Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%
Price spread now: Katana Perps against Derive−0.038%7-day average −0.015% · 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)+0.036%+$4 on $10k
+Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.038%, 7d avg −0.015%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.024% cheaper against Derive than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.015%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 85,598.8 | 0.0100 | pay 0.0013% / 1h | 51m 17s | $30.0M | $51.1M | 15x |
| Short | Katana Perps BTC-USD | 85,566 | 0.0100 | get 0.0100% / 8h | 4h 51m | $233K | $7.9M | 50x |
Derive BTC-PERP
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Derive. 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
- −$0.04
- Price spread: −0.038% → −0.015%
- −$2.36
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$12.2
- Costs to cover
- 0.098%
- Break-even
- never at this rate
Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample | — | — | — | — | — |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Derive and 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.1921% | 1h | 85,641.4 | +0.050% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,587 | −0.014% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,613 | +0.017% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,591.2 | −0.009% | $370K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,599.8 | +0.001% | $417.7M | $665.6M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0001% | 8h | 85,578.3 | −0.024% | $919.3M | $749.3M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,619.4 | +0.024% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,610.8 | +0.014% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,592.2 | −0.008% | $515.9M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,569.7 | −0.034% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0051% | 1h | 85,582.9 | −0.019% | $22.5M | $218.8M | 50x | as long as short |
| BingX BTC-USDT | +0.0058% | 8h | 85,602.9 | +0.005% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0074% | 8h | 85,606.2 | +0.009% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0077% | 1h | 85,595.6 | −0.004% | $6.7M | $146.6M | 40x | as long as short |
| SoDEX BTC-USD | +0.0084% | 1h | 85,607 | +0.010% | $60.0M | $336.1M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,597.8 | −0.001% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,597.8 | −0.001% | $5.04B | $5.58B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,597.9 | −0.001% | $9.34B | $23.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,611.3 | +0.015% | $174.0M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,618.6 | +0.023% | $23.8M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,595 | −0.004% | $8.4M | $52.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,621.5 | +0.026% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,566 | −0.038% | $233K | $7.9M | 50x | |
| Hyperliquid BTC | +0.0100% | 1h | 85,669.9 | +0.083% | $3.74B | $4.96B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,610 | +0.013% | $40.1M | $576.9M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,599.4 | +0.001% | $5.32B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,607.1 | +0.010% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,572 | −0.031% | $3.9M | $18.0M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.114% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,602.2 | +0.004% | $5.54B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,585.5 | −0.016% | $36.0M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,690.1 | +0.107% | $156.8M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,637.5 | +0.045% | $279.7M | $917.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,650.2 | +0.060% | $214.9M | $165.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,649.2 | +0.059% | $140.0M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,646.5 | +0.056% | $30.3M | $207.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,647.3 | +0.057% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,596 | −0.003% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,604.3 | +0.006% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,589.7 | −0.011% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 85,598.8 | long leg | $30.0M | $51.1M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,577 | −0.026% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,598 | −0.001% | $2.27B | $938.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,603.9 | +0.006% | $151.0M | $482.7M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,578.5 | −0.024% | $44.5M | $226.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,582 | −0.020% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,646.8 | +0.056% | $117.3M | $5.14B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,670 | +0.083% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,628.1 | +0.034% | $188.7M | $952.2M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,609.1 | +0.012% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,684.7 | +0.100% | $700K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,618.4 | +0.023% | $8.4M | $42.4M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0196% | 1h | 85,656.5 | +0.067% | $892.9M | $1.53B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,672.2 | +0.086% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,624 | +0.029% | $10.7M | $758.6M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,587.7 | −0.013% | $492K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
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
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC