Funding you earn now, next payment 01:00 UTC−0.0102%/8h= −11.1% APRpaid last 24h −0.027%
Price spread now: Katana Perps against Deribit−0.080%7-day average −0.064% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.008%−$1 on $10k
+Price spread, last 3 days (all we have)+0.041%+$4 · spread now −0.080%, 7d avg −0.064%
=The price spread sits at its 7-day average of −0.064%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 86,264.9 | 0.0201 | pay 0.0025% / 1h | 10m 46s | $902.5M | $1.51B | 50x |
| Short | Katana Perps BTC-USD | 86,196 | 0.0100 | get 0.0100% / 8h | 7h 10m | $199K | $7.3M | 50x |
Deribit BTC-PERPETUAL
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21.33
- Price spread: −0.080% → −0.064%
- −$1.56
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$33.69
- Costs to cover
- 0.108%
- Break-even
- never at this rate
Slippage unknown: Deribit: live order book, 3 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 Deribit live order book, 3 min ago | 0.03 bp | 3.5 bp −$4 | 6.1 bp −$61 | 8.7 bp −$871 | 15.4 bp −$7,690 |
| 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 | −0.0129% | 1h | 86,372 | +0.124% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,241 | −0.028% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 86,222.6 | −0.049% | $364K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,230.2 | −0.040% | $567K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,240.9 | −0.028% | $36.9M | — | 200x | as long as short |
| Bluefin BTC-PERP | +0.0008% | 1h | 86,243 | −0.025% | $144K | $667K | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,365 | +0.116% | $343K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0026% | 1h | 86,264.4 | −0.001% | $16.9M | $20.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0032% | 8h | 86,268 | +0.004% | $500.1M | $1.13B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0045% | 8h | 86,268.8 | +0.005% | $830.3M | $714.9M | 125x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Bluefin BTC-PERP
Injective BTC/USDC PERP
dYdX BTC-USD
Aster BTCUSDT
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0049% | 1h | 86,231.6 | −0.039% | $6.7M | $145.8M | 40x | as long as short |
| BingX BTC-USDC | +0.0052% | 8h | 86,217.5 | −0.055% | — | $15.3M | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,237.4 | −0.032% | $8.2M | $42.4M | 25x | as long as short |
| Bitget BTCUSDT | +0.0066% | 8h | 86,223.6 | −0.048% | $2.97B | $5.04B | 150x | as long as short |
| SoDEX BTC-USD | +0.0077% | 1h | 86,211 | −0.062% | $60.4M | $338.2M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,214.7 | −0.058% | $2.5M | $1.8M | 20x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 86,224.4 | −0.047% | $5.11B | $5.75B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 86,266.2 | +0.002% | $9.40B | $24.20B | 150x | as long as short |
| Gate BTC_USDT | +0.0093% | 8h | 86,249.9 | −0.017% | $5.76B | $10.63B | 200x | as long as short |
| HTX BTC-USDT | +0.0094% | 8h | 86,204.2 | −0.070% | $2.29B | $957.3M | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,283.2 | +0.021% | $170.3M | $992.8M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,285.7 | +0.024% | $23.6M | $152.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,240 | −0.029% | $8.4M | $52.0M | 100x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 86,196 | −0.080% | $199K | $7.3M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,300.1 | +0.041% | $4.2M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,222.5 | −0.049% | $22.0M | $225.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,327 | +0.072% | $3.78B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,299.6 | +0.040% | $40.6M | $558.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,281.1 | +0.019% | $5.26B | $9.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,231.1 | −0.039% | $2.56B | $12.41B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,229 | −0.042% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,245 | −0.023% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,145.7 | −0.138% | $580.3M | $59.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,209.1 | −0.065% | $35.6M | $161.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,205.5 | −0.069% | $156.7M | $558.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,254.8 | −0.012% | $278.6M | $953.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,266 | +0.001% | $216.6M | $165.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,290.3 | +0.029% | $141.4M | $320.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,270 | +0.006% | $30.6M | $208.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,275.2 | +0.012% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,233 | −0.037% | $11.1M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,225 | −0.046% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,215.6 | −0.057% | $2.4M | $9.0M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,230.5 | −0.040% | $30.3M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,188.5 | −0.089% | $3.3M | $5.4M | 100x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 86,229.1 | −0.041% | $155.5M | $473.0M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,200 | −0.075% | $45.9M | $222.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,231.5 | −0.039% | — | $98.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,258.1 | −0.008% | $132.2M | $5.29B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,247.5 | −0.020% | $191.8M | $948.1M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0152% | 1h | 86,228.9 | −0.042% | $713K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0169% | 1h | 86,286.4 | +0.025% | $77K | $217K | 20x | as long as short |
| Deribit BTC-PERPETUALlong | +0.0201% | 1h | 86,264.9 | long leg | $902.5M | $1.51B | 50x | |
| BloFin BTC-USDT | +0.0204% | 8h | 86,210 | −0.064% | $415.5M | $641.1M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 86,253 | −0.014% | $10.5M | $766.0M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0207% / S −0.0222% | 1h | 86,234.3 | −0.035% | $14.5M | — | 200x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
RISEx BTC/USDC
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
HTX BTC-USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
BloFin BTC-USDT
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]