BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.008%

Price spread now: Katana Perps against Coinbase International−0.036%7-day average −0.057% · you buy dearer than you sell

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

Long on Coinbase International Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.036%, 7d avg −0.057%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.021% dearer against Coinbase International than usual: you sell high and buy low (spread −0.036% now, against its 7-day average of −0.057%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,628	0.0120	pay 0.0015% / 1h	32m 02s	$131.9M	$5.86B	50x
Short	Katana Perps BTC-USD	86,597	0.0100	get 0.0100% / 8h	2h 32m	$194K	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee Katana PerpsbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$4.24
Price spread: −0.036% → −0.057%: $2.1
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$15.94
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$580	11.8 bp −$5,891
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
Aftermath Perps BTCUSD	−0.0231%	1h	86,605.4	−0.026%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,642.5	+0.017%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.103%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0082%	1h	86,671.7	+0.050%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	−0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,631.7	+0.004%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,617.7	−0.012%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,583.9	−0.051%	$843.9M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,627.1	−0.001%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,572.8	−0.064%	$505.5M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,600.1	−0.032%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,580.6	−0.055%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,580.2	−0.055%	$149.6M	$471.4M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,578.6	−0.057%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,588.3	−0.046%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.013%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,580.3	−0.055%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,579.1	−0.056%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,614.2	−0.016%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,576.8	−0.059%	$2.56B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,584.5	−0.050%	$5.85B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,570.1	−0.067%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.050%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,598.2	−0.034%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,599.3	−0.033%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,605	−0.027%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,597	−0.036%	$194K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,668.9	+0.047%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,614.2	−0.016%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,655.4	+0.032%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,646.1	+0.021%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,614	−0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,676.4	+0.056%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.024%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,583.6	−0.051%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	−0.047%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	−0.010%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.068%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,614.3	−0.016%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,667.4	+0.046%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,607	−0.024%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,608.2	−0.023%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,602.8	−0.029%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,614.4	−0.016%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,593.5	−0.040%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	−0.017%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,585	−0.050%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,609	−0.022%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,570.9	−0.066%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,625.9	−0.002%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,613.3	−0.017%	$188.9M	$930.9M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,628	long leg	$131.9M	$5.86B	50x
Kalshi KXBTCPERP	+0.0124%	8h	86,637	+0.010%	$8.8M	$723.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,611.4	−0.019%	$416.8M	$652.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,619.3	−0.010%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,661.5	+0.039%	$614K	$7.1M	30x	as long as short