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 0.000%

Price spread now: Katana Perps against Variational Omni−0.060%7-day average −0.025% · you buy dearer than you sell

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.060%, 7d avg −0.025%

Together, before fees+0.070%+ Points / potential airdropVariational Omni: Active · farm board+$7 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% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,488.9	0.0100	pay 0.0100% / 8h	3h 12m	$154.5M	$565.3M	—
Short	Katana Perps BTC-USD	85,438	0.0100	get 0.0100% / 8h	3h 12m	$228K	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Variational Omni. 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 Variational OmnibpFee Katana PerpsbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$0.04
Price spread: −0.060% → −0.025%: −$3.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.29
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 2 min ago	0.52 bp	doesn't fit	0.5 bp −$5	2.5 bp −$249	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	85,504	+0.018%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,473	−0.019%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,431.9	−0.067%	$919.2M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	−0.041%	$420.4M	$675.7M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,423.3	−0.077%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,470.3	−0.022%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.8	−0.015%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,450.1	−0.045%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.8	−0.046%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,493.3	+0.005%	$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
Deribit BTC-PERPETUAL	+0.0043%	1h	85,476.5	−0.014%	$872.2M	$1.60B	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.074%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,430	−0.069%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,416	−0.085%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,431.4	−0.067%	$148.6M	$497.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,433.1	−0.065%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,431.7	−0.067%	$5.07B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,430.1	−0.069%	$9.44B	$24.47B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,449	−0.047%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,447.9	−0.048%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,452	−0.043%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,430.3	−0.069%	$2.8M	$3.5M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,438	−0.060%	$228K	$8.4M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,521.3	+0.038%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,530	+0.048%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,494.8	+0.007%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,436.4	−0.061%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.6	−0.047%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,464	−0.029%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,459.9	−0.034%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	−0.039%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,434.6	−0.064%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452	−0.043%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,488.9	long leg	$154.5M	$565.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,507.9	+0.022%	$279.4M	$932.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,529.2	+0.047%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,566.9	+0.091%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472	−0.020%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,510.4	+0.025%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,446	−0.050%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,437.5	−0.060%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426	−0.074%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.8	−0.012%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,419.3	−0.081%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,433.1	−0.065%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.9	−0.068%	$2.26B	$950.1M	200x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,430.7	−0.068%	$6.6M	$147.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,405.1	−0.098%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.9	−0.018%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,471.4	−0.020%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,450.7	−0.045%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,482	−0.008%	$11.5M	$753.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,489.4	+0.001%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,449.8	−0.046%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,508.7	+0.023%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,514.6	+0.030%	$78K	$222K	20x	as long as short