Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.029%

Price spread now: Deribit against Katana Perps+0.088%7-day average +0.065% · you sell dearer than you buy

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

Long on Katana Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$2 on $10k

Price spread, last 4 days (all we have)−0.105%−$11 · spread now +0.088%, 7d avg +0.065%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.023% dearer against Katana Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,466	0.0100	pay 0.0100% / 8h	4h 46m	$233K	$7.9M	50x
Short	Deribit BTC-PERPETUAL	85,541.2	0.0173	get 0.0022% / 1h	46m 19s	$893.6M	$1.53B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.088%Rate

Funding earned: $15.28
Price spread: +0.088% → +0.065%: $2.25
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $6.73
Costs to cover: 0.108%
Break-even: 3.9 days

Slippage unknown: Katana Perps: no order-book sample; Deribit: live order book, 3 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 Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	4.6 bp −$46	7.8 bp −$776	15.3 bp −$7,638

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	−0.0905%	1h	85,517.1	+0.060%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	+0.119%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,464	−0.002%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,483.2	+0.020%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,469.1	+0.004%	$417.7M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0003%	8h	85,463.2	−0.003%	$918.0M	$750.2M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,499.7	+0.039%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,480.9	+0.017%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,464.7	−0.002%	$515.0M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,471.3	+0.006%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0058%	1h	85,420.4	−0.053%	$22.6M	$219.1M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,470.7	+0.005%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,490.1	+0.028%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,457.6	−0.010%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,487.9	+0.026%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,470.5	+0.005%	$9.32B	$24.01B	150x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,472.4	+0.007%	$5.04B	$5.58B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,477	+0.013%	$173.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,514.3	+0.057%	$23.8M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,483	+0.020%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,555	+0.104%	$4.1M	$8.5M	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,466	long leg	$233K	$7.9M	50x
Hyperliquid BTC	+0.0100%	1h	85,554	+0.103%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,525.3	+0.069%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,472.6	+0.008%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,490.2	+0.028%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,486	+0.023%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.270%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,479.6	+0.016%	$5.53B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,455.4	−0.012%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	+0.139%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,552.4	+0.101%	$279.4M	$918.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.2	+0.098%	$214.8M	$166.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,565.9	+0.117%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,504.3	+0.045%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.1	+0.075%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,471	+0.006%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,473	+0.008%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,485.2	+0.022%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,484.2	+0.021%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,456.3	−0.011%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,497	+0.036%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,441.2	−0.029%	$2.26B	$939.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,467	+0.001%	$151.0M	$483.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,474.4	+0.010%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,510.5	+0.052%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,528.1	+0.073%	$117.4M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,617	+0.177%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,520.9	+0.064%	$188.8M	$953.3M	100x	as long as short
Deribit BTC-PERPETUALshort	+0.0173%	1h	85,541.2	+0.088%	$893.6M	$1.53B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,478.9	+0.015%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,567.8	+0.119%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,510.7	+0.052%	$8.3M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0206%	1h	85,587.4	+0.142%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,553	+0.102%	$10.4M	$758.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,485.3	+0.023%	$498K	$18.9M	6.7x	as long as short