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 +0.001%

Price spread now: Katana Perps against Paradex−0.084%57s7-day average −0.044% · you buy dearer than you sell

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

Long on Paradex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.084%, 7d avg −0.044%

Together, before fees+0.082%+ Points / potential airdropParadex: Active · farm board+$8 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: Katana Perps is 0.040% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.044%. The two prices were read 57 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	Paradex BTC-USD-PERP	85,465.6	0.0100	pay 0.0100% / 8h	3h 01m	$5.7M	$9.4M	50x
Short	Katana Perps BTC-USD	85,394	0.0100	get 0.0100% / 8h	3h 01m	$242K	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Paradex. 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 ParadexbpFee Katana PerpsbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$0.04
Price spread: −0.084% → −0.044%: −$4.02
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$11.87
Costs to cover: 0.078%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 2 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 Paradex live order book, 2 min ago	0.01 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	doesn't fit
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
Phoenix BTC	−0.0140%	1h	85,470	+0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,425	−0.047%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,394.8	−0.083%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,404.2	−0.072%	$419.8M	$675.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,399.3	−0.077%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,418.2	−0.055%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,420.1	−0.053%	$539K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,429.9	−0.042%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,411	−0.064%	$24.3M	$222.9M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	−0.020%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.101%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0048%	1h	85,408	−0.067%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,388.3	−0.090%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,409.3	−0.066%	$149.0M	$498.6M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,413	−0.062%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,405.4	−0.070%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,402.9	−0.073%	$2.6M	$5.3M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,405.4	−0.070%	$9.45B	$24.50B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0091%	1h	85,451.6	−0.016%	$872.3M	$1.60B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,424.3	−0.048%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,422	−0.051%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	−0.060%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,410	−0.065%	$205K	$3.3M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,394	−0.084%	$242K	$8.5M	50x
Paradex BTC-USD-PERPlong	+0.0100%	8h	85,465.6	long leg	$5.7M	$9.4M	50x
Hyperliquid BTC	+0.0100%	1h	85,488	+0.026%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.1	−0.026%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,405.3	−0.071%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,417.7	−0.056%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	−0.065%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.8	−0.059%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,408.8	−0.066%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.7	−0.076%	$36.5M	$177.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	−0.001%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,462	−0.004%	$279.2M	$932.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.021%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.8	+0.015%	$139.7M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.8	+0.021%	$30.2M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,480.5	+0.017%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	−0.058%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,400.7	−0.076%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.7	−0.014%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395	−0.083%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,390.4	−0.088%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,404.4	−0.072%	$2.26B	$949.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.072%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.6	−0.101%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,435.6	−0.035%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.2	−0.033%	$117.8M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,412.8	−0.062%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,427.7	−0.044%	$187.7M	$956.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0164%	8h	85,444	−0.025%	$11.4M	$751.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.5	−0.022%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.2	−0.048%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,524.1	+0.068%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,474.2	+0.010%	$79K	$223K	20x	as long as short