Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.033%

Price spread now: Katana Perps against dYdX−0.092%7-day average −0.029% · you buy dearer than you sell

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

Long on dYdX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.098%+$10 on $10k

Price spread, last 7 days+0.066%+$7 · spread now −0.092%, 7d avg −0.029%

Together, before fees+0.164%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.063% cheaper against dYdX than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.029%). If the spread goes back, that is −$6 on $10k: about 21 hours of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.098% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	87,306.5	−0.0137	get 0.0017% / 1h	31m 51s	$18.3M	$19.7M	50x
Short	Katana Perps BTC-USD	87,226	0.0100	get 0.0100% / 8h	3h 31m	$181K	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against dYdX. 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 dYdXbpFee Katana PerpsbpOrdersPrice spread, now −0.092%Rate

Funding earned: $49.79
Price spread: −0.092% → −0.029%: −$6.29
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $29.7
Costs to cover: 0.138%
Break-even: 2.8 days

Slippage unknown: dYdX: live order book, 3 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 dYdX live order book, 3 min ago	0.12 bp	6.7 bp −$7	8.3 bp −$83	16.0 bp −$1,597	43.9 bp −$21.9K
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
dYdX BTC-USDlong	−0.0137%	1h	87,306.5	long leg	$18.3M	$19.7M	50x
Phoenix BTC	−0.0123%	1h	86,923	−0.439%	$2.2M	$12.0M	40x	as long as short
Perpl BTC	−0.0112%	43m	87,252.2	−0.062%	$415K	$25.9M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	87,268	−0.044%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0037%	1h	86,966.3	−0.390%	$87K	$180K	20x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	87,243	−0.073%	$295K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	−0.0021%	1h	86,943.4	−0.416%	$141.9M	$321.9M	100x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	87,281.3	−0.029%	$839.0M	$685.0M	125x	as long as short
Phemex BTCUSDT	−0.0003%	8h	87,309.5	+0.003%	$154.2M	$455.7M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	87,239.9	−0.076%	$37.3M	—	200x	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	+0.0010%	8h	87,264.7	−0.048%	—	$15.2M	—	as long as short
RISEx BTC/USDC	+0.0010%	1h	87,245.6	−0.070%	$8.7M	$40.8M	25x	as long as short
Bitget BTCUSDT	+0.0013%	8h	87,262.1	−0.051%	$2.98B	$5.04B	150x	as long as short
Reya BTCRUSDPERP	+0.0016%	1h	87,205.7	−0.115%	$7.0M	$141.8M	40x	as long as short
Aster BTCUSDT	+0.0028%	8h	87,267.8	−0.044%	$510.7M	$1.16B	200x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,952	−0.406%	$328K	$26.9M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0036%	8h	87,284.9	−0.025%	$2.63B	$12.63B	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	87,378.8	+0.083%	$198.8M	$914.1M	100x	as long as short
MEXC BTC_USDT	+0.0044%	8h	87,290.1	−0.019%	$5.18B	$5.51B	500x	as long as short
Binance BTCUSDT	+0.0044%	8h	87,292.2	−0.016%	$9.58B	$23.98B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	87,352.7	+0.053%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0061%	8h	87,278.9	−0.032%	$5.96B	$10.43B	200x	as long as short
SoDEX BTC-USD	+0.0066%	1h	87,323	+0.019%	$61.6M	$312.0M	40x	as long as short
Bybit BTCUSDT	+0.0078%	8h	87,267.5	−0.045%	$5.35B	$9.55B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0085%	1h	87,381.4	+0.086%	$933.4M	$1.32B	50x	as long as short
Bulk BTC-USD	+0.0090%	1h	87,280.5	−0.030%	$575.7M	$25.9M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0091%	8h	87,323.6	+0.020%	$2.5M	$8.2M	100x	as long as short
Variational Omni BTC	+0.0092%	8h	86,903.5	−0.462%	$165.1M	$544.5M	—	as long as short
Lighter BTC	+0.0096%	1h	87,337.4	+0.035%	$174.2M	$998.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	87,342	+0.041%	$24.6M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	87,223	−0.096%	$8.5M	$51.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,929.1	−0.432%	$218.2M	$185.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	87,291.9	−0.017%	$4.3M	$7.7M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	87,226	−0.092%	$181K	$6.5M	50x
Nado BTC-PERP	+0.0100%	1h	87,261.4	−0.052%	$23.4M	$234.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	87,312.3	+0.007%	$37.0M	$459.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	87,243	−0.073%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	87,289.4	−0.020%	$7.5M	$93.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	87,283.1	−0.027%	$38.8M	$143.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,936.3	−0.424%	$285.6M	$916.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,875.9	−0.493%	$30.8M	$206.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	87,246.3	−0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	87,230	−0.088%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	87,224.7	−0.094%	$240K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	87,296.6	−0.011%	$161K	$574K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	87,329.1	+0.026%	$30.2M	$60.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	87,341.9	+0.041%	$3.5M	$5.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	87,303.5	−0.003%	$2.32B	$932.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	87,245.2	−0.070%	$46.8M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	87,135.9	−0.195%	—	$89.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0111%	8h	87,291	−0.018%	$9.5M	$714.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	86,949.1	−0.409%	$602K	$6.8M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	87,397	+0.104%	$132.3M	$5.99B	50x	as long as short
BloFin BTC-USDT	+0.0165%	8h	86,924.3	−0.438%	$422.5M	$630.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0177% / S −0.0193%	1h	87,235.4	−0.081%	$13.9M	—	200x	as long as short
Hyperliquid BTC	+0.0267%	1h	87,388	+0.093%	$4.04B	$4.92B	40x	as long as short