Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.009%

Price spread now: Lighter against Aster+0.030%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

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

costs, in and out, $10k−$90.088% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 7 days−0.030%−$3 · spread now +0.030%, 7d avg +0.009%

Together, before fees+0.024%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.022% dearer against Aster than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,596	0.0001	pay 0.0001% / 8h	2h 08m	$505.6M	$1.16B	200x
Short	Lighter BTC	86,622.3	0.0096	get 0.0012% / 1h	8m 23s	$171.7M	$1.02B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.030%Rate

Funding earned: $20.03
Price spread: +0.030% → +0.009%: $2.15
Slippage, 4 orders: −$0.76
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $13.42
Costs to cover: 0.088%
Break-even: 2.3 days

Slippage from Aster: live order book, 6 min ago; Lighter: live order book, 11 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, 6 min ago	0.01 bp	4.0 bp −$4	4.4 bp −$44	4.9 bp −$494	7.3 bp −$3,671
Sell Lighter live order book, 11 min ago	0.02 bp	0.6 bp −$1	1.1 bp −$11	2.3 bp −$228	5.2 bp −$2,616

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	−0.0250%	1h	86,683.8	+0.101%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,627.1	+0.036%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.085%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.012%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.058%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,638.3	+0.049%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,652.8	+0.066%	$928.0M	$1.47B	50x	as long as short
Aster BTCUSDTlong	+0.0001%	8h	86,596	long leg	$505.6M	$1.16B	200x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,638.4	+0.049%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,602.9	+0.008%	$851.9M	$708.3M	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	+0.0022%	1h	86,601.1	+0.006%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,600	+0.005%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,618.5	+0.026%	$150.0M	$471.8M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,607.8	+0.014%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.201%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,620.2	+0.028%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,607.1	+0.013%	$5.20B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,607.2	+0.013%	$9.43B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.3	+0.040%	$9.3M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,608.3	+0.014%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,605.5	+0.011%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0093%	8h	86,618.9	+0.026%	$2.55B	$12.73B	100x	as long as short
Lighter BTCshort	+0.0096%	1h	86,622.3	+0.030%	$171.7M	$1.02B	50x
Lighter RH BTC	+0.0096%	1h	86,630	+0.039%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,607	+0.013%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,604	+0.009%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,664.1	+0.079%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,605.4	+0.011%	$21.7M	$235.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,688	+0.106%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,648	+0.060%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	+0.036%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.9	+0.107%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.100%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,616.5	+0.024%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.088%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,681.2	+0.098%	$280.0M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.4	+0.099%	$217.5M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,695.9	+0.115%	$141.5M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,650.4	+0.063%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.2	+0.085%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,616	+0.023%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607	+0.013%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,626.4	+0.035%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,644.3	+0.056%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.7	+0.031%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,675.1	+0.091%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,619	+0.027%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,616.5	+0.024%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,596.5	+0.001%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.5	+0.057%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,649.9	+0.062%	$187.4M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,664.6	+0.079%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	86,657	+0.070%	$9.5M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,619.9	+0.028%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,632.5	+0.042%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,702.6	+0.123%	$779K	$7.9M	30x	as long as short