Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%
Price spread now: Backpack against Katana Perps+0.004%7-day average +0.047% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.083%−$8 on $10k
+Price spread, last 7 days−0.405%−$41 · spread now +0.004%, 7d avg +0.047%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.043% cheaper against Katana Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.047%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Katana Perps BTC-USD | 85,305 | 0.0100 | pay 0.0100% / 8h | 1h 42m | $238K | $8.6M | 50x |
| Short | Backpack BTC_USDC_PERP | 85,308.3 | 0.0100 | get 0.0013% / 1h | 42m 43s | $36.7M | $178.2M | 75x |
Katana Perps BTC-USD
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.04
- Price spread: +0.004% → +0.047%
- −$4.29
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$18.04
- Costs to cover
- 0.138%
- Break-even
- 2871.2 days
Slippage unknown: Katana Perps: no order-book sample; Backpack: live order book, 1 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 Backpack live order book, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.5 bp −$55 | 8.2 bp −$820 | 97.1 bp −$48.5K |
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 | 85,262 | −0.050% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,332 | +0.032% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0048% | 8h | 85,262.8 | −0.049% | $928.0M | $773.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0027% | 8h | 85,312.1 | +0.008% | $421.5M | $684.3M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,264.9 | −0.047% | $512.4M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,277 | −0.033% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,349.4 | +0.052% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,305.1 | 0.000% | $534K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,351 | +0.054% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0041% | 1h | 85,328.1 | +0.027% | $24.4M | $222.8M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni BTCUSDT | +0.0042% | 1h | 85,293.8 | −0.013% | $139.5M | $314.4M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0043% | 1h | 85,356 | +0.060% | $867.8M | $1.64B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,334 | +0.034% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,276.9 | −0.033% | — | $1.56B | — | as long as short |
| Bitget BTCUSDT | +0.0088% | 8h | 85,258.8 | −0.054% | $2.96B | $5.18B | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,327.6 | +0.026% | $186.6M | $956.2M | 100x | as long as short |
| MEXC BTC_USDT | +0.0092% | 8h | 85,270.3 | −0.041% | $5.01B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0093% | 8h | 85,270.7 | −0.040% | $9.42B | $25.00B | 150x | as long as short |
| SoDEX BTC-USD | +0.0095% | 1h | 85,314 | +0.011% | $59.7M | $336.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,274.8 | −0.035% | $170.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,281.4 | −0.028% | $23.6M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,338 | +0.039% | $8.4M | $56.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,324 | +0.022% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,305 | long leg | $238K | $8.6M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,326.5 | +0.025% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,356 | +0.060% | $3.74B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,299.4 | −0.007% | $39.9M | $602.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,265.5 | −0.046% | $5.14B | $10.01B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,277.7 | −0.032% | $2.59B | $12.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,268 | −0.043% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,340.3 | +0.041% | $4.6M | $99.2M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,300.2 | −0.006% | $5.50B | $10.98B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,308.3 | +0.004% | $36.7M | $178.2M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,207.4 | −0.114% | $154.6M | $558.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,231.5 | −0.086% | $279.3M | $953.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,259.3 | −0.054% | $214.0M | $167.0M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,323 | +0.021% | $30.1M | $204.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,386.6 | +0.096% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,329 | +0.028% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,343.9 | +0.046% | $201K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,333.3 | +0.033% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,373.9 | +0.081% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,314.6 | +0.011% | $29.9M | $47.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,307.9 | +0.003% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,324.1 | +0.022% | $2.26B | $970.3M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,326.7 | +0.025% | $150.6M | $508.8M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,294.8 | −0.012% | $682.6M | $475.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,280.4 | −0.029% | $44.7M | $240.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,321.2 | +0.019% | — | $107.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,356.9 | +0.061% | $117.2M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0125% | 1h | 85,321.6 | +0.019% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,347.2 | +0.049% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0191% | 8h | 85,342 | +0.043% | $11.8M | $743.0M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,363.5 | +0.069% | $8.7M | $43.1M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,327.4 | +0.026% | $689K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0256% | 1h | 85,348.8 | +0.051% | $79K | $229K | 20x | as long as short |
ApeX Omni BTCUSDT
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
BingX BTC-USDT
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
MEXC BTC_USDT
Binance BTCUSDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD