Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.001%

Price spread now: RISEx against Katana Perps−0.073%59s7-day average +0.043% · you buy dearer than you sell

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

Long on Katana Perps Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days+0.122%+$12 · spread now −0.073%, 7d avg +0.043%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.115% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of +0.043%). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day). The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

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	7h 27m	$265K	$8.7M	50x
Short	RISEx BTC/USDC	85,329	0.0194	get 0.0024% / 1h	27m 24s	$8.9M	$42.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.073%Rate

Funding earned: $19.76
Price spread: −0.073% → +0.043%: −$11.52
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$1.55
Costs to cover: 0.098%
Break-even: 7.5 days

Slippage unknown: Katana Perps: no order-book sample; RISEx: 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 RISEx live order book, 7 min ago	0.01 bp	5.6 bp −$6	5.8 bp −$58	12.1 bp −$1,211	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
Bluefin BTC-PERP	−0.1041%	1h	85,454.6	+0.074%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,380	−0.013%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,366.3	−0.029%	$423.8M	$673.2M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,430	+0.046%	$307K	$25.4M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,419.4	+0.033%	$353K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,332.1	−0.069%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,408.7	+0.021%	$939.9M	$768.4M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,422.1	+0.036%	$502.9M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0058%	1h	85,382.8	−0.010%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,435	+0.052%	$186.0M	$927.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,395	+0.005%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,401.8	+0.013%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0093%	1h	85,403	+0.014%	$24.0M	$215.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,420.2	+0.034%	$171.3M	$947.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,410.3	+0.023%	$23.5M	$134.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,413	+0.026%	$8.7M	$57.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,408	+0.020%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,391	long leg	$265K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,449.7	+0.069%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,428.7	+0.044%	$40.2M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,427.3	+0.042%	$9.39B	$24.88B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,417.1	+0.031%	$5.08B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,409.8	+0.022%	$2.61B	$11.82B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,400	+0.011%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,416.3	+0.030%	$5.0M	$97.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.103%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,430.6	+0.046%	$5.49B	$9.93B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,409.5	+0.022%	$5.05B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,413.1	+0.026%	$2.98B	$5.02B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375.2	−0.019%	$37.5M	$193.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	+0.007%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,402.6	+0.014%	$285.5M	$965.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,409.3	+0.021%	$214.4M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,416.3	+0.030%	$136.6M	$311.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,340.2	−0.059%	$30.1M	$218.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,481.8	+0.106%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,260	−0.153%	$10.9M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,429.9	+0.046%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,416.3	+0.030%	$2.7M	$9.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	+0.063%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,435.7	+0.052%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,350	−0.048%	$59.7M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,374.9	−0.019%	$2.26B	$970.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,401.6	+0.012%	$163.7M	$513.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,382.5	−0.010%	$45.8M	$239.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,417.8	+0.031%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,464	+0.085%	$111.8M	$5.38B	50x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,399.3	+0.010%	$6.6M	$136.9M	40x	as long as short
Hyperliquid BTC	+0.0152%	1h	85,495	+0.122%	$3.83B	$5.15B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,471.4	+0.094%	$832.9M	$1.66B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,436.1	+0.053%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,377	−0.016%	$10.0M	$738.5M	6.4x	as long as short
RISEx BTC/USDCshort	+0.0194%	1h	85,329	−0.073%	$8.9M	$42.3M	25x
Aftermath Perps BTCUSD	+0.0340%	1h	85,446.1	+0.064%	$81K	$260K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,344.3	−0.055%	$687K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,413.2	+0.026%	$455K	$17.9M	6.7x	as long as short