Funding arb · Price arb /

AERO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0344%/8h= −37.6% APRpaid last 24h −0.058%

Price spread now: Bitget against Backpack−0.169%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now −0.169%, 7d avg −0.077%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bitget is 0.092% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.211% in total (about -11.0% 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	Backpack AERO_USDC_PERP	0.6878	0.0444	pay 0.0055% / 1h	31m 43s	$101K	$313K	15x
Short	Bitget AEROUSDT	0.6866	0.0100	get 0.0050% / 4h	2h 31m	$4.1M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.169%Rate

Funding earned: −$72.17
Price spread: −0.169% → −0.077%: −$9.19
Slippage, 4 orders: −$24.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$127.54
Costs to cover: 0.462%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; Bitget: 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 Backpack live order book, 56 min ago	0.58 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.64 bp	19.2 bp −$19	44.9 bp −$449	doesn't fit	doesn't fit

AERO on 23 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
Deribit AERO_USDC-PERPETUAL	−0.0186%	1h	0.6870	−0.111%	$55K	$11K	10x	as long as short
Injective AERO/USDC PERP	+0.0052%	1h	0.6891	+0.195%	$4	$166K	5.5x	as long as short
Hyperliquid AERO	+0.0100%	1h	0.6874	−0.052%	$23.1M	$5.7M	3x	as long as short
Aster AEROUSDT	+0.0100%	4h	0.6874	−0.052%	$38K	$108K	10x	as long as short
Binance AEROUSDT	+0.0100%	4h	0.6870	−0.103%	$25.4M	$25.6M	75x	as long as short
Bybit AEROUSDT	+0.0100%	4h	0.6868	−0.140%	$21.8M	$20.5M	25x	as long as short
OKX AERO-USDT-SWAP	+0.0100%	4h	0.6870	−0.111%	$2.3M	$6.8M	20x	as long as short
Gate AERO_USDT	+0.0100%	4h	0.6869	−0.125%	$1.6M	$562K	75x	as long as short
MEXC AERO_USDT	+0.0100%	4h	0.6871	−0.096%	$8.1M	$1.6M	100x	as long as short
KuCoin AEROUSDTM	+0.0100%	4h	0.6871	−0.096%	$2.2M	$860K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget AEROUSDTshort	+0.0100%	4h	0.6866	−0.169%	$4.1M	$2.2M	75x
BingX AERO-USDT	+0.0100%	4h	0.6871	−0.096%	—	$1.8M	—	as long as short
Variational Omni AERO	+0.0100%	4h	0.6866	−0.165%	$1.9M	$1.6M	—	as long as short
Extended AERO-USD	+0.0104%	1h	0.6869	−0.118%	$201K	$1.3M	10x	as long as short
Aevo AERO-PERP	+0.0104%	1h	0.6871	−0.093%	$46K	—	3x	as long as short
01 Exchange AEROUSD	+0.0216%	1h	0.6876	−0.029%	$186	$115	3x	as long as short
Reya AERORUSDPERP	+0.0228%	1h	0.6870	−0.104%	$19K	$4K	15x	as long as short
BloFin AERO-USDT	+0.0340%	4h	0.6876	−0.023%	$910K	$701K	25x	as long as short
Backpack AERO_USDC_PERPlong	+0.0444%	1h	0.6878	long leg	$101K	$313K	15x
GMX AERO/USD [ETH-USDC]	L +0.0502% / S −0.0229%	1h	0.6870	−0.111%	$91K	—	100x	as long as short
RISEx AERO/USDC	+0.0530%	1h	0.6875	−0.045%	$221K	$374K	3x	as long as short
Lighter AERO	+0.0808%	1h	0.6885	+0.115%	$1.3M	$492K	3x	as long as short
Coinbase International AERO-PERP-INTX	+0.1488%	1h	0.6869	−0.125%	$91K	$18K	25x	as long as short