Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.035%

Price spread now: Phoenix against Katana Perps+0.026%7-day average +0.083% · you sell dearer than you buy

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

Long on Katana Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.113%−$11 on $10k

Price spread, last 7 days+0.022%+$2 · spread now +0.026%, 7d avg +0.083%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.058% cheaper against Katana Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.083%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,391	0.0100	pay 0.0100% / 8h	2h 57m	$239K	$8.5M	50x
Short	Phoenix BTC	85,413	−0.0140	pay 0.0018% / 1h	57m 20s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$50.37
Price spread: +0.026% → +0.083%: −$5.75
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$66.93
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Phoenix: 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.5 bp −$1,151	doesn't fit

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 BTCshort	−0.0140%	1h	85,413	+0.026%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,374	−0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0052%	8h	85,434.8	+0.051%	$921.4M	$758.5M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,400.7	+0.011%	$420.1M	$676.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,455.8	+0.076%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,430.2	+0.046%	$382K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	+0.021%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,461.7	+0.083%	$543K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.1	+0.098%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.068%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,400	+0.010%	$24.4M	$223.1M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,407.3	+0.019%	$187.6M	$956.0M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,463.6	+0.085%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,357.8	−0.039%	$149.0M	$498.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,463.9	+0.085%	$2.95B	$5.14B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,464.4	+0.086%	$5.07B	$5.66B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,447.8	+0.067%	$2.9M	$5.9M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,464.2	+0.086%	$9.45B	$24.65B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,408.9	+0.021%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,412.3	+0.025%	$23.9M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,436	+0.053%	$8.4M	$55.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,417.9	+0.032%	$117.7M	$5.27B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0100%	1h	85,433.8	+0.050%	$872.2M	$1.60B	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,391	long leg	$239K	$8.5M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.4	+0.080%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,534	+0.167%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.4	+0.048%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,455	+0.075%	$5.18B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,460.6	+0.082%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,435	+0.052%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,428.9	+0.044%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,460.3	+0.081%	$5.54B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,341.7	−0.058%	$36.5M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.6	+0.008%	$154.3M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,391.5	+0.001%	$279.0M	$933.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	+0.031%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,428.6	+0.044%	$139.6M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,400	+0.011%	$30.2M	$206.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,496.4	+0.123%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	+0.081%	$11.1M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,462	+0.083%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,458	+0.078%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,498.2	+0.126%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,375.9	−0.018%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,382.1	−0.010%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,400	+0.011%	$59.9M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,373.2	−0.021%	$2.26B	$949.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	+0.016%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,383.6	−0.009%	$45.8M	$235.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,418.1	+0.032%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0107%	1h	85,460.3	+0.081%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,387	−0.005%	$11.4M	$751.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,472	+0.095%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,441.5	+0.059%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,451.1	+0.070%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,460.4	+0.081%	$8.7M	$43.0M	25x	as long as short