Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.169%

Price spread now: Katana Perps against Bluefin−0.075%7-day average +0.003% · you buy dearer than you sell

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

Long on Bluefin Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.437%+$44 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.075%, 7d avg +0.003%

Together, before fees+0.657%+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.079% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of +0.003%). If the spread goes back, that is −$8 on $10k: about 2.9 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.437% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,726.5	0.0010	pay 0.0001% / 1h	33m 20s	$196K	$722K	40x
Short	Katana Perps BTC-USD	85,662	0.0100	get 0.0100% / 8h	5h 33m	$196K	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bluefin. 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 BluefinbpFee Katana PerpsbpOrdersPrice spread, now −0.075%Rate

Funding earned: $18.93
Price spread: −0.075% → +0.003%: −$7.87
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $0.26
Costs to cover: 0.108%
Break-even: 6.9 days

Slippage unknown: Bluefin: live order book, 31 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 Bluefin live order book, 31 min ago	0.88 bp	6.0 bp −$6	10.7 bp −$107	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	−0.0160%	1h	85,662	−0.075%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,709	−0.020%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,682.9	−0.051%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,650	−0.089%	$416.1M	$663.9M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.048%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.5	−0.029%	$36.6M	—	200x	as long as short
Bluefin BTC-PERPlong	+0.0010%	1h	85,726.5	long leg	$196K	$722K	40x
Nado BTC-PERP	+0.0011%	1h	85,695.9	−0.036%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,677.5	−0.057%	$918.1M	$753.0M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,681.2	−0.053%	$516.3M	$1.11B	200x	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	+0.0054%	8h	85,699.9	−0.031%	—	$1.53B	—	as long as short
HTX BTC-USDT	+0.0067%	8h	85,651.2	−0.088%	$2.27B	$935.2M	200x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,689	−0.044%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,692.9	−0.039%	$6.7M	$146.4M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.173%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,686.5	−0.047%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,658.7	−0.079%	$147.9M	$479.1M	150x	as long as short
SunX BTC-USDT	+0.0081%	8h	85,607.1	−0.139%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,695.2	−0.037%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,696.2	−0.035%	$9.35B	$23.90B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,678.2	−0.056%	$170.1M	$989.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,675.5	−0.059%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,696	−0.036%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,715.4	−0.013%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,662	−0.075%	$196K	$7.8M	50x
Hyperliquid BTC	+0.0100%	1h	85,761	+0.040%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,707.5	−0.022%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,701.6	−0.029%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,700.3	−0.031%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,668	−0.068%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,646.7	−0.093%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,702.7	−0.028%	$5.56B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,657.8	−0.080%	$35.4M	$172.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.121%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.148%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.094%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.126%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,651	−0.088%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.6	+0.011%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,691	−0.041%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	−0.031%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	−0.039%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	−0.048%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.078%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.131%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,663.3	−0.074%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	−0.050%	—	$105.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,699.8	−0.031%	$893.0M	$1.52B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,709.1	−0.020%	$130.6M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,716.9	−0.011%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,694	−0.038%	$188.9M	$949.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,629.2	−0.114%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	−0.050%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,700	−0.031%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,673	−0.062%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,682	−0.052%	$519K	$19.4M	6.7x	as long as short