Aster and HTX both quote 24 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 XAU — long Aster / short HTX at 34.3% net APR — but the median across all shared markets is 23.0%, 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 14 markets go long on Aster and 10 on HTX. 17 markets clear 5% net APR, 14 clear 10%.

Aster pays funding every 4h on 137 markets and every 8h on 75 markets; HTX pays every 8h on 63 markets and every 4h on 52 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 223 perpetual markets in total and HTX quotes 118; the 24 they share are what this page ranks. Across its own book Aster runs a median funding rate of 8.4% and HTX 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.

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.

Coverage note: Aster and HTX share 24 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.