Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Vest against Katana Perps+0.118%7-day average +0.044% · you sell dearer than you buy

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

Long on Katana Perps Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 7 days−0.088%−$9 · spread now +0.118%, 7d avg +0.044%

Together, before fees−0.128%+ Points / potential airdropVest: Active · farm board−$13 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: Vest is 0.074% dearer against Katana Perps than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,455	0.0100	pay 0.0100% / 8h	7h 45m	$266K	$8.7M	50x
Short	Vest BTC-PERP	85,555.8	0.0100	get 0.0013% / 1h	45m 15s	—	$9.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.118%Rate

Funding earned: $0.04
Price spread: +0.118% → +0.044%: $7.45
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Vest: 1 bp × 2 orders: −$2
Net: $1.69
Costs to cover: 0.058%
Break-even: from the start

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

Katana Perps and Vest: 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
Hotstuff BTC-PERP	−0.0080%	1h	85,478	+0.027%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,475.8	+0.024%	$422.6M	$682.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,493	+0.044%	$307K	$23.6M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,496	+0.048%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,498.1	+0.050%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	85,474.9	+0.023%	$932.3M	$776.0M	125x	as long as short
Aster BTCUSDT	+0.0030%	8h	85,470.7	+0.018%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0052%	1h	85,475.8	+0.024%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,487.4	+0.038%	$186.3M	$947.3M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,525	+0.082%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0080%	8h	85,460.5	+0.006%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,493.9	+0.046%	$170.4M	$942.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,494.8	+0.047%	$23.6M	$133.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,480	+0.029%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,468.6	+0.016%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0099%	1h	85,513.7	+0.069%	$831.6M	$1.66B	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,455	long leg	$266K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,516.7	+0.072%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,474.3	+0.023%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,512.9	+0.068%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,477.3	+0.026%	$9.41B	$25.11B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,475	+0.023%	$5.10B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,476.7	+0.025%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,478	+0.027%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,488	+0.039%	$4.7M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.002%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,480.3	+0.030%	$5.51B	$9.87B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,477.9	+0.027%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,475.7	+0.024%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,485.2	+0.035%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	+0.013%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,452.5	−0.003%	$283.3M	$961.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,471.5	+0.019%	$214.7M	$156.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,488.2	+0.039%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,487.1	+0.038%	$30.1M	$218.5M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	85,555.8	+0.118%	—	$9.7M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,240	−0.252%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,483.8	+0.034%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,478.4	+0.027%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,629.4	−0.966%	$192K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,480.9	+0.030%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,475	+0.023%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,477	+0.026%	$2.26B	$974.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,482	+0.032%	$160.9M	$517.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,450.2	−0.006%	$45.7M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,501.6	+0.055%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515.4	+0.071%	$112.0M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,469.1	+0.016%	$6.6M	$139.1M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,484	+0.034%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,516	+0.071%	$10.6M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,506.1	+0.060%	$8.9M	$42.7M	25x	as long as short
Hyperliquid BTC	+0.0203%	1h	85,553	+0.115%	$3.80B	$5.16B	40x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.117%	$28.9M	$49.3M	15x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,487.7	+0.038%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,539.2	+0.099%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,503.1	+0.056%	$468K	$18.4M	6.7x	as long as short