Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Gate against Katana Perps+0.061%7-day average +0.031% · you sell dearer than you buy

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

Long on Katana Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.042%−$4 on $10k

Price spread, last 7 days−0.058%−$6 · spread now +0.061%, 7d avg +0.031%

Together, before fees−0.100%−$10 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: Gate is 0.030% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,512	0.0100	pay 0.0100% / 8h	4h 02m	$203K	$8.1M	50x
Short	Gate BTC_USDT	85,564.2	0.0100	get 0.0100% / 8h	4h 02m	$5.52B	$10.77B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.061%Rate

Funding earned: $0.04
Price spread: +0.061% → +0.031%: $2.96
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$15.8
Costs to cover: 0.188%
Break-even: 2515.0 days

Slippage unknown: Katana Perps: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.7 bp −$767	10.0 bp −$5,004

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	−0.0179%	1h	85,492	−0.023%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,572	+0.070%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,549.7	+0.044%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0034%	8h	85,536.1	+0.028%	$920.4M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	+0.050%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,568	+0.065%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.062%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,537.6	+0.030%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,550	+0.044%	$515.7M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,536.7	+0.029%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0052%	1h	85,605.7	+0.110%	$207K	$739K	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,565.1	+0.062%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,553.9	+0.049%	$148.4M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,561.5	+0.058%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,555.7	+0.051%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,575	+0.074%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,574.8	+0.073%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,545	+0.039%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,556	+0.051%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,512	long leg	$203K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,608	+0.112%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.158%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.4	+0.076%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,563.9	+0.061%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,562.7	+0.059%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,574.7	+0.073%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.012%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.029%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,564.2	+0.061%	$5.52B	$10.77B	200x
MEXC BTC_USDT	+0.0100%	8h	85,565.2	+0.062%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,549.8	+0.044%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.079%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.068%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.029%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.037%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.4	+0.038%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,602.4	+0.106%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	+0.044%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,559.2	+0.055%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,560.3	+0.056%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,553.7	+0.049%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,533.1	+0.025%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,566	+0.063%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	+0.042%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,534.6	+0.026%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,565.1	+0.062%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,601	+0.104%	$117.6M	$5.20B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,604	+0.108%	$886.9M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	+0.062%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,584.1	+0.084%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,570.2	+0.068%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,564.8	+0.062%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0213%	1h	85,526.5	+0.017%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,581	+0.081%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,572.8	+0.071%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,568	+0.065%	$496K	$18.7M	6.7x	as long as short