Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Aster−0.118%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hotstuff is 0.118% cheaper against Aster than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ETHUSDT	2,767.2	0.0038	pay 0.0038% / 8h	2h 37m	$255.8M	$995.6M	200x
Short	Hotstuff ETH-PERP	2,763.9	−0.0080	pay 0.0010% / 1h	37m 51s	$5K	$2K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Aster. 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 AsterbpFee HotstuffbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$24.71
Price spread: −0.118% → 0.000%: −$11.78
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$49.49
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 1 min ago; Hotstuff: no order-book sample. 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 Aster live order book, 1 min ago	0.02 bp	4.0 bp −$4	4.9 bp −$49	6.2 bp −$624	11.9 bp −$5,954
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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.

ETH on 55 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 ETH	−0.0112%	43m	2,764.8	−0.085%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.038%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,763.9	−0.118%	$5K	$2K	50x
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.069%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,765.3	−0.067%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,766.8	−0.013%	$794K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,765.2	−0.071%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764	−0.113%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.6	+0.014%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,767.1	−0.001%	$1.70B	$11.83B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.7	+0.018%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.3	+0.006%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,766.7	−0.018%	$266.2M	$66.0M	150x	as long as short
Aster ETHUSDTlong	+0.0038%	8h	2,767.2	long leg	$255.8M	$995.6M	200x
MEXC ETH_USDT	+0.0045%	8h	2,767.8	+0.022%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,767.3	+0.007%	$6.43B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,764.5	−0.096%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0064%	8h	2,767.5	+0.012%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,767.6	+0.015%	$2.09B	$3.13B	150x	as long as short
BingX ETH-USDT	+0.0084%	8h	2,767.2	+0.003%	—	$1.18B	—	as long as short
Bullet ETH-USD	+0.0085%	1h	2,766.2	−0.036%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.065%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,767.1	−0.002%	$115.4M	$510.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.6	+0.051%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.7	−0.054%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,764.5	−0.097%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,765.3	−0.067%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,764.4	−0.099%	$14.8M	$116.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.3	+0.113%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,765.1	−0.074%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.3	+0.004%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.1	−0.111%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,766.9	−0.010%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.059%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,768.3	+0.039%	$424.8M	$742.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.4	+0.009%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,765.4	−0.064%	$177.8M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.052%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,766.5	−0.024%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,766.2	−0.033%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.2	+0.001%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.2	0.000%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.1	+0.070%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766	−0.043%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.7	−0.017%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,765.9	−0.045%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.7	+0.021%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.4	+0.043%	$60.2M	$4.62B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0115%	1h	2,768.5	+0.047%	$258.4M	$224.5M	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,765.3	−0.067%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,769.7	+0.091%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,763.1	−0.146%	$285.6M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,765.1	−0.075%	$7.4M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768.2	+0.036%	$88.3M	$329.4M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,767.9	+0.027%	$272K	$1.5M	20x	as long as short