Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.024%

Price spread now: Katana Perps against GMX−0.022%7-day average −0.053% · you buy dearer than you sell

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

Long on GMX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.022%, 7d avg −0.053%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.031% dearer against GMX than usual: you sell high and buy low (spread −0.022% now, against its 7-day average of −0.053%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,419	L +0.0174% / S −0.0149%	pay 0.0022% / 1h	56m 40s	$13.0M	—	200x
Short	Katana Perps BTC-USD	85,400	0.0100	get 0.0100% / 8h	7h 56m	$264K	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against GMX. 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 GMXbpFee Katana PerpsbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$15.58
Price spread: −0.022% → −0.053%: $3.12
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$28.26
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: GMX: 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 GMX no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

GMX 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
Hotstuff BTC-PERP	−0.0080%	1h	85,396	−0.027%	$8K	$2K	50x	as long as short
Phemex BTCUSDT	−0.0052%	8h	85,416.7	−0.003%	$159.5M	$517.0M	150x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.026%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,412.1	−0.008%	$425.2M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,412	−0.008%	$307K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,433.1	+0.017%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	85,406.9	−0.014%	$928.3M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.5	−0.001%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,410.2	−0.010%	$502.2M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,413.1	−0.007%	$16.7M	$21.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0041%	1h	85,440.9	+0.026%	$829.4M	$1.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,419.2	0.000%	$186.4M	$953.7M	100x	as long as short
BingX BTC-USDT	+0.0078%	8h	85,414.4	−0.005%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,417.1	−0.002%	$169.8M	$936.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,414.3	−0.005%	$23.6M	$133.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,430	+0.013%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,413.9	−0.006%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,400	−0.022%	$264K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,466.7	+0.056%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,397.4	−0.025%	$24.2M	$220.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,434.4	+0.018%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,407.2	−0.014%	$9.40B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,401.7	−0.020%	$5.08B	$10.04B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,400.3	−0.022%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,403	−0.019%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,443.3	+0.029%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.043%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,407.8	−0.013%	$5.46B	$9.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,411.4	−0.009%	$5.01B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,411.9	−0.008%	$2.97B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.9	−0.009%	$37.5M	$192.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.179%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,309.9	−0.128%	$282.9M	$958.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.082%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.089%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.174%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,495.1	+0.089%	—	$9.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,327	−0.108%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,422	+0.004%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,419.3	0.000%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,463.2	+0.052%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,401.4	−0.021%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,409	−0.012%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,412.9	−0.007%	$2.26B	$975.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,389.5	−0.035%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,396.6	−0.026%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,450	+0.036%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,407	−0.014%	$6.6M	$140.7M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.081%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0174% / S −0.0149%	1h	85,419	long leg	$13.0M	—	200x
Kalshi KXBTCPERP	+0.0175%	8h	85,445	+0.030%	$11.8M	$739.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,437.5	+0.022%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0262%	1h	85,495	+0.089%	$3.79B	$5.12B	40x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,342.7	−0.089%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,377.1	−0.049%	$683K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,417.3	−0.002%	$471K	$18.4M	6.7x	as long as short