Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.006%

Price spread now: Katana Perps against Kraken Futures−0.020%7-day average −0.033% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.020%, 7d avg −0.033%

Together, before fees+0.188%+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.033%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,500.9	0.0068	pay 0.0009% / 1h	46m 14s	$186.3M	$947.1M	100x
Short	Katana Perps BTC-USD	85,484	0.0100	get 0.0100% / 8h	7h 46m	$266K	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. 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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now −0.020%Rate

Funding earned: $6.64
Price spread: −0.020% → −0.033%: $1.32
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$5.84
Costs to cover: 0.138%
Break-even: 13.2 days

Slippage unknown: Kraken Futures: live order book, 3 min ago; Katana Perps: 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 Kraken Futures live order book, 3 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.9 bp −$793	9.7 bp −$4,874
Sell Katana Perps no order-book sample	—	—	—	—	—

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
Hotstuff BTC-PERP	−0.0080%	1h	85,489	−0.014%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,467.6	−0.039%	$422.8M	$682.2M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,535	+0.040%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,514.5	+0.016%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,498.1	−0.003%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,483.6	−0.020%	$932.4M	$776.6M	125x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,477.4	−0.028%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0042%	1h	85,475.8	−0.029%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0068%	1h	85,500.9	long leg	$186.3M	$947.1M	100x
Phoenix BTC	+0.0075%	1h	85,516	+0.018%	$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	85,474.5	−0.031%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,504.3	+0.004%	$170.5M	$941.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,506.6	+0.007%	$23.6M	$133.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	−0.001%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,478.8	−0.026%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,484	−0.020%	$266K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,540.7	+0.047%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,503.6	+0.003%	$24.1M	$217.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,525.7	+0.029%	$40.2M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,488.8	−0.014%	$9.41B	$25.11B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,487	−0.016%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,488.8	−0.014%	$2.61B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,507	+0.007%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,510	+0.011%	$4.6M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.056%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,495.8	−0.006%	$5.50B	$9.86B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,490.6	−0.012%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,493.7	−0.008%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,485.2	−0.018%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	−0.041%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,452.5	−0.057%	$283.3M	$961.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,471.5	−0.034%	$214.7M	$156.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,470.1	−0.036%	$136.6M	$312.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.7	−0.035%	$30.1M	$218.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,569.3	+0.080%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,519	+0.021%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,494	−0.008%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,489.7	−0.013%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,533.5	+0.038%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.5	+0.016%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,486	−0.017%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,490.7	−0.012%	$2.26B	$974.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,502.3	+0.002%	$160.8M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,464.1	−0.043%	$45.7M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,474.8	−0.031%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,528.1	+0.032%	$112.0M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0123%	1h	85,526.1	+0.029%	$831.5M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,492.4	−0.010%	$6.6M	$139.2M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,497.7	−0.004%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,515	+0.016%	$10.6M	$739.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,512.5	+0.013%	$8.9M	$42.7M	25x	as long as short
Hyperliquid BTC	+0.0215%	1h	85,575	+0.087%	$3.80B	$5.15B	40x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.063%	$28.9M	$49.3M	15x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,477.3	−0.028%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,527.8	+0.031%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.2	−0.020%	$468K	$18.4M	6.7x	as long as short