Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.047%

Price spread now: Aster against Hibachi−0.048%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Hibachi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.048%, 7d avg −0.039%

Together, before fees−0.363%+ Points / potential airdropHibachi: Active · Aster: Stage 5 · farm board−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,617.6	0.0152	pay 0.0019% / 1h	59m 27s	$727K	$8.1M	30x
Short	Aster BTCUSDT	86,575.7	−0.0004	pay 0.0004% / 8h	1h 59m	$505.5M	$1.16B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hibachi. 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 HibachibpFee AsterbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$32.66
Price spread: −0.048% → −0.039%: −$0.98
Slippage, 4 orders: −$0.11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$50.75
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 min ago; Aster: live order book, 5 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 Hibachi live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	43.6 bp −$4,364	doesn't fit
Sell Aster live order book, 5 min ago	0.01 bp	4.0 bp −$4	4.0 bp −$40	5.7 bp −$566	8.8 bp −$4,386

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
Aftermath Perps BTCUSD	−0.0246%	1h	86,613.4	−0.005%	$79K	$197K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,565.8	−0.060%	$425K	$24.4M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	−0.065%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,546	−0.083%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	−0.030%	$17.6M	$20.6M	50x	as long as short
Nado BTC-PERP	−0.0005%	1h	86,544.1	−0.085%	$21.6M	$235.0M	50x	as long as short
Aster BTCUSDTshort	−0.0004%	8h	86,575.7	−0.048%	$505.5M	$1.16B	200x
01 Exchange BTCUSD	0.0000%	1h	86,602.2	−0.018%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,599.6	−0.021%	$927.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,568.6	−0.057%	$850.0M	$709.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.6	−0.010%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,561.5	−0.065%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,582.9	−0.040%	$6.7M	$144.6M	40x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,590	−0.032%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,569.9	−0.055%	$149.6M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,583.3	−0.040%	$2.95B	$5.09B	150x	as long as short
Popdex BTCUSDT	+0.0048%	1h	86,586	−0.036%	$8.5M	$52.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,614	−0.004%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,586.4	−0.036%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,586.1	−0.036%	$5.18B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,586.2	−0.036%	$9.42B	$24.38B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,584.9	−0.038%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,590.3	−0.031%	$5.28B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,554.6	−0.073%	$172.0M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,572.9	−0.052%	$24.1M	$151.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0099%	8h	86,590	−0.032%	$2.55B	$12.73B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,544	−0.085%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,588.4	−0.034%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,654.5	+0.043%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,586.1	−0.036%	$41.0M	$499.4M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,546	−0.083%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,621.5	+0.005%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.032%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.3	−0.059%	$38.2M	$151.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	−0.025%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.2	−0.035%	$279.6M	$942.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.7	−0.029%	$217.3M	$184.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.4	−0.023%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588.3	−0.034%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,626.7	+0.010%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	−0.035%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,584.6	−0.038%	$192K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,597.7	−0.023%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,613	−0.005%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.9	−0.033%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,588.1	−0.034%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	−0.061%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	−0.040%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,532.5	−0.098%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,587.3	−0.035%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,590.1	−0.032%	$187.0M	$934.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,619.6	+0.002%	$131.9M	$5.82B	50x	as long as short
Hibachi BTC/USDT-Plong	+0.0152%	1h	86,617.6	long leg	$727K	$8.1M	30x
Kalshi KXBTCPERP	+0.0179%	8h	86,622	+0.005%	$9.6M	$727.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,596.9	−0.024%	$416.9M	$655.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,602.4	−0.017%	$15.0M	—	200x	as long as short