Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Arcus against Katana Perps+0.097%7-day average +0.065% · you sell dearer than you buy

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

Long on Katana Perps Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days−0.087%−$9 · spread now +0.097%, 7d avg +0.065%

Together, before fees−0.097%−$10 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: Arcus is 0.032% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,534	0.0100	pay 0.0100% / 8h	1h 45m	$206K	$6.9M	50x
Short	Arcus BTC-USD	86,618.1	0.0100	get 0.0013% / 1h	45m 57s	$7.4M	$93.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Katana Perps. 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 Katana PerpsbpFee ArcusbpOrdersPrice spread, now +0.097%Rate

Funding earned: $0.04
Price spread: +0.097% → +0.065%: $3.24
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$5.02
Costs to cover: 0.083%
Break-even: 803.5 days

Slippage unknown: Katana Perps: no order-book sample; Arcus: live order book, 3 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Arcus live order book, 3 min ago	0.01 bp	2.3 bp −$2	4.8 bp −$48	7.3 bp −$729	doesn't fit

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	−0.1588%	1h	86,597.6	+0.073%	$140K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0185%	1h	86,578.5	+0.051%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,518	−0.018%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,570	+0.042%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0017%	1h	86,587.1	+0.061%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,570.8	+0.043%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,566.4	+0.037%	$505.4M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,570.3	+0.042%	$419K	$24.1M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,563.9	+0.035%	$851.9M	$708.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,586.8	+0.061%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,552.1	+0.021%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,549.8	+0.018%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.029%	$315K	$26.8M	52x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,569.5	+0.041%	$733K	$8.1M	30x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,583.5	+0.057%	$149.7M	$473.0M	150x	as long as short
BingX BTC-USDC	+0.0031%	8h	86,564.3	+0.035%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0040%	8h	86,576.4	+0.049%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,574.8	+0.047%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,579.7	+0.053%	$5.19B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,585.1	+0.059%	$9.43B	$24.33B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,570.9	+0.043%	$5.86B	$10.63B	200x	as long as short
SoDEX BTC-USD	+0.0086%	1h	86,583	+0.057%	$60.5M	$336.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	86,625.2	+0.105%	$925.1M	$1.47B	50x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,591.4	+0.066%	$5.27B	$9.70B	150x	as long as short
Nado BTC-PERP	+0.0096%	1h	86,563.1	+0.034%	$21.8M	$233.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,586.2	+0.060%	$172.3M	$998.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,600.1	+0.076%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,546	+0.014%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,534	long leg	$206K	$6.9M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,586.7	+0.061%	$4.7M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,652	+0.136%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.6	+0.054%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,612.2	+0.090%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,559	+0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDshort	+0.0100%	1h	86,618.1	+0.097%	$7.4M	$93.9M	40x
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.008%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,575	+0.047%	$38.3M	$152.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,521.5	−0.014%	$156.7M	$571.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,522.6	−0.013%	$279.4M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,535.2	+0.001%	$217.1M	$182.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,530.4	−0.004%	$141.4M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,567.6	+0.039%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,597.8	+0.074%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,548	+0.016%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,566.3	+0.037%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,584.8	+0.059%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.2	+0.048%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,570.5	+0.042%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,540.8	+0.008%	$2.30B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,558.8	+0.029%	$46.4M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584	+0.058%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,629.9	+0.111%	$132.0M	$5.74B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,620.2	+0.100%	$191.4M	$936.8M	100x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,540.3	+0.007%	$415.3M	$653.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,578.4	+0.051%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,590	+0.065%	$9.6M	$726.1M	6.4x	as long as short