%	8h	85,686.5	long leg	$516.3M	$1.11B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,706.4	+0.023%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,699.9	+0.016%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,692.9	+0.008%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,690.8	+0.005%	$2.27B	$935.3M	200x	as long as short
Injective BTC/USDC PERPshort	+0.0079%	1h	85,578	−0.127%	$340K	$26.9M	52x
Phemex BTCUSDT	+0.0080%	8h	85,691.9	+0.006%	$147.9M	$479.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,686.5	0.000%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,675.7	−0.013%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,699	+0.015%	$5.05B	$5.62B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,733.2	+0.055%	$892.7M	$1.52B	50x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,701.3	+0.017%	$9.36B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.4	+0.020%	$170.2M	$989.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,712.1	+0.030%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,704	+0.020%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,738.7	+0.061%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,673	−0.016%	$196K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,772	+0.100%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,728.8	+0.049%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,708.6	+0.026%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,713	+0.031%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,705	+0.022%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,662.5	−0.028%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,707.7	+0.025%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,692.2	+0.007%	$35.5M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.075%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.101%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.048%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.080%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,651	−0.041%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.6	+0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,691	+0.005%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	+0.016%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	+0.008%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	−0.001%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,696	+0.011%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.084%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,676.8	−0.011%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	−0.003%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,736.2	+0.058%	$130.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,730.4	+0.051%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,721.5	+0.041%	$188.9M	$949.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,629.2	−0.067%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	−0.004%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,700	+0.016%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,712	+0.030%	$10.5M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,682	−0.005%	$519K	$19.4M	6.7x	as long as short