Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against GRVT+0.087%7-day average −0.038% · you sell dearer than you buy

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

Long on GRVT Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days−0.097%−$10 · spread now +0.087%, 7d avg −0.038%

Together, before fees−0.093%+ Points / potential airdropGRVT: Active · farm board−$9 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 0.126% dearer against GRVT than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BTC_USDT_Perp	85,554.3	0.0100	pay 0.0100% / 8h	3h 59m	$214.7M	$167.9M	50x
Short	Katana Perps BTC-USD	85,629	0.0100	get 0.0100% / 8h	3h 59m	$203K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against GRVT. 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 GRVTbpFee Katana PerpsbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$0.04
Price spread: +0.087% → −0.038%: $12.58
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$0.27
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: GRVT: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	5.3 bp −$526	9.0 bp −$4,503
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	−0.0179%	1h	85,565	+0.013%	$2.1M	$10.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	+0.104%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0036%	8h	85,639.7	+0.100%	$921.9M	$752.6M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,600	+0.053%	$417.7M	$670.1M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,673.4	+0.139%	$367K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,668	+0.133%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,680	+0.147%	$16.8M	$21.3M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,660.6	+0.124%	$516.3M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,654	+0.117%	$4.2M	$98.3M	40x	as long as short
Nado BTC-PERP	+0.0062%	1h	85,656.6	+0.120%	$25.1M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,673.4	+0.139%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,624.2	+0.082%	$148.6M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,661.3	+0.125%	$2.96B	$5.10B	150x	as long as short
Bluefin BTC-PERP	+0.0081%	1h	85,675.6	+0.142%	$207K	$739K	40x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,658.2	+0.122%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,669.8	+0.135%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,669.6	+0.135%	$23.9M	$149.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,662	+0.126%	$8.7M	$53.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,618.2	+0.075%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,629	+0.087%	$203K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,731.7	+0.207%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,750.9	+0.230%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,695.7	+0.165%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,666.6	+0.131%	$9.39B	$24.25B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,661.6	+0.125%	$5.20B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,669.4	+0.135%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,663	+0.127%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.078%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,670.1	+0.135%	$5.52B	$10.69B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,661.4	+0.125%	$5.07B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,614.6	+0.070%	$35.7M	$177.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	+0.014%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,561.6	+0.009%	$279.5M	$922.8M	100x	as long as short
GRVT BTC_USDT_Perplong	+0.0100%	8h	85,554.3	long leg	$214.7M	$167.9M	50x
ApeX Omni BTCUSDT	+0.0100%	1h	85,562.4	+0.009%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,615.4	+0.071%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,706.7	+0.178%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,661	+0.125%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,662	+0.126%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,626.8	+0.085%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,618.9	+0.076%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,595.5	+0.048%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,633	+0.092%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,620.6	+0.078%	$2.27B	$943.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,646.8	+0.108%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,592.5	+0.045%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,665.9	+0.130%	$117.3M	$5.21B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	85,669.5	+0.135%	$886.7M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,610	+0.065%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,648.4	+0.110%	$187.7M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,687	+0.155%	$8.4M	$42.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,634.1	+0.093%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,582.8	+0.033%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,638	+0.098%	$10.4M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,621.2	+0.078%	$702K	$7.8M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,682.6	+0.150%	$506K	$18.8M	6.7x	as long as short