Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.079%

Price spread now: Aster against Kraken Futures+0.060%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1281.283% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.060%, 7d avg −0.052%

Together, before fees−0.196%+ Points / potential airdropAster: Stage 5 · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.112% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of −0.052%): +$11 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 7 days (−0.007% in total) that is about 4 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1260	0.0463	pay 0.0058% / 1h	48m 22s	$796K	$618K	20x
Short	Aster OPUSDT	0.1261	0.0100	get 0.0100% / 8h	6h 48m	$211K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$76.2
Price spread: +0.060% → −0.052%: $11.17
Slippage, 4 orders: −$110.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$193.32
Costs to cover: 1.283%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; Aster: live order book, 18 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 Kraken Futures live order book, 20 min ago	6.66 bp	32.5 bp −$33	180.8 bp −$1,808	doesn't fit	doesn't fit
Sell Aster live order book, 18 min ago	11.80 bp	19.8 bp −$20	doesn't fit	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1535%	1h	0.1258	−0.180%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.155%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.486%	$25K	$77K	50x	as long as short
ApeX Omni OPUSDT	0.0000%	1h	0.1261	+0.058%	$43K	$726K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	+0.113%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1258	−0.180%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	−0.126%	—	—	150x	as long as short
Variational Omni OP	+0.0055%	8h	0.1260	+0.010%	$224K	$52K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1258	−0.180%	$6K	$48K	10x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1258	−0.212%	$6.1M	$30.0M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1262	+0.145%	$281K	$946K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1259	−0.069%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDTshort	+0.0100%	8h	0.1261	+0.060%	$211K	$231K	10x
Binance OPUSDT	+0.0100%	8h	0.1258	−0.172%	$20.3M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.244%	$18.2M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1259	−0.093%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	−0.141%	$20.5M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1259	−0.101%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1258	−0.180%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1259	−0.117%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	+0.066%	$121K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	−0.197%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	+0.012%	$312K	$5.2M	10x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1258	−0.149%	$171	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.153%	$174K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	−0.202%	$101K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.141%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.066%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1257	−0.236%	$699	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0463%	1h	0.1260	long leg	$796K	$618K	20x