Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Katana Perps−0.058%50s7-day average +0.025% · you buy dearer than you sell

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

Long on Katana Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.058%, 7d avg +0.025%

Together, before fees+0.057%+ Points / potential airdropVariational Omni: Active · farm board+$6 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: Variational Omni is 0.083% cheaper against Katana Perps than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 50 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	85,268	0.0100	pay 0.0100% / 8h	2h 19m	$238K	$8.6M	50x
Short	Variational Omni BTC	85,218.8	0.0100	get 0.0100% / 8h	2h 19m	$154.2M	$561.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.058%Rate

Funding earned: $0.04
Price spread: −0.058% → +0.025%: −$8.31
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.07
Costs to cover: 0.038%
Break-even: 1922.4 days

Slippage unknown: Katana Perps: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	0.50 bp	doesn't fit	0.5 bp −$5	3.5 bp −$352	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
Perpl BTC	−0.0112%	43m	85,298.5	+0.036%	$527K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.157%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	+0.053%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,301.2	+0.039%	$923.2M	$764.7M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,226.9	−0.048%	$419.4M	$680.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,304.5	+0.043%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,309.9	+0.049%	$512.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,297	+0.034%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,302.2	+0.040%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.050%	$338K	$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	+0.0036%	1h	85,281.6	+0.016%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,321.4	+0.063%	$187.6M	$954.1M	100x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,299.5	+0.037%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,308.6	+0.048%	$147.5M	$505.3M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,299.1	+0.037%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,316.8	+0.057%	$2.95B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,322.1	+0.063%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,323.8	+0.065%	$9.43B	$24.83B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,317.9	+0.059%	$171.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,322.6	+0.064%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,296	+0.033%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,340.9	+0.085%	$116.9M	$5.40B	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,268	long leg	$238K	$8.6M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,350.5	+0.097%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,386	+0.138%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,311.6	+0.051%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,314.3	+0.054%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,319.3	+0.060%	$2.58B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,299	+0.036%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,296.6	+0.034%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.122%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,316.1	+0.056%	$5.51B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,306	+0.045%	$36.3M	$176.5M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,218.8	−0.058%	$154.2M	$561.4M	—
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.183%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.188%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.205%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,277.8	+0.012%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,350.4	+0.097%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,290	+0.026%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,290.6	+0.026%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,306.8	+0.046%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,348.2	+0.094%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,279.7	+0.014%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,283	+0.018%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,310	+0.049%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,299	+0.036%	$2.26B	$942.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,289.5	+0.025%	$45.1M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,298.2	+0.035%	—	$106.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,348.4	+0.094%	$866.9M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,285.8	+0.021%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,295.1	+0.032%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,304	+0.042%	$11.5M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,223.3	−0.052%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.042%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,317.8	+0.058%	$8.7M	$43.2M	25x	as long as short