Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0996%/8h= −109.0% APRpaid last 24h −0.188%

Price spread now: Bluefin against Katana Perps+0.007%7-day average −0.007% · you sell dearer than you buy

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

Long on Katana Perps Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.427%−$43 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.007%, 7d avg −0.007%

Together, before fees−0.470%−$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$30 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,473	0.0100	pay 0.0100% / 8h	1h 20m	$204K	$6.9M	50x
Short	Bluefin BTC-PERP	86,479.3	−0.0896	pay 0.0112% / 1h	20m 21s	$140K	$620K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$209.08
Price spread: +0.007% → −0.007%: $1.44
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$218.44
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Bluefin: live order book, 64 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 Bluefin live order book, 64 min ago	1.09 bp	5.6 bp −$6	9.9 bp −$99	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
Bluefin BTC-PERPshort	−0.0896%	1h	86,479.3	+0.007%	$140K	$620K	40x
Phoenix BTC	−0.0159%	1h	86,503	+0.035%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,498	+0.029%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,487.9	+0.017%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,492.5	+0.023%	$359K	$2.4M	50x	as long as short
Aftermath Perps BTCUSD	−0.0006%	1h	86,529	+0.065%	$82K	$217K	20x	as long as short
Perpl BTC	0.0000%	43m	86,549.5	+0.088%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,562.3	+0.103%	$921.1M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,482.1	+0.011%	$851.2M	$711.5M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,541	+0.079%	$17.0M	$21.1M	50x	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	86,505	+0.037%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,497.3	+0.028%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,472.8	0.000%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.099%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,519.8	+0.054%	$149.8M	$476.6M	150x	as long as short
BingX BTC-USDT	+0.0035%	8h	86,477.6	+0.005%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0045%	8h	86,484.4	+0.013%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,485.2	+0.014%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,531.8	+0.068%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,483.5	+0.012%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,481.6	+0.010%	$5.85B	$10.73B	200x	as long as short
Hibachi BTC/USDT-P	+0.0088%	1h	86,561.8	+0.103%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,474.8	+0.002%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,506.6	+0.039%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,521.4	+0.056%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,489	+0.019%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,473	long leg	$204K	$6.9M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,549.3	+0.088%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,492.8	+0.023%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,557	+0.097%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,531.2	+0.067%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,455.9	−0.020%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,504	+0.036%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,565	+0.106%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.030%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,493.8	+0.024%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.114%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.086%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	+0.013%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.010%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483.3	+0.012%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,542.9	+0.081%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,483	+0.012%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	+0.019%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,472.8	0.000%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.9	+0.061%	$30.3M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,489.1	+0.019%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	+0.067%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,509.4	+0.042%	$2.30B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,465.9	−0.008%	$45.4M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,514.4	+0.048%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,567.6	+0.109%	$132.0M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,553.9	+0.094%	$191.5M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,513.9	+0.047%	$415.8M	$654.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0210%	1h	86,498.4	+0.029%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,567	+0.109%	$9.7M	$733.7M	6.4x	as long as short