Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h 0.000%

Price spread now: Aster against Backpack−0.026%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 7 days+0.645%+$65 · spread now −0.026%, 7d avg +0.015%

Together, before fees+0.564%+ Points / potential airdropAster: Stage 5 · farm board+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.041% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,765.8	0.0100	pay 0.0013% / 1h	40m 04s	$15.3M	$42.4M	50x
Short	Aster ETHUSDT	2,765	0.0039	get 0.0039% / 8h	2h 40m	$255.6M	$996.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$12.84
Price spread: −0.026% → +0.015%: −$4.11
Slippage, 4 orders: −$0.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$35.17
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Aster: live order book, 4 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 Backpack live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.9 bp −$59	24.7 bp −$2,467	doesn't fit
Sell Aster live order book, 4 min ago	0.02 bp	4.0 bp −$4	4.7 bp −$47	6.7 bp −$674	14.3 bp −$7,142

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
ApeX Omni ETHUSDT	−0.0119%	1h	2,768.2	+0.087%	$10.5M	$30.9M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,765.8	0.000%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	+0.013%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.3	+0.020%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,765.6	−0.005%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	+0.201%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,765.7	−0.001%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.9	+0.005%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,766.4	+0.022%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,764.4	−0.050%	$1.70B	$11.82B	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	+0.0023%	1h	2,769.3	+0.127%	$29K	$21K	20x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,765.5	−0.010%	$266.1M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.3	+0.020%	$13.1M	—	200x	as long as short
Aster ETHUSDTshort	+0.0039%	8h	2,765	−0.026%	$255.6M	$996.0M	200x
MEXC ETH_USDT	+0.0044%	8h	2,765.4	−0.014%	$1.61B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,765.3	−0.016%	$6.43B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,763.4	−0.084%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,766.9	+0.040%	$258.4M	$224.4M	50x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,765.4	−0.014%	$3.29B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,764.2	−0.057%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,765.3	−0.015%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.014%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,765.9	+0.005%	$114.9M	$510.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,767.2	+0.051%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,766.3	+0.021%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,765.3	−0.016%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,765.6	−0.005%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,765.3	−0.016%	$14.9M	$116.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.1	+0.085%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,766.4	+0.024%	$31.2M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,764.9	−0.030%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,765.7	−0.002%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.8	+0.073%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.008%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,765.6	−0.004%	$424.5M	$742.4M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,765	−0.027%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,765.8	long leg	$15.3M	$42.4M	50x
edgeX ETHUSDC	+0.0100%	4h	2,769.1	+0.121%	$178.0M	$791.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.5	+0.101%	$161.0M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,766.4	+0.024%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,766.6	+0.032%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.1	+0.049%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766.2	+0.015%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.9	+0.076%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.3	−0.015%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.1	−0.024%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,765.1	−0.022%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,764	−0.062%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767	+0.043%	$60.0M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,766.5	+0.027%	$8.6M	$672.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.4	+0.097%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,765.5	−0.010%	$286.3M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,764.7	−0.040%	$7.5M	$986K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,766.5	+0.027%	$88.3M	$330.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0408%	1h	2,769.1	+0.119%	$272K	$1.5M	20x	as long as short