Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h −0.165%

Price spread now: Bluefin against Aster+0.060%48s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as 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−$220.215% of the position

Long on Aster Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now +0.060%, 7d avg −0.022%

Together, before fees−0.324%+ Points / potential airdropAster: Stage 5 · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bluefin is 0.082% dearer against Aster than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.241%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	86,370.4	−0.0001	get 0.0001% / 8h	24m 25s	$501.1M	$1.15B	200x
Short	Bluefin BTC-PERP	86,422.3	0.0100	get 0.0013% / 1h	24m 25s	$140K	$664K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.060%Rate

Funding earned: $21.2
Price spread: +0.060% → −0.022%: $8.22
Slippage, 4 orders: −$6.51
Fee Aster: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $7.9
Costs to cover: 0.215%
Break-even: 4.4 days

Slippage from Aster: live order book, 5 min ago; Bluefin: live order book, 55 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, 5 min ago	0.09 bp	4.1 bp −$4	4.2 bp −$42	4.7 bp −$471	6.4 bp −$3,176
Sell Bluefin live order book, 55 min ago	1.10 bp	6.4 bp −$6	11.4 bp −$114	doesn't fit	doesn't fit

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	+0.069%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,369	−0.002%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.229%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,380.6	+0.012%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,385.4	+0.017%	$359K	$2.5M	50x	as long as short
Aster BTCUSDTlong	−0.0001%	8h	86,370.4	long leg	$501.1M	$1.15B	200x
Perpl BTC	0.0000%	43m	86,385.8	+0.018%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,406.9	+0.042%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,399.2	+0.033%	$849.7M	$715.7M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,348.8	−0.025%	$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	+0.100%	$914.5M	$1.48B	50x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,358.1	−0.014%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,350	−0.024%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,418.4	+0.056%	$150.6M	$478.3M	150x	as long as short
dYdX BTC-USD	+0.0062%	1h	86,399.5	+0.034%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,416.7	+0.054%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,364.2	−0.007%	$9.42B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,409.5	+0.045%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,369.5	−0.001%	$5.85B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,416	+0.053%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,406.7	+0.042%	$170.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,400.1	+0.034%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,368	−0.003%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,355	−0.018%	$5.25B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,356	−0.017%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,421.2	+0.059%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,418.9	+0.056%	$22.0M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,431	+0.070%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,415.4	+0.052%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,363.8	−0.008%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,395	+0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,416.3	+0.053%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,415.3	+0.052%	$38.1M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.041%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.091%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.055%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.106%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	+0.047%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,415.6	+0.052%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,355	−0.018%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,354	−0.019%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,411.7	+0.048%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,422.3	+0.060%	$140K	$664K	40x
Derive BTC-PERP	+0.0100%	1h	86,447.4	+0.089%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,378.3	+0.009%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,392.9	+0.026%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.109%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,354.7	−0.018%	$45.6M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,408	+0.044%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,456.6	+0.100%	$192.2M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,471.6	+0.117%	$132.4M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	86,473.3	+0.119%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,443.5	+0.085%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,399.8	+0.034%	$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	+0.036%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,423	+0.061%	$9.8M	$748.0M	6.4x	as long as short