Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Katana Perps+0.020%7-day average +0.043% · you sell dearer than you buy

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

Long on Katana Perps Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.020%, 7d avg +0.043%

Together, before fees−0.033%+ Points / potential airdropLighter RH: Points live · farm board−$3 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: Lighter RH is 0.023% 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 +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,736	0.0100	pay 0.0100% / 8h	5h 12m	$198K	$7.8M	50x
Short	Lighter RH BTC	85,753.5	0.0096	get 0.0012% / 1h	12m 03s	$23.9M	$149.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$0.8
Price spread: +0.020% → +0.043%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$6.88
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter RH: 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 Lighter RH live order book, 2 min ago	0.26 bp	1.0 bp −$1	1.4 bp −$14	3.3 bp −$332	24.9 bp −$12.4K

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
Bluefin BTC-PERP	−0.0649%	1h	85,782.9	+0.055%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,753	+0.020%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,760	+0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,762.9	+0.031%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,743.9	+0.009%	$417.6M	$665.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,748.6	+0.015%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,733.4	−0.003%	$919.5M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,763.3	+0.032%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,759.3	+0.027%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,739.5	+0.004%	$516.5M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,726	−0.012%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,744.1	+0.009%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,745.7	+0.011%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.083%	$341K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,735.3	−0.001%	$148.9M	$480.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,739.2	+0.004%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,744	+0.009%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,742.2	+0.007%	$9.35B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,743.7	+0.009%	$2.27B	$935.9M	200x	as long as short
SoDEX BTC-USD	+0.0093%	1h	85,744	+0.009%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,747.5	+0.013%	$174.9M	$1.00B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,753.5	+0.020%	$23.9M	$149.4M	50x
Popdex BTCUSDT	+0.0096%	1h	85,759	+0.027%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,806.1	+0.082%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,736	long leg	$198K	$7.8M	50x
Hyperliquid BTC	+0.0100%	1h	85,818.7	+0.096%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,798.1	+0.072%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,749.6	+0.016%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,750.1	+0.016%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,746	+0.012%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,737.9	+0.002%	$6.8M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.076%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,744.5	+0.010%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,740.3	+0.005%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.082%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,742.6	+0.008%	$280.1M	$921.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,770.9	+0.041%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,773.2	+0.043%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,766.5	+0.036%	$30.3M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,806.6	+0.082%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,753	+0.020%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,757	+0.024%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,739.4	+0.004%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,740.7	+0.005%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,735.2	−0.001%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,721.8	−0.017%	$44.2M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,758.7	+0.026%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,777.9	+0.049%	$126.5M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,787.5	+0.060%	$8.4M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0126%	1h	85,785.1	+0.057%	$891.6M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,766.7	+0.036%	$189.3M	$952.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,792	+0.065%	$704K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,784.9	+0.057%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,760.6	+0.029%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,783	+0.055%	$10.6M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,786	+0.058%	$506K	$19.2M	6.7x	as long as short