Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Orderly against Katana Perps−0.008%7-day average +0.013% · you buy dearer than you sell

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

Long on Katana Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.008%, 7d avg +0.013%

Together, before fees−0.046%−$5 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: Orderly is 0.021% 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 +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,780	0.0100	pay 0.0100% / 8h	2h 24m	$201K	$6.8M	50x
Short	Orderly PERP_BTC_USDC	86,773.3	0.0100	get 0.0100% / 8h	2h 24m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.04
Price spread: −0.008% → +0.013%: −$2.1
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.86
Costs to cover: 0.098%
Break-even: 1889.2 days

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

Katana Perps and Orderly: 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	−0.0236%	1h	86,676.1	−0.120%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,781	+0.001%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.227%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,781	+0.001%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0071%	1h	86,784.5	+0.005%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,822.9	+0.049%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,784.5	+0.005%	$935.1M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,792.6	+0.015%	$849.4M	$706.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,774.4	−0.006%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,784.7	+0.005%	$506.9M	$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	86,799.1	+0.022%	$6.8M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,754	−0.030%	$150.3M	$471.5M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,791.7	+0.013%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,797.7	+0.020%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.162%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0056%	8h	86,792	+0.014%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,752.4	−0.032%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,793.7	+0.016%	$9.45B	$24.34B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,802.1	+0.025%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,793.6	+0.016%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,790.6	+0.012%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,784.2	+0.005%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,806.9	+0.031%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,812.2	+0.037%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,790	+0.012%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.061%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,780	long leg	$201K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,838	+0.067%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,799.9	+0.023%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,872	+0.106%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,822.1	+0.049%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,791	+0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,861.5	+0.094%	$7.6M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.233%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,766.3	−0.016%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.145%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.119%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.107%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.058%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,835.8	+0.064%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,800	+0.023%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,754	−0.030%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,773.3	−0.008%	$2.5M	$8.5M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,780.3	0.000%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,763.3	−0.019%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,753.1	−0.031%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.033%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,750	−0.035%	$2.30B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,779.7	0.000%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,775	−0.006%	—	$98.6M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,791.2	+0.013%	$188.4M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,804.3	+0.028%	$132.1M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,788	+0.009%	$9.6M	$726.0M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.033%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,770.5	−0.011%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	+0.003%	$618K	$7.1M	30x	as long as short