Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.007%

Price spread now: Aster against Popdex+0.053%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−$170.173% of the position

Long on Popdex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.053%, 7d avg −0.003%

Together, before fees−0.075%+ Points / potential airdropAster: Stage 5 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.056% dearer against Popdex than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.003%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 3 days (−0.018% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,378	0.0096	pay 0.0012% / 1h	25m 14s	$8.4M	$52.4M	100x
Short	Aster BTCUSDT	86,423.6	−0.0001	pay 0.0001% / 8h	25m 14s	$501.4M	$1.15B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Popdex. 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 PopdexbpFee AsterbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$20.34
Price spread: +0.053% → −0.003%: $5.58
Slippage, 4 orders: −$2.95
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Aster: 4 bp × 2 orders: −$8
Net: −$32.12
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from Popdex: live order book, 4 min ago; Aster: live order book, 4 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 Popdex live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	3.7 bp −$366	4.7 bp −$2,354
Sell Aster live order book, 4 min ago	0.09 bp	4.7 bp −$5	4.9 bp −$49	5.7 bp −$566	8.6 bp −$4,280

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	−0.0118%	1h	86,430	+0.060%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,384	+0.007%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.220%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,392.7	+0.017%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,396.8	+0.022%	$359K	$2.5M	50x	as long as short
Aster BTCUSDTshort	−0.0001%	8h	86,423.6	+0.053%	$501.4M	$1.15B	200x
Perpl BTC	0.0000%	43m	86,390.9	+0.015%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,406.9	+0.033%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,411.9	+0.039%	$849.8M	$715.7M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,387.9	+0.011%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0040%	1h	86,456.9	+0.091%	$914.5M	$1.48B	50x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,409.8	+0.037%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,416.8	+0.045%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,418.4	+0.047%	$150.6M	$478.3M	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,399.5	+0.025%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,418.9	+0.047%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,418.9	+0.047%	$9.42B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,409.5	+0.036%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,390	+0.014%	$5.85B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,416	+0.044%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,432.5	+0.063%	$170.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,430.6	+0.061%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,378	long leg	$8.4M	$52.4M	100x
Bybit BTCUSDT	+0.0097%	8h	86,426	+0.056%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,356	−0.025%	$200K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,425.2	+0.055%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,391.8	+0.016%	$22.0M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,453	+0.087%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417	+0.045%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,433.1	+0.064%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,392	+0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,422.4	+0.051%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,415.3	+0.043%	$38.1M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.032%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.082%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.046%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.097%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	+0.038%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	+0.064%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,385	+0.008%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,386.7	+0.010%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,411.7	+0.039%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,422.3	+0.051%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.4	+0.080%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,378.3	0.000%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,392.9	+0.017%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.101%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,400.3	+0.026%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,408	+0.035%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,456.6	+0.091%	$192.2M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,471.6	+0.108%	$132.4M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	86,473.3	+0.110%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,443.5	+0.076%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,399.8	+0.025%	$416.8M	$658.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,401.8	+0.028%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,423	+0.052%	$9.8M	$748.0M	6.4x	as long as short