Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h −0.013%

Price spread now: Aster against Nado+0.017%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.017%, 7d avg −0.005%

Together, before fees−0.045%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.022% dearer against Nado than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.005%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	85,401.2	0.0059	pay 0.0007% / 1h	42m 04s	$22.6M	$219.2M	50x
Short	Aster BTCUSDT	85,415.5	0.0013	get 0.0013% / 8h	4h 42m	$514.7M	$1.10B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. 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 NadobpFee AsterbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$9.73
Price spread: +0.017% → −0.005%: $2.16
Slippage, 4 orders: −$0.18
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$22.76
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Nado: live order book, 2 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 Nado live order book, 2 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.3 bp −$433	10.7 bp −$5,332
Sell Aster live order book, 2 min ago	0.01 bp	4.1 bp −$4	5.6 bp −$56	7.0 bp −$698	13.7 bp −$6,866

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
Bluefin BTC-PERP	−0.0509%	1h	85,445.9	+0.052%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	+0.010%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,409.1	+0.009%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	+0.048%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,393.2	−0.009%	$918.4M	$750.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,433.8	+0.038%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,414.4	+0.016%	$36.5M	—	200x	as long as short
Aster BTCUSDTshort	+0.0013%	8h	85,415.5	+0.017%	$514.7M	$1.10B	200x
Arcus BTC-USD	+0.0021%	1h	85,394.1	−0.008%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERPlong	+0.0059%	1h	85,401.2	long leg	$22.6M	$219.2M	50x
BingX BTC-USDC	+0.0060%	8h	85,394.9	−0.007%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,411.2	+0.012%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,413.2	+0.014%	$6.7M	$146.6M	40x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,414.1	+0.015%	$5.04B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,401.8	+0.001%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,435	+0.040%	$9.34B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,414.5	+0.016%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,418.6	+0.020%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	+0.001%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,385	−0.019%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,479.4	+0.092%	$4.1M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,492	+0.106%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,446.1	+0.053%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,432.4	+0.037%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,420.1	+0.022%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,392	−0.011%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,415.8	+0.017%	$5.53B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.2	−0.001%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.077%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.125%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.129%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.142%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.152%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.085%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.024%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,411.1	+0.012%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,408.8	+0.009%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,401.6	0.000%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,416.2	+0.018%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,402	+0.001%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.001%	$2.26B	$939.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,406.8	+0.007%	$149.9M	$483.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.132%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,378.9	−0.026%	$44.5M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,435.1	+0.040%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,439.1	+0.044%	$116.9M	$5.16B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,450	+0.057%	$893.9M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.161%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,417.2	+0.019%	$188.2M	$954.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,414.8	+0.016%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,436.5	+0.041%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.119%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,539.4	+0.162%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,434	+0.038%	$10.4M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,426.7	+0.030%	$498K	$18.9M	6.7x	as long as short