Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Arcus against Katana Perps+0.032%7-day average +0.066% · you sell dearer than you buy

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

Long on Katana Perps Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.042%+$4 · spread now +0.032%, 7d avg +0.066%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.034% cheaper against Katana Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,204	0.0100	pay 0.0100% / 8h	1h 35m	$237K	$8.6M	50x
Short	Arcus BTC-USD	85,231.1	0.0100	get 0.0013% / 1h	35m 08s	$5.2M	$99.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Katana Perps. 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 Katana PerpsbpFee ArcusbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0.04
Price spread: +0.032% → +0.066%: −$3.43
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$11.69
Costs to cover: 0.083%
Break-even: 1861.8 days

Slippage unknown: Katana Perps: no order-book sample; Arcus: live order book, 4 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 Arcus live order book, 4 min ago	0.01 bp	2.3 bp −$2	3.0 bp −$30	4.7 bp −$465	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	−0.0082%	1h	85,242	+0.045%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,255	+0.060%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,226	+0.026%	$927.3M	$773.9M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,224.2	+0.024%	$421.0M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,229	+0.029%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,233.1	+0.034%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,240.1	+0.042%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,254.6	+0.059%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,241.3	+0.044%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0045%	1h	85,234.8	+0.036%	$24.4M	$222.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0055%	1h	85,263.5	+0.070%	$139.4M	$314.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	+0.050%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,234.1	+0.035%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,230.6	+0.031%	$2.96B	$5.18B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,220.5	+0.019%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,242.7	+0.045%	$186.0M	$957.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0089%	1h	85,269.5	+0.077%	$862.3M	$1.64B	50x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,231.3	+0.032%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,231.3	+0.032%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,243.3	+0.046%	$169.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,240.9	+0.043%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,226	+0.026%	$8.4M	$56.3M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	85,225	+0.025%	$59.6M	$336.9M	40x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,204	long leg	$237K	$8.6M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,297.6	+0.110%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,308	+0.122%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,263.9	+0.070%	$40.2M	$604.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,230.4	+0.031%	$5.13B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,238	+0.040%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,220	+0.019%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USDshort	+0.0100%	1h	85,231.1	+0.032%	$5.2M	$99.3M	40x
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.088%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,237.7	+0.040%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,225.9	+0.026%	$36.9M	$179.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	+0.005%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,237.8	+0.040%	$279.3M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,263.3	+0.070%	$214.1M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,255.1	+0.060%	$30.0M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,292.2	+0.104%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,232	+0.033%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,231.8	+0.033%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,227.3	+0.027%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,267.1	+0.074%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	+0.012%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,213.2	+0.011%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,230.2	+0.031%	$2.25B	$969.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,244.3	+0.047%	$150.9M	$509.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,203.2	−0.001%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,248.8	+0.053%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,268.2	+0.075%	$117.0M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,221.3	+0.020%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,243.6	+0.046%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0185%	8h	85,262	+0.068%	$11.7M	$741.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,253.6	+0.058%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,264.1	+0.071%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0265%	1h	85,279	+0.088%	$79K	$229K	20x	as long as short