Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: dYdX against Katana Perps+0.092%7-day average +0.030% · you sell dearer than you buy

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

Long on Katana Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.109%−$11 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.092%, 7d avg +0.030%

Together, before fees−0.180%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.062% dearer against Katana Perps than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of +0.030%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,603	0.0100	pay 0.0100% / 8h	3h 51m	$200K	$8.2M	50x
Short	dYdX BTC-USD	85,681.5	0	get 0.0000% / 1h	51m 32s	$16.8M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$20.96
Price spread: +0.092% → +0.030%: $6.21
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$28.54
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: 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 dYdX live order book, 3 min ago	1.46 bp	14.7 bp −$15	23.4 bp −$234	24.2 bp −$2,422	24.6 bp −$12.3K

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	−0.0140%	1h	85,646	+0.050%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,637	+0.040%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,615.8	+0.015%	$917.2M	$756.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,679.8	+0.090%	$418.1M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,645.9	+0.050%	$366K	$2.3M	50x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,681.5	+0.092%	$16.8M	$21.2M	50x
Nado BTC-PERP	+0.0001%	1h	85,640	+0.043%	$24.8M	$222.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,672.2	+0.081%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,637.2	+0.040%	$515.9M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0042%	1h	85,690.8	+0.103%	$884.9M	$1.59B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.102%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,627.7	+0.029%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,644.5	+0.048%	$148.8M	$490.2M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,623	+0.023%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0091%	1h	85,660.5	+0.067%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,650	+0.055%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,657.7	+0.064%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,622	+0.022%	$8.7M	$54.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,653.5	+0.059%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,651	+0.056%	$60.0M	$336.1M	40x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,603	long leg	$200K	$8.2M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,709.1	+0.124%	$5.5M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,739	+0.159%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,666.5	+0.074%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,622.7	+0.023%	$9.41B	$24.30B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,621.9	+0.022%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,639.3	+0.042%	$2.59B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,606	+0.004%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,618.3	+0.018%	$4.3M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,634.4	+0.037%	$5.53B	$10.75B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,625.6	+0.026%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,641.2	+0.045%	$35.9M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	+0.040%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,619.2	+0.019%	$279.6M	$925.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,677.6	+0.087%	$215.0M	$168.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,670.8	+0.079%	$140.1M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,680	+0.090%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,694.9	+0.107%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,661	+0.068%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,661	+0.068%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,657.2	+0.063%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,702.5	+0.116%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.2	+0.057%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,640.8	+0.044%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,639	+0.042%	$2.27B	$946.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.073%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,595.5	−0.009%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,710.2	+0.125%	—	$107.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,683.3	+0.094%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,664.8	+0.072%	$188.3M	$956.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,661.7	+0.069%	$8.9M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,671	+0.079%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0222%	8h	85,692	+0.104%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,667.7	+0.076%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,695.5	+0.108%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,696.7	+0.109%	$503K	$18.8M	6.7x	as long as short