Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.007%

Price spread now: Katana Perps against Aftermath Perps+0.013%7-day average −0.043% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aftermath Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.013%, 7d avg −0.043%

Together, before fees−0.185%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.056% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.013% now, against its 7-day average of −0.043%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 3 days (−0.033% in total) that is about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,541.1	0.0212	pay 0.0026% / 1h	0m 56s	$78K	$220K	20x
Short	Katana Perps BTC-USD	85,552	0.0100	get 0.0100% / 8h	4h 00m	$204K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Aftermath Perps. 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 Aftermath PerpsbpFee Katana PerpsbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$23.54
Price spread: +0.013% → −0.043%: $5.57
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$30.77
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: live order book, 58 min ago; Katana Perps: no order-book sample. Net counts fees only.

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 Aftermath Perps live order book, 58 min ago	1.00 bp	10.1 bp −$10	14.6 bp −$146	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,565	+0.028%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,581	+0.047%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,591.7	+0.059%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,592.4	+0.060%	$921.7M	$752.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,600	+0.069%	$417.7M	$670.1M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,592.1	+0.060%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,564.7	+0.028%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,579.7	+0.045%	$25.1M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,608.8	+0.079%	$516.0M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,574.4	+0.039%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,610	+0.081%	—	$1.54B	—	as long as short
Bluefin BTC-PERP	+0.0066%	1h	85,627.1	+0.101%	$207K	$739K	40x	as long as short
Phemex BTCUSDT	+0.0069%	8h	85,606.1	+0.076%	$148.5M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,605.1	+0.075%	$2.95B	$5.08B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,618.7	+0.091%	$886.8M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,577.2	+0.042%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,612.8	+0.084%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,596.5	+0.065%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,587	+0.054%	$8.4M	$53.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,574.5	+0.039%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,552	+0.013%	$204K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,631.5	+0.106%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,695	+0.180%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,614.8	+0.086%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,605.5	+0.075%	$9.37B	$24.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,603.9	+0.073%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615	+0.086%	$2.59B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.046%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.063%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,609	+0.079%	$5.52B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,607.4	+0.078%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,593.4	+0.061%	$35.2M	$177.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	+0.029%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.8	−0.020%	$279.4M	$922.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,554.3	+0.015%	$214.7M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,562.4	+0.025%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.2	+0.004%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.2	+0.106%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,578	+0.043%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,585.7	+0.052%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,584.1	+0.050%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,573	+0.037%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,563.9	+0.027%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,578	+0.043%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,584.3	+0.050%	$2.27B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,582.2	+0.048%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,575.2	+0.040%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,610.2	+0.081%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,610	+0.081%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,598.1	+0.067%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,610.2	+0.081%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,590.2	+0.057%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSDlong	+0.0212%	1h	85,541.1	long leg	$78K	$220K	20x
Kalshi KXBTCPERP	+0.0220%	8h	85,623	+0.096%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,597.9	+0.066%	$702K	$7.8M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,574.1	+0.039%	$496K	$18.7M	6.7x	as long as short