Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: Katana Perps against Popdex−0.004%56s7-day average −0.037% · you buy dearer than you sell

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

Long on Popdex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.004%, 7d avg −0.037%

Together, before fees+0.020%+$2 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 0.034% dearer against Popdex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.037%. The two prices were read 56 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	Popdex BTCUSDT	85,518	0.0096	pay 0.0012% / 1h	37m 44s	$8.4M	$51.9M	100x
Short	Katana Perps BTC-USD	85,515	0.0100	get 0.0100% / 8h	5h 37m	$203K	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Popdex. 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 PopdexbpFee Katana PerpsbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0.8
Price spread: −0.004% → −0.037%: $3.36
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.05
Costs to cover: 0.102%
Break-even: 60.2 days

Slippage unknown: Popdex: live order book, 1 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 Popdex live order book, 1 min ago	0.23 bp	3.4 bp −$3	3.4 bp −$34	3.9 bp −$385	5.3 bp −$2,654
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	+0.078%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,554	+0.042%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,506.3	−0.014%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,520.2	+0.003%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.7	+0.028%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,518.1	0.000%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,502.3	−0.018%	$22.7M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,497.5	−0.024%	$917.1M	$752.7M	125x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,511.3	−0.008%	$515.2M	$1.11B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0054%	1h	85,543.4	+0.030%	$893.3M	$1.52B	50x	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	+0.0054%	8h	85,535	+0.020%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0063%	8h	85,483.2	−0.041%	$2.26B	$932.5M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,495.3	−0.027%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,544.5	+0.031%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,485.8	−0.038%	$148.3M	$478.7M	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,516.3	−0.002%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	+0.070%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,497.3	−0.024%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,542.5	+0.029%	$9.32B	$23.87B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,517.5	−0.001%	$5.05B	$5.61B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,519.1	+0.001%	$169.6M	$988.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,517.2	−0.001%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,518	long leg	$8.4M	$51.9M	100x
Paradex BTC-USD-PERP	+0.0099%	8h	85,587.7	+0.082%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,515	−0.004%	$203K	$7.7M	50x
Hyperliquid BTC	+0.0100%	1h	85,579.3	+0.072%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.2	+0.038%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,551.6	+0.039%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,557.7	+0.046%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,547	+0.034%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,512.6	−0.006%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.052%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,555.9	+0.044%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,478.8	−0.046%	$35.2M	$172.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.017%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	+0.038%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.085%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.100%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,595.1	+0.090%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,572.6	+0.064%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,499	−0.022%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517	−0.001%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,501.5	−0.019%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,662.5	−1.000%	$194K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505.3	−0.015%	$29.9M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,504	−0.016%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,524.5	+0.008%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.7	+0.028%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530.2	+0.014%	$130.3M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,572	+0.063%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,513.7	−0.005%	$188.4M	$948.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,566.9	+0.057%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,573.8	+0.065%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,518.5	+0.001%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0213%	8h	85,558	+0.047%	$10.5M	$759.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,557.8	+0.047%	$522K	$19.4M	6.7x	as long as short