Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0108%/8h= −11.9% APRpaid last 24h −0.025%

Price spread now: Aster against Coinbase International−0.045%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.045%, 7d avg −0.042%

Together, before fees−0.018%+ Points / potential airdropAster: Stage 5 · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,416	0.0096	pay 0.0012% / 1h	15m 58s	$117.2M	$5.42B	50x
Short	Aster BTCUSDT	85,377.4	−0.0012	pay 0.0012% / 8h	2h 15m	$513.0M	$1.09B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$22.75
Price spread: −0.045% → −0.042%: −$0.31
Slippage, 4 orders: −$0.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$41.41
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Aster: live order book, 3 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 Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$533	11.5 bp −$5,746
Sell Aster live order book, 3 min ago	0.17 bp	4.2 bp −$4	4.3 bp −$43	7.9 bp −$785	15.3 bp −$7,652

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	85,394.4	−0.025%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,308	−0.126%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,379	−0.043%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,370.7	−0.053%	$923.1M	$765.0M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,377.4	−0.045%	$419.8M	$681.8M	150x	as long as short
Aster BTCUSDTshort	−0.0012%	8h	85,377.4	−0.045%	$513.0M	$1.09B	200x
01 Exchange BTCUSD	−0.0008%	1h	85,405.7	−0.012%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,386.9	−0.034%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,397.9	−0.021%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.078%	$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	85,362.1	−0.063%	$24.8M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,397.9	−0.021%	$187.4M	$954.9M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,387.8	−0.033%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,372.6	−0.051%	$147.8M	$505.4M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,373.5	−0.050%	$2.95B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,387.2	−0.034%	$5.05B	$5.74B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,378	−0.044%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,397.1	−0.022%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,387.3	−0.034%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,393.7	−0.026%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,395	−0.025%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0096%	1h	85,416	long leg	$117.2M	$5.42B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,369	−0.055%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,426.9	+0.013%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,460	+0.052%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,405.5	−0.012%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,390	−0.030%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,380.5	−0.042%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,387	−0.034%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,397.3	−0.022%	$4.6M	$98.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.295%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,379.2	−0.043%	$5.50B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,376	−0.047%	$36.3M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.231%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,241.6	−0.204%	$279.4M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.082%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,331.7	−0.099%	$139.5M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.061%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,454.9	+0.046%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	−0.034%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,390	−0.030%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,387.4	−0.033%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,428	+0.014%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,359.6	−0.066%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,364.7	−0.060%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,383	−0.039%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,375.3	−0.048%	$2.26B	$941.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,352.2	−0.075%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,400.2	−0.018%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,385.3	−0.036%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,388.4	−0.032%	$13.0M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0183%	1h	85,425.9	+0.012%	$866.8M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,407	−0.011%	$11.5M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,314.3	−0.119%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,407.2	−0.010%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,413.9	−0.002%	$8.7M	$43.3M	25x	as long as short