Aster vs GMTrade Funding Arbitrage
27 shared markets · net of estimated fees · updated every few minutesAster and GMTrade both quote 27 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is BZ — long Aster / short GMTrade at 18.0% net APR — but the median across all shared markets is 5.3%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 5 markets go long on Aster and 22 on GMTrade. 16 markets clear 5% net APR, 4 clear 10%.
How this pair behaves
Aster pays funding every 4h on 140 markets and every 8h on 96 markets; GMTrade pays every 1h on 48 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Aster quotes 246 perpetual markets in total and GMTrade quotes 48; the 27 they share are what this page ranks. Across its own book Aster runs a median funding rate of 10.9% and GMTrade 0.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 27 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| GOOGL | Aster | GMTrade | 171.2% | 175.6% | +13.1% | $426K |
| XPD | GMTrade | Aster | 109.5% | 115.2% | +7.0% | $153K |
| BZ | Aster | GMTrade | 18.0% | 22.0% | +2.4% | $4.0M |
| XAU | GMTrade | Aster | 10.9% | 14.7% | +6.7% | $2.3M |
| XAG | GMTrade | Aster | 7.1% | 11.3% | +8.5% | $4.9M |
| SUI | GMTrade | Aster | 6.6% | 10.9% | -2.8% | $244K |
| LIT | GMTrade | Aster | 6.2% | 10.9% | +8.7% | $2.5M |
| TAO | GMTrade | Aster | 6.2% | 10.9% | +10.1% | $1.7M |
| XMR | GMTrade | Aster | 5.9% | 10.3% | +9.9% | $1.6M |
| TRUMP | GMTrade | Aster | 5.8% | 10.9% | +9.5% | $163K |
| ONDO | GMTrade | Aster | 5.6% | 10.9% | +9.6% | $266K |
| XRP | GMTrade | Aster | 5.5% | 10.0% | +5.4% | $17.2M |
| AAVE | GMTrade | Aster | 5.5% | 10.9% | +8.9% | $540K |
| NEAR | GMTrade | Aster | 5.3% | 10.0% | +9.8% | $2.4M |
| WLD | GMTrade | Aster | 5.1% | 10.1% | +9.9% | $1.5M |
| UNI | GMTrade | Aster | 5.1% | 9.8% | +8.7% | $1.1M |
| AVAX | GMTrade | Aster | 4.5% | 9.3% | +7.6% | $292K |
| VVV | GMTrade | Aster | 4.5% | 10.6% | +9.3% | $197K |
| DOGE | GMTrade | Aster | 3.8% | 7.9% | +3.8% | $11.6M |
| PUMP | GMTrade | Aster | 3.7% | 8.5% | +9.6% | $2.4M |
| ARB | GMTrade | Aster | 3.4% | 10.1% | +9.4% | $622K |
| ETH | GMTrade | Aster | 2.6% | 6.4% | +7.7% | $268.1M |
| DOT | GMTrade | Aster | 2.5% | 8.4% | +10.1% | $92K |
| SOL | Aster | GMTrade | 2.4% | 6.4% | -4.2% | $60.0M |
| ZEC | Aster | GMTrade | 0.9% | 5.2% | -8.0% | $40.9M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Aster vs GMTrade — FAQ
How many markets can you arbitrage between Aster and GMTrade?
27 perpetual markets are quoted on both Aster and GMTrade right now. 16 of them show a net spread of at least 5% APR after estimated fees, and 16 have at least $1M of 24h volume on the smaller leg.
What is the best Aster / GMTrade funding spread right now?
BZ: long Aster and short GMTrade for about 18.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 27 shared markets is 5.3%, so the top of the list is not typical.
Which side pays on the Aster / GMTrade pair?
It varies by market: Aster is the long (funding-receiving) leg in 5 of the shared markets and GMTrade in the other 22. The direction is set per market by which venue currently prices funding lower.
Trading the Aster / GMTrade spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Aster funding rates · GMTrade funding rates; the full calculation is in the methodology.