Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h +0.039%

Price spread now: Aster against Hotstuff−0.036%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Aster is 0.036% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.036% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 43 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,415	−0.0080	get 0.0010% / 1h	14m 51s	$8K	$3K	50x
Short	Aster BTCUSDT	85,383.9	−0.0011	pay 0.0011% / 8h	2h 14m	$513.0M	$1.09B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hotstuff. 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 HotstuffbpFee AsterbpOrdersPrice spread, now −0.036%Rate

Funding earned: $14.39
Price spread: −0.036% → 0.000%: −$3.64
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$2.25
Costs to cover: 0.130%
Break-even: 8.1 days

Slippage unknown: Hotstuff: no order-book sample; Aster: live order book, 4 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Aster live order book, 4 min ago	0.17 bp	4.2 bp −$4	4.3 bp −$43	7.9 bp −$785	15.3 bp −$7,652

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
Perpl BTC	−0.0112%	43m	85,396.2	−0.022%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	−0.028%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,415	long leg	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0053%	8h	85,378.8	−0.042%	$923.3M	$765.1M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,388.6	−0.031%	$419.8M	$682.0M	150x	as long as short
Aster BTCUSDTshort	−0.0011%	8h	85,383.9	−0.036%	$513.0M	$1.09B	200x
01 Exchange BTCUSD	−0.0008%	1h	85,406	−0.011%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,386.9	−0.033%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,395.8	−0.022%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.077%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,384.2	−0.036%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,408.3	−0.008%	$187.4M	$955.1M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,375.4	−0.046%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,384.4	−0.036%	$147.9M	$505.6M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,389.7	−0.030%	$2.95B	$5.16B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,383.6	−0.037%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,397.7	−0.020%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,397	−0.021%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,399.4	−0.018%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,404.6	−0.012%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	−0.022%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,425.8	+0.013%	$117.1M	$5.42B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,370	−0.053%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,445.8	+0.036%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,474	+0.069%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,423.3	+0.010%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,393.5	−0.025%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,398	−0.020%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,386	−0.034%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,403.1	−0.014%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.294%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,389.1	−0.030%	$5.50B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,386.3	−0.034%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.058%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,351.5	−0.074%	$279.6M	$950.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.081%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,371.5	−0.051%	$139.6M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.060%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,459	+0.052%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	−0.033%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,388.5	−0.031%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,392.7	−0.026%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.4	+0.023%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,365.1	−0.058%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,375.3	−0.046%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,390	−0.029%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,382.4	−0.038%	$2.26B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,366.9	−0.056%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.9	−0.022%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,378.5	−0.043%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,431.2	+0.019%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,390.7	−0.028%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,413	−0.002%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,329.9	−0.100%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,419.4	+0.005%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,420.2	+0.006%	$8.7M	$43.3M	25x	as long as short