Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.024%

Price spread now: Injective against Katana Perps+0.064%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.089%−$9 on $10k

Price spread, last 3 days (all we have)−0.155%−$15 · spread now +0.064%, 7d avg +0.031%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.033% dearer against Katana Perps than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of +0.031%): +$3 on $10k if it goes back. Holding the pair costs −$2 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	86,584	0.0100	pay 0.0100% / 8h	2h 29m	$193K	$6.8M	50x
Short	Injective BTC/USDC PERP	86,639	0.0049	get 0.0006% / 1h	29m 07s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.064%Rate

Funding earned: −$10.65
Price spread: +0.064% → +0.031%: $3.27
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$11.21
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Injective: live order book, 5 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 Injective live order book, 5 min ago	2.65 bp	3.1 bp −$3	13.3 bp −$133	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
Aftermath Perps BTCUSD	−0.0235%	1h	86,602.7	+0.022%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,617.3	+0.038%	$428K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.001%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,612	+0.032%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0079%	1h	86,626.4	+0.049%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,623	+0.045%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,648.8	+0.075%	$935.2M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,614.5	+0.035%	$843.9M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,619.4	+0.041%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,608.3	+0.028%	$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	86,593.9	+0.011%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,619.4	+0.041%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,613.5	+0.034%	$149.7M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0031%	8h	86,620.3	+0.042%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERPshort	+0.0049%	1h	86,639	+0.064%	$315K	$26.8M	52x
MEXC BTC_USDT	+0.0053%	8h	86,614	+0.035%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,613.4	+0.034%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.8	+0.034%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,604.4	+0.024%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0075%	8h	86,631.8	+0.055%	$2.56B	$12.71B	100x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,635.8	+0.060%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,613.9	+0.035%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	+0.035%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,631.4	+0.055%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,631.7	+0.055%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,597	+0.015%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,584	long leg	$193K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,647.3	+0.073%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,596.6	+0.014%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,691	+0.124%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,629.4	+0.052%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,600	+0.018%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,667.3	+0.096%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.007%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617.9	+0.039%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	+0.004%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	+0.044%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	+0.049%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	+0.026%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.4	+0.084%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.8	+0.018%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.8	+0.054%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.5	+0.066%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,620.4	+0.042%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.033%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,614	+0.035%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,598.6	+0.017%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,604.4	+0.024%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,616.1	+0.037%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,656.1	+0.083%	$188.8M	$930.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,661.3	+0.089%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,625	+0.047%	$9.0M	$723.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	+0.014%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,611.9	+0.032%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.066%	$614K	$7.1M	30x	as long as short