Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.009%

Price spread now: Aevo against Katana Perps+0.036%7-day average −0.003% · you sell dearer than you buy

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

Long on Katana Perps Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.036%, 7d avg −0.003%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aevo is 0.038% dearer against Katana Perps than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of −0.003%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 4 days (−0.020% in total) that is about 7.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,723	0.0100	pay 0.0100% / 8h	2h 26m	$195K	$6.8M	50x
Short	Aevo BTC-PERP	86,754	0.0056	get 0.0007% / 1h	26m 09s	$2.4M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Katana Perps. 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 Katana PerpsbpFee AevobpOrdersPrice spread, now +0.036%Rate

Funding earned: −$9.2
Price spread: +0.036% → −0.003%: $3.84
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$25.16
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Aevo: live order book, 3 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Aevo live order book, 3 min ago	0.79 bp	10.4 bp −$10	12.6 bp −$126	15.1 bp −$1,509	doesn't fit

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	−0.0235%	1h	86,655	−0.078%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	+0.017%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.161%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.081%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0075%	1h	86,733.4	+0.012%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,756.3	+0.038%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,785.2	+0.072%	$935.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,749.9	+0.031%	$845.2M	$704.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,782.1	+0.068%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,741.3	+0.021%	$506.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,736.1	+0.015%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,747.9	+0.029%	$150.3M	$471.8M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,755.2	+0.037%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,750.4	+0.032%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.097%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,751.3	+0.033%	$5.19B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,757.3	+0.040%	$9.45B	$24.33B	150x	as long as short
Aevo BTC-PERPshort	+0.0056%	1h	86,754	+0.036%	$2.4M	$1.3M	20x
RISEx BTC/USDC	+0.0063%	1h	86,726	+0.003%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0078%	8h	86,763.5	+0.047%	$2.56B	$12.74B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,755.3	+0.037%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,760.6	+0.043%	$5.27B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.125%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,765.1	+0.049%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,767.2	+0.051%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,731	+0.009%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,723	long leg	$195K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,752.1	+0.034%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,698.7	−0.028%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,828	+0.121%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	+0.040%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	−0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.074%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.167%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,760.1	+0.043%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.157%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.116%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.111%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.113%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	+0.063%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	+0.018%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	+0.039%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,783.6	+0.070%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,793.6	+0.081%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,758.8	+0.041%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,741.8	+0.022%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	+0.032%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,759.1	+0.042%	$2.30B	$958.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,738.1	+0.017%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,759.8	+0.042%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,783.4	+0.070%	$188.5M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796	+0.084%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0130%	8h	86,763	+0.046%	$9.6M	$725.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.050%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,773.4	+0.058%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.065%	$614K	$7.1M	30x	as long as short