Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Katana Perps against SoDEX+0.042%7-day average −0.009% · you sell dearer than you buy

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

Long on SoDEX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.042%, 7d avg −0.009%

Together, before fees+0.046%+$5 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 0.050% dearer against SoDEX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	86,628	0.0100	pay 0.0013% / 1h	10m 13s	$60.5M	$336.7M	40x
Short	Katana Perps BTC-USD	86,664	0.0100	get 0.0100% / 8h	2h 10m	$201K	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 SoDEXbpFee Katana PerpsbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$0.04
Price spread: +0.042% → −0.009%: $5.04
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.81
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 4 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 SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$492	40.5 bp −$20.2K
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
Aftermath Perps BTCUSD	−0.0247%	1h	86,720.5	+0.107%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,692.3	+0.074%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,676	+0.055%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,680	+0.060%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,692.6	+0.075%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,699.9	+0.083%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,661.6	+0.039%	$928.3M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0002%	8h	86,657.3	+0.034%	$506.0M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,699.7	+0.083%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,622	−0.007%	$851.1M	$708.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,664.7	+0.042%	$6.7M	$144.5M	40x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,644.9	+0.020%	$150.1M	$471.8M	150x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,625.7	−0.003%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,621.6	−0.007%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.164%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,627.7	0.000%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,628.1	0.000%	$5.19B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,628	0.000%	$9.43B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,687.2	+0.068%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,669.1	+0.047%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,623.5	−0.005%	$5.28B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0092%	8h	86,630	+0.002%	$2.56B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,638.6	+0.012%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,646.8	+0.022%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,672	+0.051%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,664	+0.042%	$201K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,728.3	+0.116%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,668.3	+0.046%	$21.7M	$235.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,749	+0.140%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,712.3	+0.097%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,662	+0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,749.1	+0.140%	$7.4M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.063%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.9	−0.005%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.051%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,761.4	+0.154%	$280.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,716	+0.102%	$217.6M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,754.9	+0.146%	$141.6M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,723.6	+0.110%	$30.8M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,733	+0.121%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,674	+0.053%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,679	+0.059%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,662.4	+0.040%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,678.1	+0.058%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.2	+0.079%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,675.1	+0.054%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,628	long leg	$60.5M	$336.7M	40x
HTX BTC-USDT	+0.0100%	8h	86,662.8	+0.040%	$2.30B	$959.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,618.7	−0.011%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,704.8	+0.089%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,656.9	+0.033%	$187.4M	$934.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,678.7	+0.059%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	86,697	+0.080%	$9.5M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,682.4	+0.063%	$416.7M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,692.9	+0.075%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,711.1	+0.096%	$780K	$7.8M	30x	as long as short