Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0802%/8h= −87.8% APRpaid last 24h −0.021%

Price spread now: Injective against Aster+0.165%97s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.677% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 3 days (all we have)−0.266%−$27 · spread now +0.165%, 7d avg +0.053%

Together, before fees−0.080%+ Points / potential airdropAster: Stage 5 · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.112% dearer against Aster than usual: you sell high and buy low (spread +0.165% now, against its 7-day average of +0.053%): +$11 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 11 hours. Mind the row above: over the last 7 days funding on this pair paid +0.186%, so the current rate has only just turned against you. The two prices were read 97 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.186% in total (about 9.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ETHUSDT	2,769.2	0.0050	pay 0.0050% / 8h	7h 11m	$256.1M	$859.9M	200x
Short	Injective ETH/USDC PERP	2,773.8	−0.0752	pay 0.0094% / 1h	11m 48s	$119K	$22.5M	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 +0.165%Rate

Funding earned: −$168.33
Price spread: +0.165% → +0.053%: $11.2
Slippage, 4 orders: −$59.73
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$224.88
Costs to cover: 0.677%
Break-even: never at this rate

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	0.02 bp	4.2 bp −$4	4.4 bp −$44	5.1 bp −$508	11.0 bp −$5,519
Sell Injective live order book, 2 min ago	29.77 bp	29.8 bp −$30	29.8 bp −$298	31.0 bp −$3,100	doesn't fit

ETH on 55 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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,773.8	+0.165%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,769.3	+0.004%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.9	+0.025%	$325K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.8	+0.021%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770.2	+0.035%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.2	+0.035%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	+0.024%	$12.3M	$43.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	+0.032%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0013%	1h	2,769.1	−0.004%	$186K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0030%	8h	2,768.9	−0.011%	$1.71B	$11.01B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0039%	1h	2,769.5	+0.010%	$55.2M	$187.8M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,769.9	+0.026%	$12.7M	—	200x	as long as short
Aster ETHUSDTlong	+0.0050%	8h	2,769.2	long leg	$256.1M	$859.9M	200x
Binance ETHUSDT	+0.0060%	8h	2,768.8	−0.015%	$6.47B	$16.16B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,768.9	−0.011%	$1.61B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,766.6	−0.095%	$5.0M	$156K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,769.2	−0.001%	$3.38B	$9.09B	200x	as long as short
HTX ETH-USDT	+0.0076%	8h	2,769	−0.008%	$1.07B	$1.24B	200x	as long as short
Bitget ETHUSDT	+0.0078%	8h	2,769	−0.007%	$2.10B	$2.83B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.3	+0.040%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.7	+0.051%	$60.3M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,769.7	+0.017%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,768.8	−0.014%	$420.0M	$596.7M	100x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,769.4	+0.004%	$269.5M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	+0.003%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,769.4	+0.005%	$115.1M	$459.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.9	+0.060%	$25.5M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.1	+0.140%	$15.9M	$8.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	+0.024%	$480K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.9	−0.012%	$14.6M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.6	+0.086%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.5	+0.011%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	−0.002%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.001%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.9	+0.023%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.206%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769	−0.010%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.8	−0.014%	$15.2M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.029%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.010%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.3	+0.038%	$161.1M	$84.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.5	+0.082%	$21.4M	$64.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.2	−0.001%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.9	+0.023%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.4	+0.078%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.5	−0.025%	$971K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.2	−0.037%	$30.9M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.5	+0.047%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,770.7	+0.053%	$8.2M	$674.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.1	+0.066%	$97.9M	$314.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,772.1	+0.105%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,771.8	+0.094%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,770	+0.028%	$287.8M	$178.2M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0205%	1h	2,771.2	+0.070%	$259.1M	$202.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,768.7	−0.020%	$7.3M	$1.1M	25x	as long as short