Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Derive against Katana Perps−0.011%7-day average +0.012% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now −0.011%, 7d avg +0.012%

Together, before fees−0.123%−$12 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: Derive is 0.024% cheaper against Katana Perps than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,610	0.0100	pay 0.0100% / 8h	2h 30m	$193K	$6.8M	50x
Short	Derive BTC-PERP	86,600.1	0.0100	get 0.0013% / 1h	30m 21s	$30.0M	$61.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.011%Rate

Funding earned: $0.04
Price spread: −0.011% → +0.012%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$12.11
Costs to cover: 0.098%
Break-even: 1928.8 days

Slippage unknown: Katana Perps: no order-book sample; Derive: no order-book sample. 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 Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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
Aftermath Perps BTCUSD	−0.0234%	1h	86,607.4	−0.003%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,633.4	+0.027%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,590	−0.023%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	+0.019%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.042%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.2	+0.042%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,621.9	+0.014%	$935.1M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,608.3	−0.002%	$843.7M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,628.7	+0.022%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,595.9	−0.016%	$505.8M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,611.5	+0.002%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,603.8	−0.007%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,590.2	−0.023%	$149.7M	$471.4M	150x	as long as short
Bitget BTCUSDT	+0.0031%	8h	86,591.7	−0.021%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.033%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,617.4	+0.009%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,594.9	−0.017%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,595.7	−0.017%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.6	+0.024%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0074%	8h	86,600	−0.012%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,608.5	−0.002%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,587.9	−0.026%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	+0.005%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,603	−0.008%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,608.8	−0.001%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	+0.012%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,610	long leg	$193K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,667.4	+0.066%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,616.5	+0.007%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,693.5	+0.096%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650.2	+0.046%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	+0.020%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,690.1	+0.092%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.037%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,624.7	+0.017%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,620.6	+0.012%	$279.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.011%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,627.4	+0.020%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,601.6	−0.010%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,675.1	+0.075%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,620	+0.012%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,605	−0.006%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,610	0.000%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,625.8	+0.018%	$141K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,600.1	−0.011%	$30.0M	$61.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.003%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,591	−0.022%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,598.6	−0.013%	$2.30B	$957.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,579.6	−0.035%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,638.6	+0.033%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,619.4	+0.011%	$188.7M	$930.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,634.6	+0.028%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,640	+0.035%	$8.9M	$723.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,599.6	−0.012%	$416.9M	$652.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,620.6	+0.012%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.036%	$614K	$7.1M	30x	as long as short