Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.030%

Price spread now: Aster against Hyperliquid−0.103%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.103%, 7d avg −0.038%

Together, before fees+0.005%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.064% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,717	0.0100	pay 0.0013% / 1h	37m 04s	$3.82B	$5.12B	40x
Short	Aster BTCUSDT	86,628.1	0.0008	get 0.0008% / 8h	2h 37m	$505.9M	$1.16B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$19.4
Price spread: −0.103% → −0.038%: −$6.41
Slippage, 4 orders: −$0.67
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$43.48
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Aster: 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 Hyperliquid live order book, 7 min ago	0.06 bp	4.6 bp −$5	5.5 bp −$55	6.3 bp −$627	7.1 bp −$3,570
Sell Aster live order book, 2 min ago	0.01 bp	4.6 bp −$5	5.0 bp −$50	5.8 bp −$576	8.5 bp −$4,269

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	−0.0223%	43m	86,671.9	−0.052%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,625.7	−0.105%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.205%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0095%	1h	86,676.5	−0.047%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.234%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,675.5	−0.048%	$361K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,645.9	−0.082%	$845.5M	$707.5M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,681.9	−0.040%	$936.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,684.9	−0.037%	$36.7M	—	200x	as long as short
Aster BTCUSDTshort	+0.0008%	8h	86,628.1	−0.103%	$505.9M	$1.16B	200x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,659.3	−0.067%	$6.8M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,646.2	−0.082%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,640.7	−0.088%	$149.7M	$470.8M	150x	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,642.3	−0.086%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,660.8	−0.065%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.017%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,646.6	−0.081%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,649.5	−0.078%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,678.3	−0.045%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,646.2	−0.082%	$5.86B	$10.62B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0069%	8h	86,658.3	−0.068%	$2.57B	$12.70B	100x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,647.9	−0.080%	$5.28B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.112%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,659.6	−0.066%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,666.2	−0.059%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	−0.058%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,714	−0.003%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,655	−0.071%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,635.2	−0.094%	$21.6M	$235.5M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,717	long leg	$3.82B	$5.12B	40x
Pacifica BTC	+0.0100%	1h	86,678.3	−0.045%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,676	−0.047%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.8	+0.024%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.127%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,650.3	−0.077%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.168%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	−0.112%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	−0.099%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,531.1	−0.214%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,703.8	−0.015%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,669	−0.055%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,667.2	−0.057%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,681.6	−0.041%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,690.1	−0.031%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,668.3	−0.056%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,659.4	−0.066%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,647	−0.081%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,654.6	−0.072%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,647.8	−0.080%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,692.7	−0.028%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,682.4	−0.040%	$189.3M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,674	−0.050%	$9.0M	$723.1M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,694	−0.027%	$131.9M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	−0.048%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,677.4	−0.046%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,585.9	−0.151%	$614K	$7.1M	30x	as long as short