Funding you earn now, next payment 08:00 UTC+0.0023%/8h= +2.5% APRnext payment +$0.23 per $10,000 · paid last 24h +0.017%
Price spread now: Katana Perps against Phemex−0.094%7-day average −0.014% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)+0.050%+$5 on $10k
+Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.094%, 7d avg −0.014%
=Funding pays, the price is against you. Katana Perps is 0.080% cheaper against Phemex than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of −0.014%). If the spread goes back, that is −$8 on $10k: about 12 days of funding at the current rate (+$1 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,595.8 | 0.0077 | pay 0.0077% / 8h | 5h 37m | $148.4M | $478.8M | 150x |
| Short | Katana Perps BTC-USD | 85,515 | 0.0100 | get 0.0100% / 8h | 5h 37m | $203K | $7.7M | 50x |
Phemex BTCUSDT
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $4.8
- Price spread: −0.094% → −0.014%
- −$8.03
- Slippage, 4 orders
- no order book: not counted
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$19.03
- Costs to cover
- 0.158%
- Break-even
- 34.8 days
Slippage unknown: Phemex: 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 Phemex live order book, 2 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 8.2 bp −$821 | 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 | −0.0160% | 1h | 85,585 | −0.013% | $2.2M | $10.3M | 40x | as long as short |
| Bluefin BTC-PERP | −0.0141% | 1h | 85,605.6 | +0.011% | $196K | $722K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,523 | −0.085% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,555.7 | −0.047% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,520.2 | −0.088% | $414.8M | $661.8M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,541.7 | −0.063% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,601.1 | +0.006% | $36.7M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0012% | 8h | 85,543.2 | −0.061% | $917.6M | $752.7M | 125x | as long as short |
| Nado BTC-PERP | +0.0013% | 1h | 85,565.1 | −0.036% | $22.7M | $221.3M | 50x | as long as short |
| Aster BTCUSDT | +0.0017% | 8h | 85,570.6 | −0.029% | $515.6M | $1.11B | 200x | as long as short |
Phoenix BTC
Bluefin BTC-PERP
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0054% | 8h | 85,597.2 | +0.002% | — | $1.54B | — | as long as short |
| HTX BTC-USDT | +0.0062% | 8h | 85,585.5 | −0.012% | $2.27B | $933.0M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0067% | 1h | 85,587 | −0.010% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0068% | 8h | 85,582.1 | −0.016% | $2.95B | $5.02B | 150x | as long as short |
| SunX BTC-USDT | +0.0077% | 8h | 85,546.6 | −0.057% | $2.9M | $6.1M | 100x | as long as short |
| Phemex BTCUSDTlong | +0.0077% | 8h | 85,595.8 | long leg | $148.4M | $478.8M | 150x | |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,578 | −0.021% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,576.1 | −0.023% | $2.5M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,600.1 | +0.005% | $9.33B | $23.88B | 150x | as long as short |
| MEXC BTC_USDT | +0.0086% | 8h | 85,591.3 | −0.005% | $5.05B | $5.61B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,519.1 | −0.090% | $169.6M | $988.1M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,517.2 | −0.092% | $23.9M | $148.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,572 | −0.028% | $8.4M | $52.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,587.7 | −0.009% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,515 | −0.094% | $203K | $7.7M | 50x | |
| Hyperliquid BTC | +0.0100% | 1h | 85,655 | +0.069% | $3.77B | $4.94B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,550.2 | −0.053% | $40.5M | $573.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,601.1 | +0.006% | $5.34B | $9.58B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,594 | −0.002% | $2.57B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,547 | −0.057% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,512.6 | −0.097% | $7.2M | $97.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,562.7 | −0.039% | $616.1M | $358.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,593.5 | −0.003% | $5.55B | $10.47B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,478.8 | −0.137% | $35.2M | $172.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,503.7 | −0.108% | $154.4M | $549.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,550.1 | −0.053% | $278.9M | $928.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,558.4 | −0.044% | $214.7M | $165.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,549.6 | −0.054% | $140.0M | $316.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,559 | −0.043% | $30.3M | $210.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,620.5 | +0.029% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,582 | −0.016% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,596 | 0.000% | $189K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,579.2 | −0.019% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,580.4 | −0.018% | $30.0M | $52.6M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,583 | −0.015% | $59.9M | $336.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,562 | −0.039% | $44.0M | $227.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,500 | −0.112% | — | $106.0M | 500x | as long as short |
| Deribit BTC-PERPETUAL | +0.0107% | 1h | 85,623.1 | +0.032% | $893.2M | $1.52B | 50x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,618.9 | +0.027% | $130.5M | $5.09B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,572 | −0.028% | $8.3M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,609.8 | +0.016% | $188.6M | $948.4M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0195% | 1h | 85,579.1 | −0.019% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,543.6 | −0.061% | $699K | $7.9M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0180% | 1h | 85,597.8 | +0.002% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0213% | 8h | 85,558 | −0.044% | $10.5M | $759.9M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,577.5 | −0.021% | $521K | $19.4M | 6.7x | as long as short |
BingX BTC-USDT
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
SunX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SoDEX BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Deribit BTC-PERPETUAL
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC