Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.012%

Price spread now: Popdex against Aster+0.033%7-day average +0.003% · 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−$12as in the Price arb table

costs, in and out, $10k−$150.148% of the position

Long on Aster Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.033%, 7d avg +0.003%

Together, before fees−0.012%+ Points / potential airdropAster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Popdex is 0.030% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,801.5	0.0037	pay 0.0037% / 8h	6h 43m	$497.6M	$1.13B	200x
Short	Popdex BTCUSDT	85,830	0.0096	get 0.0012% / 1h	43m 11s	$8.4M	$52.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.033%Rate

Funding earned: $12.48
Price spread: +0.033% → +0.003%: $3.01
Slippage, 4 orders: −$0.45
Fee Aster: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $0.64
Costs to cover: 0.148%
Break-even: 6.6 days

Slippage from Aster: live order book, 6 min ago; Popdex: live order book, 1 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	0.11 bp	4.1 bp −$4	4.4 bp −$44	5.5 bp −$546	8.1 bp −$4,046
Sell Popdex live order book, 1 min ago	0.06 bp	3.4 bp −$3	3.4 bp −$34	3.7 bp −$374	5.2 bp −$2,603

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	−0.0144%	1h	85,767	−0.040%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,829	+0.032%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.060%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,822	+0.024%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,834.4	+0.038%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,824.3	+0.027%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,811.1	+0.011%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.010%	$341K	$26.9M	52x	as long as short
Aster BTCUSDTlong	+0.0037%	8h	85,801.5	long leg	$497.6M	$1.13B	200x
KuCoin XBTUSDTM	+0.0040%	8h	85,813.5	+0.014%	$894.9M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,827.1	+0.030%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,808.8	+0.008%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,794.7	−0.008%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,777	−0.029%	$2.95B	$5.14B	150x	as long as short
Nado BTC-PERP	+0.0073%	1h	85,821.5	+0.023%	$22.8M	$229.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.008%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,775	−0.031%	$2.27B	$969.5M	200x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,801.6	0.000%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,774.4	−0.032%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,772.5	−0.034%	$9.34B	$24.59B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,786.8	−0.017%	$169.5M	$980.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,787.4	−0.016%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,830	+0.033%	$8.4M	$52.5M	100x
Gate BTC_USDT	+0.0096%	8h	85,808.3	+0.008%	$5.66B	$10.39B	200x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,764.6	−0.043%	$154.2M	$480.0M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,799	−0.003%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,846.3	+0.052%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,867	+0.076%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,839.3	+0.044%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,776.4	−0.029%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,760	−0.048%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,803	+0.002%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,804.5	+0.003%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,817.8	+0.019%	$35.2M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.021%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.017%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	−0.071%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,768.8	−0.038%	$30.3M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,852.5	+0.059%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,803	+0.002%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810.2	+0.010%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,775.4	−0.030%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,820.1	+0.022%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,795.8	−0.007%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757.9	−0.051%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,777	−0.029%	$60.1M	$337.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.004%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,755.6	−0.054%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,834	+0.038%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,814.2	+0.015%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.052%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,799	−0.003%	$188.9M	$970.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0147%	1h	85,823	+0.025%	$892.8M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,820.7	+0.022%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.2	+0.012%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,831	+0.034%	$9.9M	$769.9M	6.4x	as long as short