Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0309%/8h= +33.8% APRpaid last 24h +0.126%

Price spread now: Backpack against Aster+0.067%7-day average −0.007% · 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−$110as in the Price arb table

costs, in and out, $10k−$1171.172% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.132%+$13 on $10k

Price spread, last 4 days (all we have)−0.857%−$86 · spread now +0.067%, 7d avg −0.007%

Together, before fees−0.724%+ Points / potential airdropAster: Stage 5 · farm board−$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.074% dearer against Aster than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.132% in total (about 9.3% 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	Aster SUSDT	0.03937	−0.0033	get 0.0016% / 4h	2h 49m	$43K	$212K	10x
Short	Backpack S_USDC_PERP	0.03940	0.0276	get 0.0035% / 1h	49m 44s	$115K	$286K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.067%Rate

Funding earned: $64.89
Price spread: +0.067% → −0.007%: $7.41
Slippage, 4 orders: −$99.22
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$44.92
Costs to cover: 1.172%
Break-even: 11.8 days

Slippage from Aster: live order book, 36 min ago; Backpack: live order book, 38 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 Aster live order book, 36 min ago	8.83 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 38 min ago	12.58 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1453%	1h	0.03927	−0.252%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.828%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1204%	4h	0.03923	−0.364%	$610K	$38K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03936	−0.039%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03932	−0.139%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0072%	1h	0.03930	−0.187%	$24K	$3K	5x	as long as short
Aster SUSDTlong	−0.0033%	4h	0.03937	long leg	$43K	$212K	10x
Orderly PERP_S_USDC	−0.0019%	4h	0.03934	−0.085%	$101K	$340K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03935	−0.062%	$606	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03938	+0.017%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.131%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0079%	4h	0.03931	−0.161%	$978K	$7.8M	20x	as long as short
Lighter S	+0.0096%	1h	0.03937	−0.009%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03933	−0.118%	$992K	$928K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03933	−0.107%	$5.4M	$24.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03927	−0.263%	$5.6M	$6.6M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−0.237%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03933	−0.110%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03932	−0.136%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03934	−0.085%	$1.2M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03928	−0.237%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.187%	$23K	$475K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03930	−0.188%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0276%	1h	0.03940	+0.067%	$115K	$286K	5x
BloFin S-USDT	+0.0340%	4h	0.03925	−0.314%	$273K	$179K	75x	as long as short