Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Katana Perps against Hotstuff−0.049%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Katana Perps is 0.049% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 22 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	86,197	−0.0080	get 0.0010% / 1h	58m 48s	$8K	$2K	50x
Short	Katana Perps BTC-USD	86,155	0.0100	get 0.0100% / 8h	5h 58m	$219K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hotstuff. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 HotstuffbpFee Katana PerpsbpOrdersPrice spread, now −0.049%Rate

Funding earned: $37.76
Price spread: −0.049% → 0.000%: −$4.87
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $24.08
Costs to cover: 0.088%
Break-even: 2.5 days

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

Hotstuff 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 55 exchanges

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-PERPlong	−0.0080%	1h	86,197	long leg	$8K	$2K	50x
01 Exchange BTCUSD	−0.0024%	1h	86,172.5	−0.028%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,167.3	−0.034%	$421.9M	$567.7M	150x	as long as short
Popdex BTCUSDT	−0.0016%	1h	86,164	−0.038%	$8.8M	$45.6M	100x	as long as short
SoDEX BTC-USD	−0.0013%	1h	86,182	−0.017%	$65.8M	$188.0M	40x	as long as short
ApeX Omni BTCUSDT	−0.0012%	1h	86,140.2	−0.066%	$138.1M	$295.2M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,211.4	+0.017%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,197.3	0.000%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,166	−0.036%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.020%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0029%	8h	86,194.9	−0.002%	—	$16.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,193.7	−0.004%	$191.6M	$777.6M	100x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,203.5	+0.008%	$513.7M	$881.9M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,182.2	−0.017%	$5.15B	$8.18B	150x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	86,236.6	+0.046%	$944.1M	$638.1M	125x	as long as short
Phoenix BTC	+0.0053%	1h	86,176	−0.024%	$2.0M	$7.3M	40x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,230.8	+0.039%	$5.53B	$8.86B	200x	as long as short
Phemex BTCUSDT	+0.0086%	8h	86,177.5	−0.023%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,228.9	+0.037%	$173.9M	$850.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,228.5	+0.037%	$23.6M	$118.3M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,214.2	+0.020%	$2.99B	$4.01B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,167.9	−0.034%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,155	−0.049%	$219K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,239.8	+0.050%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,210.3	+0.015%	$23.4M	$197.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,237	+0.046%	$40.5M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,211.5	+0.017%	$9.47B	$20.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,180.3	−0.019%	$2.62B	$9.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,168	−0.034%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,207.6	+0.012%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.190%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,182.4	−0.017%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,173.4	−0.027%	$38.7M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.098%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.118%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,135.4	−0.071%	$216.3M	$132.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,222.4	+0.029%	$30.3M	$222.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,234.8	+0.044%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,182	−0.017%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,189	−0.009%	$204K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,186.7	−0.012%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,238.2	+0.048%	$195K	$565K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,177.9	−0.022%	$3.3M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,167.3	−0.034%	$2.28B	$808.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,187.5	−0.011%	$46.9M	$204.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,188.3	−0.010%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,225	+0.032%	$112.4M	$5.00B	50x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,222	+0.029%	$11.8M	$731.2M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,164	−0.038%	$6.6M	$131.2M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,316	+0.138%	$3.98B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,190.7	−0.007%	$8.9M	$37.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,194.1	−0.003%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0233%	1h	86,240	+0.050%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	86,284.2	+0.101%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0435%	1h	86,179.1	−0.021%	$81K	$244K	20x	as long as short