Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.030%

Price spread now: Aster against Reya−0.034%56s7-day average +0.037% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.034%, 7d avg +0.037%

Together, before fees+0.049%+ Points / potential airdropReya: Active · Aster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.072% cheaper against Reya than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.037%). Swap the legs. The two prices were read 56 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	Reya BTCRUSDPERP	86,460.3	0.0023	pay 0.0003% / 1h	17m 33s	$6.7M	$145.0M	40x
Short	Aster BTCUSDT	86,430.7	−0.0009	pay 0.0009% / 8h	1h 17m	$503.8M	$1.15B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Reya. 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 ReyabpFee AsterbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$6.75
Price spread: −0.034% → +0.037%: −$7.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$27.92
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Aster: live order book, 7 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Aster live order book, 7 min ago	0.01 bp	4.0 bp −$4	4.8 bp −$48	6.0 bp −$598	8.0 bp −$3,999

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0827%	1h	86,494.4	+0.039%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	+0.049%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,431	−0.034%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,439.2	−0.024%	$358K	$2.4M	50x	as long as short
Aster BTCUSDTshort	−0.0009%	8h	86,430.7	−0.034%	$503.8M	$1.15B	200x
Perpl BTC	0.0000%	43m	86,476.2	+0.018%	$424K	$23.7M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,438.1	−0.026%	$851.8M	$711.6M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,452.8	−0.009%	$17.0M	$21.1M	50x	as long as short
Aftermath Perps BTCUSD	+0.0005%	1h	86,525.7	+0.076%	$82K	$217K	20x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,496.8	+0.042%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,439	−0.025%	$8.5M	$42.9M	25x	as long as short
Reya BTCRUSDPERPlong	+0.0023%	1h	86,460.3	long leg	$6.7M	$145.0M	40x
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.114%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,482.4	+0.026%	$149.9M	$476.9M	150x	as long as short
BingX BTC-USDC	+0.0035%	8h	86,420.5	−0.046%	—	$15.3M	—	as long as short
Deribit BTC-PERPETUAL	+0.0044%	1h	86,517.8	+0.067%	$921.0M	$1.48B	50x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,428.7	−0.037%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,427.7	−0.038%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,473	+0.015%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,427.6	−0.038%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,429	−0.036%	$5.84B	$10.74B	200x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,420.1	−0.046%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,442	−0.021%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,454.4	−0.007%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,428	−0.037%	$8.5M	$52.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,517.3	+0.066%	$717K	$8.2M	30x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,408	−0.060%	$199K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,470.8	+0.012%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,454.1	−0.007%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,509	+0.056%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,464.8	+0.005%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,422.4	−0.044%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	−0.032%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,491.5	+0.036%	$7.4M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.044%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,440.2	−0.023%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	+0.045%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,531.2	+0.082%	$279.7M	$948.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.2	+0.028%	$217.3M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,540.1	+0.092%	$141.5M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483	+0.026%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,478.9	+0.022%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,462	+0.002%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,482	+0.025%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,487.5	+0.032%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.2	+0.022%	$30.4M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,454.2	−0.007%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,481	+0.024%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,466.3	+0.007%	$2.30B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,410.5	−0.058%	$45.5M	$226.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,493.6	+0.039%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,520.1	+0.069%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,504.3	+0.051%	$191.3M	$943.6M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,473.9	+0.016%	$414.0M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0211%	1h	86,489.9	+0.034%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,498	+0.044%	$9.8M	$733.9M	6.4x	as long as short