Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Ondo Perps against Katana Perps+0.019%7-day average +0.036% · you sell dearer than you buy

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

Long on Katana Perps Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.008%+$1 on $10k

Price spread, last 7 days−0.174%−$17 · spread now +0.019%, 7d avg +0.036%

Together, before fees−0.166%+ Points / potential airdropOndo Perps: Active · farm board−$17 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,386	0.0100	pay 0.0100% / 8h	1h 28m	$204K	$6.9M	50x
Short	Ondo Perps BTC-USD.P	86,402	0.0100	get 0.0013% / 1h	28m 55s	$3.9M	$18.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0.04
Price spread: +0.019% → +0.036%: −$1.79
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$10.54
Costs to cover: 0.088%
Break-even: 1680.7 days

Slippage unknown: Katana Perps: no order-book sample; Ondo Perps: no order-book sample. 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 Ondo Perps no order-book sample	—	—	—	—	—

Katana Perps and Ondo 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	−0.0438%	1h	86,428.9	+0.050%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	+0.002%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.052%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0076%	1h	86,495.5	+0.127%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,408.4	+0.026%	$504.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	+0.034%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,392.5	+0.008%	$850.7M	$710.9M	125x	as long as short
Perpl BTC	0.0000%	43m	86,411.2	+0.029%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,444.5	+0.068%	$921.5M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.025%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.2	+0.047%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,405.3	+0.022%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,392.3	+0.007%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.200%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,412.1	+0.030%	$149.1M	$476.2M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,416.2	+0.035%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,407	+0.024%	$2.95B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,390.4	+0.005%	$720K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,403.2	+0.020%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,410	+0.028%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,407.2	+0.025%	$9.41B	$24.37B	150x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,408.6	+0.026%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,410.6	+0.028%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	86,413	+0.031%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,420	+0.039%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,431.2	+0.052%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	+0.016%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,386	long leg	$204K	$6.9M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	+0.036%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.6	−0.007%	$21.9M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,484	+0.113%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	+0.042%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,406.9	+0.024%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,402	+0.019%	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.098%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.049%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,408.2	+0.026%	$37.9M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.057%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.132%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.060%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.153%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.053%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,429.9	+0.051%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	+0.010%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,407	+0.024%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,420.3	+0.040%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,410.7	+0.029%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,409.1	+0.027%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,391.9	+0.007%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,391.4	+0.006%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,399	+0.015%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,456.7	+0.082%	$131.9M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,441.1	+0.064%	$191.5M	$942.8M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,415	+0.034%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,421.5	+0.041%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,416	+0.035%	$9.7M	$730.7M	6.4x	as long as short