Funding you earn now, next payment 03:00 UTC+0.0279%/8h= +30.6% APRpaid last 24h +0.031%
Price spread now: Katana Perps against Phoenix−0.036%7-day average −0.084% · 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)+0.111%+$11 on $10k
+Price spread, last 7 days−0.012%−$1 · spread now −0.036%, 7d avg −0.084%
=Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Katana Perps is 0.048% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.084%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,568 | −0.0179 | get 0.0022% / 1h | 49m 26s | $2.2M | $10.3M | 40x |
| Short | Katana Perps BTC-USD | 85,537 | 0.0100 | get 0.0100% / 8h | 4h 49m | $232K | $7.9M | 50x |
Phoenix BTC
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
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How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $58.61
- Price spread: −0.036% → −0.084%
- $4.79
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- $52.6
- Costs to cover
- 0.108%
- Break-even
- 0.7 days
Slippage unknown: Phoenix: live order book, 10 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 Phoenix live order book, 10 min ago | 0.06 bp | 3.7 bp −$4 | 6.2 bp −$62 | 12.0 bp −$1,200 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.1397% | 1h | 85,566.1 | −0.002% | $194K | $725K | 40x | as long as short |
| Phoenix BTClong | −0.0179% | 1h | 85,568 | long leg | $2.2M | $10.3M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,667 | +0.116% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,567.7 | 0.000% | $371K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,599.8 | +0.037% | $417.7M | $665.6M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0002% | 8h | 85,544.4 | −0.028% | $918.9M | $749.4M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,605.7 | +0.044% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,543.1 | −0.029% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,550.8 | −0.020% | $515.6M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,541.8 | −0.031% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0056% | 1h | 85,560.6 | −0.009% | $22.5M | $218.7M | 50x | as long as short |
| BingX BTC-USDC | +0.0058% | 8h | 85,519.1 | −0.057% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0075% | 8h | 85,530.2 | −0.044% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0077% | 1h | 85,538.6 | −0.034% | $6.7M | $146.6M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,536 | −0.037% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,542.6 | −0.030% | $5.04B | $5.58B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,534.8 | −0.039% | $9.33B | $23.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,577 | +0.011% | $173.8M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,576.6 | +0.010% | $23.8M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,559 | −0.011% | $8.4M | $52.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0097% | 1h | 85,581 | +0.015% | $60.0M | $336.1M | 40x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,632.1 | +0.075% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,537 | −0.036% | $232K | $7.9M | 50x | |
| Hyperliquid BTC | +0.0100% | 1h | 85,633 | +0.076% | $3.74B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,605 | +0.043% | $40.1M | $575.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,534.6 | −0.039% | $5.32B | $9.58B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,533.3 | −0.041% | $2.57B | $12.08B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,562 | −0.007% | $3.9M | $17.9M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.150% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,544.9 | −0.027% | $5.53B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,561.4 | −0.008% | $35.8M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,584.4 | +0.019% | $156.6M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,637.5 | +0.081% | $279.7M | $917.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,650.2 | +0.096% | $214.9M | $165.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,590.3 | +0.026% | $139.9M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,613.8 | +0.054% | $30.3M | $207.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,617 | +0.057% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,548 | −0.023% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,546.9 | −0.025% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,522.7 | −0.053% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,528.9 | −0.046% | $30.0M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,539 | −0.034% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,582.5 | +0.017% | $2.27B | $938.3M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,581.9 | +0.016% | $150.9M | $482.7M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,506.3 | −0.072% | $44.5M | $226.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,585.5 | +0.020% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,621 | +0.062% | $117.4M | $5.14B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,497 | −0.083% | $339K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,554.5 | −0.016% | $188.5M | $952.6M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,545.1 | −0.027% | $13.4M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0183% | 1h | 85,581.3 | +0.015% | $893.4M | $1.53B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,625.7 | +0.067% | $695K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,587.1 | +0.022% | $8.4M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0202% | 1h | 85,648.3 | +0.094% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,619 | +0.060% | $10.7M | $758.6M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,606.6 | +0.045% | $495K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
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
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC