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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%
Price spread now: Katana Perps against Bullet+0.005%7-day average −0.040% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BulletShort on Katana Perps
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.006%+$1 on $10k
Price spread, last 7 days−0.014%−$1 · spread now +0.005%, 7d avg −0.040%
Together, before fees−0.008%−$1 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.045% dearer against Bullet than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.040%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet BTC-USD86,463.40.0100pay 0.0013% / 1h34m 19s$191K$3.3M20x
ShortKatana Perps BTC-USD86,4680.0100get 0.0100% / 8h1h 34m$201K$6.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Katana Perps against Bullet. 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

Funding earned
−$0.04
Price spread: +0.005% → −0.040%
$4.49
Slippage, 4 orders
no order book: not counted
Fee Bullet: 4 bp × 2 orders
−$8
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Net
−$7.35
Costs to cover
0.118%
Break-even
never at this rate
Slippage unknown: Bullet: live order book, 5 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
LegHalf-spread$10k$100k$1M$5M
Buy Bullet live order book, 5 min ago0.06 bp5.3 bp −$58.1 bp −$81doesn't fitdoesn'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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP−0.0612%1h86,511.6+0.056%$140K$618K40xas long as short
Phoenix BTC−0.0159%1h86,627+0.189%$2.2M$11.8M40xas long as short
Aftermath Perps BTCUSD−0.0120%1h86,599+0.157%$83K$216K20xas long as short
Hotstuff BTC-PERP−0.0080%1h86,522+0.068%$9K$3K50xas long as short
dYdX BTC-USD−0.0010%1h86,530.8+0.078%$17.3M$20.5M50xas long as short
Aster BTCUSDT−0.0010%8h86,461.8−0.002%$504.5M$1.15B200xas long as short
01 Exchange BTCUSD−0.0008%1h86,494+0.035%$358K$2.4M50xas long as short
KuCoin XBTUSDTM0.0000%8h86,475.6+0.014%$850.8M$708.6M125xas long as short
Perpl BTC0.0000%43m86,522.6+0.068%$419K$23.8M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,532.3+0.080%$923.2M$1.47B50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,513.7+0.058%$36.8M—200xas long as short
RISEx BTC/USDC+0.0006%1h86,484.3+0.024%$8.5M$43.2M25xas long as short
Reya BTCRUSDPERP+0.0022%1h86,444.9−0.021%$6.7M$144.9M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,559+0.111%$315K$26.8M52xas long as short
Phemex BTCUSDT+0.0032%8h86,494.8+0.036%$149.9M$475.7M150xas long as short
BingX BTC-USDT+0.0034%8h86,491.1+0.032%—$1.59B—as long as short
Bitget BTCUSDT+0.0043%8h86,494.3+0.036%$2.95B$5.08B150xas long as short
Hibachi BTC/USDT-P+0.0048%1h86,562.5+0.115%$729K$8.2M30xas long as short
MEXC BTC_USDT+0.0060%8h86,455.8−0.009%$5.17B$5.65B500xas long as short
Binance BTCUSDT+0.0060%8h86,485.6+0.026%$9.41B$24.32B150xas long as short
Aevo BTC-PERP+0.0064%1h86,482+0.022%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0075%8h86,481.1+0.020%$5.85B$10.66B200xas long as short
Bybit BTCUSDT+0.0089%8h86,486.7+0.027%$5.27B$9.71B150xas long as short
SoDEX BTC-USD+0.0095%1h86,495+0.037%$60.5M$337.1M40xas long as short
Lighter BTC+0.0096%1h86,506.6+0.050%$171.4M$1.00B50xas long as short
Lighter RH BTC+0.0096%1h86,527.3+0.074%$24.0M$151.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,476+0.015%$8.5M$52.2M100xas long as short
Katana Perps BTC-USDshort+0.0100%8h86,468+0.005%$201K$6.9M50x
Paradex BTC-USD-PERP+0.0100%8h86,551.7+0.102%$4.8M$8.4M50xas long as short
Nado BTC-PERP+0.0100%1h86,495.2+0.037%$21.8M$233.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,549+0.099%$3.81B$5.09B40xas long as short
Pacifica BTC+0.0100%1h86,549.1+0.099%$41.1M$505.2M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,492.7+0.034%$2.54B$12.69B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,496+0.038%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,570.7+0.124%$7.4M$93.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,703.1+0.277%$573.0M$18.8M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,519.1+0.064%$38.4M$153.2M75xas long as short
Variational Omni BTC+0.0100%8h86,541.3+0.090%$156.5M$566.0M—as long as short
edgeX BTCUSDC+0.0100%4h86,594.3+0.151%$279.8M$944.4M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,592.5+0.149%$217.3M$173.9M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,642.9+0.208%$141.6M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,563.2+0.115%$30.7M$203.4M40xas long as short
Vest BTC-PERP+0.0100%1h86,530.5+0.078%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,467+0.004%$11.1M$13.6M50xas long as short
Bullet BTC-USDlong+0.0100%1h86,463.4long leg$191K$3.3M20x
Orderly PERP_BTC_USDC+0.0100%8h86,497.6+0.040%$2.4M$8.6M100xas long as short
Derive BTC-PERP+0.0100%1h86,490.6+0.031%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,510.7+0.055%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,474.5+0.013%$2.30B$965.0M200xas long as short
Extended BTC-USD+0.0104%1h86,477.6+0.016%$46.4M$225.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,526.2+0.073%—$98.2M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,543+0.092%$131.7M$5.70B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,531.7+0.079%$191.2M$937.6M100xas long as short
BloFin BTC-USDT+0.0181%8h86,533.4+0.081%$414.3M$651.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0182% / S −0.0216%1h86,505+0.048%$15.4M—200xas long as short
Kalshi KXBTCPERP+0.0195%8h86,554+0.105%$9.6M$728.5M6.4xas long as short