Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against Katana Perps+0.146%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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.146%, 7d avg +0.031%

Together, before fees−0.173%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.115% dearer against Katana Perps than usual: you sell high and buy low: +$11 more if the spread 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	86,325	0.0100	pay 0.0100% / 8h	7h 35m	$203K	$7.2M	50x
Short	Kraken Futures PF_XBTUSD	86,450.8	0.0121	get 0.0015% / 1h	35m 35s	$192.3M	$941.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.146%Rate

Funding earned: $4.45
Price spread: +0.146% → +0.031%: $11.45
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $2.11
Costs to cover: 0.138%
Break-even: 3.7 days

Slippage unknown: Katana Perps: no order-book sample; Kraken Futures: live order book, 4 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 Kraken Futures live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.6 bp −$56	6.8 bp −$679	8.9 bp −$4,454

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	−0.0129%	1h	86,435	+0.127%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,414	+0.103%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,349.5	+0.028%	$361K	$2.4M	50x	as long as short
Bluefin BTC-PERP	−0.0014%	1h	85,574.3	−0.870%	$143K	$666K	40x	as long as short
Perpl BTC	0.0000%	43m	86,444.1	+0.138%	$498K	$21.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,431.1	+0.123%	$36.9M	—	200x	as long as short
Phemex BTCUSDT	+0.0017%	8h	86,418.1	+0.108%	$154.0M	$474.0M	150x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,369.5	+0.052%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	+0.122%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,393.1	+0.079%	$16.9M	$20.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0038%	8h	86,363.2	+0.044%	$830.6M	$721.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0044%	1h	86,332.8	+0.009%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,358.9	+0.039%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,347.1	+0.026%	$8.3M	$42.5M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0057%	1h	86,459.9	+0.156%	$903.2M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,325.3	0.000%	$2.97B	$5.04B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,352.7	+0.032%	$5.13B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,335	+0.012%	$9.40B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,396.5	+0.083%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,366.5	+0.048%	$170.4M	$984.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,384.6	+0.069%	$23.7M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,345	+0.023%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,325	long leg	$203K	$7.2M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,395.6	+0.082%	$4.4M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,369.9	+0.052%	$22.0M	$228.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,441	+0.134%	$3.79B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,396.8	+0.083%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,340.6	+0.018%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,350	+0.029%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,372	+0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,383.8	+0.068%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	+0.027%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,358	+0.038%	$5.81B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,409.3	+0.098%	$37.6M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.087%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,397.1	+0.083%	$279.1M	$950.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,397.9	+0.084%	$217.0M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.084%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,386.3	+0.071%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,395.5	+0.082%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,334	+0.010%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,414.1	+0.103%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,416.4	+0.106%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.5	+0.142%	$30.5M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,429	+0.120%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,418	+0.108%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,395	+0.081%	$2.29B	$964.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,332	+0.008%	$45.8M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,439.6	+0.133%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,462	+0.159%	$132.2M	$5.44B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0121%	1h	86,450.8	+0.146%	$192.3M	$941.7M	100x
Hibachi BTC/USDT-P	+0.0160%	1h	86,449.8	+0.145%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,430.1	+0.122%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,425.1	+0.116%	$416.3M	$648.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,428.1	+0.119%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,455	+0.151%	$10.0M	$761.6M	6.4x	as long as short