Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.026%

Price spread now: Katana Perps against Injective−0.083%7-day average −0.033% · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.276%+$28 · spread now −0.083%, 7d avg −0.033%

Together, before fees+0.374%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.050% cheaper against Injective than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.033%). If the spread goes back, that is −$5 on $10k: about 8.1 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.098% in total) that is about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,617	0.0079	pay 0.0010% / 1h	40m 37s	$340K	$26.9M	52x
Short	Katana Perps BTC-USD	85,546	0.0100	get 0.0100% / 8h	5h 40m	$203K	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −0.083%Rate

Funding earned: $4.34
Price spread: −0.083% → −0.033%: −$5.02
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$4.5
Costs to cover: 0.038%
Break-even: 14.2 days

Slippage unknown: Injective: live order book, 4 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 Injective live order book, 4 min ago	3.80 bp	4.1 bp −$4	22.1 bp −$221	doesn't fit	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
Phoenix BTC	−0.0160%	1h	85,485	−0.154%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,569	−0.056%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,540.4	−0.089%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.122%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	−0.079%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,527.1	−0.105%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,533.6	−0.097%	$22.7M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	85,557.3	−0.070%	$918.6M	$749.6M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,577.4	−0.046%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,584	−0.039%	—	$1.54B	—	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	+0.0055%	1h	85,539.9	−0.090%	$893.3M	$1.52B	50x	as long as short
Reya BTCRUSDPERP	+0.0066%	1h	85,516.5	−0.117%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,575.1	−0.049%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.135%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERPlong	+0.0079%	1h	85,617	long leg	$340K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,494.2	−0.143%	$2.4M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0084%	8h	85,517.4	−0.116%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,583.4	−0.039%	$5.04B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,574.7	−0.049%	$9.33B	$23.91B	150x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,511.7	−0.123%	$148.2M	$478.5M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,578.7	−0.045%	$169.8M	$987.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,580.1	−0.043%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,541	−0.089%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.004%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,546	−0.083%	$203K	$7.7M	50x
Hyperliquid BTC	+0.0100%	1h	85,637	+0.023%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	−0.010%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,582.3	−0.041%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,586.1	−0.036%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.064%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	−0.087%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.063%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,584.3	−0.038%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.2	−0.115%	$35.0M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.132%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	−0.044%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	−0.030%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	−0.016%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.016%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,610	−0.008%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,528	−0.104%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.107%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,500.4	−0.136%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.9	−0.089%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,497.1	−0.140%	$29.9M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.137%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,558.6	−0.068%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,664.8	+0.056%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,548.4	−0.080%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,607.3	−0.011%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,531.3	−0.100%	$187.6M	$948.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,571.8	−0.053%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.069%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,525.7	−0.107%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	−0.048%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,587	−0.035%	$522K	$19.5M	6.7x	as long as short