Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.037%

Price spread now: Katana Perps against Hibachi−0.087%7-day average −0.072% · you buy dearer than you sell

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

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.124%−$12 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.087%, 7d avg −0.072%

Together, before fees−0.081%+ Points / potential airdropHibachi: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.072%, 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	Hibachi BTC/USDT-P	86,647	0.0184	pay 0.0023% / 1h	7m 33s	$779K	$7.9M	30x
Short	Katana Perps BTC-USD	86,572	0.0100	get 0.0100% / 8h	2h 07m	$202K	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hibachi. 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 HibachibpFee Katana PerpsbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$17.68
Price spread: −0.087% → −0.072%: −$1.46
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$31.94
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hibachi: 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 Hibachi live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	42.5 bp −$4,250	doesn't fit
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	−0.0250%	1h	86,683.8	+0.042%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,624.4	−0.026%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.027%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	−0.047%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	−0.001%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,588.6	−0.067%	$505.6M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,614.4	−0.038%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,646.3	−0.001%	$928.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,638.4	−0.010%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,601.1	−0.053%	$851.9M	$708.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,579.2	−0.078%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,592.9	−0.062%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,616.4	−0.035%	$149.9M	$471.8M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,584.5	−0.072%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.142%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,610.1	−0.043%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,584.5	−0.072%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,602.7	−0.051%	$5.20B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	−0.043%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,593.8	−0.061%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,583.7	−0.073%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0094%	8h	86,600	−0.054%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,615.4	−0.036%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	−0.027%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,585	−0.072%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,572	−0.087%	$202K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,657.6	+0.012%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,604.4	−0.049%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,666.5	+0.022%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,645.7	−0.002%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,593	−0.062%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.1	+0.020%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.041%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617	−0.035%	$38.2M	$150.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.029%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	−0.029%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	−0.039%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	−0.034%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.002%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.6	+0.001%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,593	−0.062%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,565	−0.095%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,626.4	−0.024%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,636.5	−0.012%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.9	−0.032%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,614.3	−0.038%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,604	−0.050%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.4	−0.036%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,572.4	−0.086%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.5	−0.002%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,640.3	−0.008%	$187.4M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,662.9	+0.018%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,651	+0.005%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,619.9	−0.031%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,632.5	−0.017%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-Plong	+0.0184%	1h	86,647	long leg	$779K	$7.9M	30x