Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.003%

Price spread now: Nado against Katana Perps+0.030%7-day average +0.039% · you sell dearer than you buy

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

Long on Katana Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.024%−$2 · spread now +0.030%, 7d avg +0.039%

Together, before fees−0.026%+ Points / potential airdropNado: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,637	0.0100	pay 0.0100% / 8h	3h 52m	$199K	$8.2M	50x
Short	Nado BTC-PERP	85,662.7	0.0004	get 0.0000% / 1h	52m 21s	$24.8M	$222.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.030%Rate

Funding earned: −$20.13
Price spread: +0.030% → +0.039%: −$0.92
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$31.84
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Nado: live order book, 7 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 Nado live order book, 7 min ago	0.06 bp	3.6 bp −$4	4.0 bp −$40	5.1 bp −$508	10.1 bp −$5,056

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	+0.011%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,702	+0.076%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,650.3	+0.016%	$918.1M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,679.8	+0.050%	$418.1M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,676.9	+0.047%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,681.5	+0.052%	$16.8M	$21.2M	50x	as long as short
Nado BTC-PERPshort	+0.0004%	1h	85,662.7	+0.030%	$24.8M	$222.8M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,672.2	+0.041%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,651.7	+0.017%	$516.0M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0042%	1h	85,690.8	+0.063%	$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	+0.062%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,662.2	+0.029%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,644.5	+0.009%	$148.8M	$490.2M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,657.2	+0.024%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0091%	1h	85,660.5	+0.027%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,657.2	+0.024%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,668.1	+0.036%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,665	+0.033%	$8.7M	$54.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,653.5	+0.019%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,651	+0.016%	$60.0M	$336.1M	40x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,637	long leg	$199K	$8.2M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,729.9	+0.108%	$5.4M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,746	+0.127%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,699.4	+0.073%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,654.8	+0.021%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,655.5	+0.022%	$5.20B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,660.1	+0.027%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,670	+0.039%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,653.2	+0.019%	$4.3M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,664	+0.032%	$5.53B	$10.74B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,658.1	+0.025%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,689.5	+0.061%	$35.8M	$176.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	+0.001%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,618	−0.022%	$279.5M	$923.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.004%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,648.2	+0.013%	$140.0M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,654.1	+0.020%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,720.2	+0.097%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,661	+0.028%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,661	+0.028%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,657.2	+0.024%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,702.5	+0.076%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.2	+0.018%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,640.8	+0.004%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,639	+0.002%	$2.27B	$946.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.033%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,624.7	−0.014%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,710.2	+0.086%	—	$107.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,683.3	+0.054%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,664.8	+0.032%	$188.3M	$956.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,699.3	+0.073%	$8.9M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,671	+0.040%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0222%	8h	85,692	+0.064%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,667.7	+0.036%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,695.5	+0.068%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,696.7	+0.070%	$503K	$18.8M	6.7x	as long as short