BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0039%/8h= −4.3% APRnext payment −$0.39 per $10,000 · paid last 24h −0.010%

Price spread now: Binance against Katana Perps−0.016%7-day average +0.034% · you buy dearer than you sell

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

Long on Katana Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.016%, 7d avg +0.034%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.050% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,522	0.0100	pay 0.0100% / 8h	1h 36m	$204K	$6.9M	50x
Short	Binance BTCUSDT	86,508.3	0.0061	get 0.0061% / 8h	1h 36m	$9.41B	$24.32B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.016%Rate

Funding earned: −$8.16
Price spread: −0.016% → +0.034%: −$4.97
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.93
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Binance: live order book, 8 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 Binance live order book, 8 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$563	7.4 bp −$3,713

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
Bluefin BTC-PERP	−0.0703%	1h	86,528.3	+0.007%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.121%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0142%	1h	86,633.1	+0.128%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,572	+0.058%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,577	+0.064%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.6	+0.035%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,499.1	−0.026%	$504.8M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,562.9	+0.047%	$418K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,531.9	+0.011%	$924.3M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,485	−0.043%	$851.0M	$708.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537.5	+0.018%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,541.6	+0.023%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,502.3	−0.023%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.043%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,493.2	−0.033%	$149.7M	$475.1M	150x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,482.4	−0.046%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,622	+0.116%	$730K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,497.9	−0.028%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDTshort	+0.0061%	8h	86,508.3	−0.016%	$9.41B	$24.32B	150x
MEXC BTC_USDT	+0.0061%	8h	86,494.7	−0.032%	$5.18B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,503.5	−0.021%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,499.5	−0.026%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,513.8	−0.009%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,509.7	−0.014%	$171.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,516.1	−0.007%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,531	+0.010%	$8.5M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,505	−0.020%	$60.5M	$337.1M	40x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,522	long leg	$204K	$6.9M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,577.1	+0.064%	$4.7M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,553.6	+0.036%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,568	+0.053%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,586	+0.074%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,518	−0.005%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,539	+0.020%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,616.5	+0.109%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.209%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,488.3	−0.039%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.201%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.132%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.138%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.140%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,628.7	+0.123%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,586.2	+0.074%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,524	+0.002%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.008%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.1	−0.001%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,515.6	−0.007%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.8	+0.017%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,499.2	−0.026%	$2.30B	$964.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,499.2	−0.026%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,577.3	+0.064%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,537.1	+0.017%	$131.6M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,531.6	+0.011%	$191.5M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,527.9	+0.007%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0182%	8h	86,570	+0.055%	$414.5M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,571	+0.057%	$9.6M	$728.3M	6.4x	as long as short