Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h +0.006%

Price spread now: Aftermath Perps against Katana Perps+0.114%47s7-day average +0.042% · you sell dearer than you buy

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

Long on Katana Perps Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.114%, 7d avg +0.042%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Aftermath Perps is 0.072% dearer against Katana Perps than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,393	0.0100	pay 0.0100% / 8h	3h 08m	$228K	$8.4M	50x
Short	Aftermath Perps BTCUSD	85,490.4	0.0250	get 0.0031% / 1h	8m 25s	$78K	$222K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now +0.114%Rate

Funding earned: $31.47
Price spread: +0.114% → +0.042%: $7.23
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $25.9
Costs to cover: 0.128%
Break-even: 1.2 days

Slippage unknown: Katana Perps: no order-book sample; Aftermath Perps: live order book, 46 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 Aftermath Perps live order book, 46 min ago	0.00 bp	13.1 bp −$13	doesn't fit	doesn't fit	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
Phoenix BTC	−0.0140%	1h	85,444	+0.060%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.039%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,394.6	+0.002%	$918.9M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,430	+0.043%	$419.7M	$675.3M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,399.9	+0.008%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,422	+0.034%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,415.1	+0.026%	$502K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,407.3	+0.017%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,438.1	+0.053%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	85,448.7	+0.065%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.186%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,411	+0.021%	$59.8M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0046%	1h	85,454.7	+0.072%	$872.2M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,388.5	−0.005%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,408.2	+0.018%	$148.5M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,407	+0.016%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,411.1	+0.021%	$2.7M	$3.7M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,406.6	+0.016%	$5.07B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,403.2	+0.012%	$9.44B	$24.47B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,430.4	+0.044%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,424.6	+0.037%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,404	+0.013%	$8.4M	$55.2M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,393	long leg	$228K	$8.4M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.8	+0.078%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,494	+0.118%	$3.78B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,452.1	+0.069%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,400.9	+0.009%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,415.6	+0.026%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,417	+0.028%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,412.3	+0.023%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	+0.073%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,409.2	+0.019%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,403.6	+0.012%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,415.2	+0.026%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	+0.073%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.091%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	+0.089%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	+0.088%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.095%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.034%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,417	+0.028%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,414.1	+0.025%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,459.1	+0.077%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,404.6	+0.014%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,432	+0.046%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,408.3	+0.018%	$2.26B	$950.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.1	−0.016%	$45.8M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.6	+0.094%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,438.1	+0.053%	$117.6M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0105%	1h	85,405.6	+0.015%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,424.9	+0.037%	$187.6M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	85,455	+0.073%	$11.4M	$752.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,443.2	+0.059%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,438.1	+0.053%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,465.9	+0.085%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSDshort	+0.0250%	1h	85,490.4	+0.114%	$78K	$222K	20x