Funding you earn now, next payment 08:00 UTC−0.0010%/8h= −1.0% APRnext payment −$0.10 per $10,000 · paid last 24h −0.007%
Price spread now: Binance against Katana Perps−0.011%45s7-day average +0.035% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.021%−$2 on $10k
+Price spread, last 7 days+0.022%+$2 · spread now −0.011%, 7d avg +0.035%
=Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Binance is 0.046% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.035%). Swap the legs. The two prices were read 45 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 | Katana Perps BTC-USD | 85,451 | 0.0100 | pay 0.0100% / 8h | 2h 49m | $239K | $8.5M | 50x |
| Short | Binance BTCUSDT | 85,441.6 | 0.0090 | get 0.0090% / 8h | 2h 49m | $9.44B | $24.72B | 150x |
Katana Perps BTC-USD
Binance BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$2
- Price spread: −0.011% → +0.035%
- −$4.58
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$20.39
- Costs to cover
- 0.138%
- Break-even
- never at this rate
Slippage unknown: Katana Perps: no order-book sample; Binance: live order book, 9 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 Binance live order book, 9 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.0 bp −$501 | 5.0 bp −$2,503 |
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 | −0.0111% | 1h | 85,404 | −0.055% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,484 | +0.039% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,416.8 | −0.040% | $920.9M | $760.8M | 125x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,478.3 | +0.032% | $381K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0030% | 8h | 85,477.4 | +0.031% | $421.3M | $677.4M | 150x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,436.3 | −0.017% | $514.1M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,452.6 | +0.002% | $16.8M | $21.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,475.6 | +0.029% | $533K | $18.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,475.8 | +0.029% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0012% | 1h | 85,464.9 | +0.016% | $24.7M | $223.7M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,449 | −0.002% | $339K | $26.8M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,442.4 | −0.010% | $187.7M | $954.6M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0060% | 1h | 85,397.6 | −0.062% | $139.6M | $315.6M | 100x | as long as short |
| BingX BTC-USDT | +0.0064% | 8h | 85,443.2 | −0.009% | — | $1.55B | — | as long as short |
| Bullet BTC-USD | +0.0068% | 1h | 85,460 | +0.011% | $204K | $3.3M | 20x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,438.9 | −0.014% | $149.5M | $500.4M | 150x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,445.7 | −0.006% | $2.95B | $5.15B | 150x | as long as short |
| SoDEX BTC-USD | +0.0087% | 1h | 85,418 | −0.039% | $59.9M | $335.9M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,440.2 | −0.013% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,439.1 | −0.014% | $5.08B | $5.66B | 500x | as long as short |
| Binance BTCUSDTshort | +0.0090% | 8h | 85,441.6 | −0.011% | $9.44B | $24.72B | 150x | |
| Lighter BTC | +0.0096% | 1h | 85,442.1 | −0.010% | $171.8M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,438 | −0.015% | $23.9M | $147.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,477 | +0.030% | $8.4M | $55.4M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,460 | +0.011% | $117.2M | $5.31B | 50x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,451 | long leg | $239K | $8.5M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,524.7 | +0.086% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,513 | +0.073% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,505.2 | +0.063% | $40.1M | $593.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,439.8 | −0.013% | $5.18B | $9.89B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,448.9 | −0.002% | $2.59B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,466 | +0.018% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,475.7 | +0.029% | $4.7M | $99.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,444.4 | −0.008% | $5.54B | $10.80B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,420.5 | −0.036% | $36.6M | $175.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453.4 | +0.003% | $154.3M | $564.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,371.3 | −0.093% | $279.2M | $937.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,404.6 | −0.054% | $214.6M | $169.0M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,465.9 | +0.017% | $30.1M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,533.4 | +0.096% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,470 | +0.022% | $11.1M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,443.8 | −0.008% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,490.5 | +0.046% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,427.2 | −0.028% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,448.1 | −0.003% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,426.3 | −0.029% | $2.26B | $952.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,429 | −0.026% | $679.8M | $655.7M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,418.6 | −0.038% | $45.8M | $236.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,479.8 | +0.034% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0109% | 1h | 85,464.3 | +0.016% | $6.6M | $147.3M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0149% | 1h | 85,476.2 | +0.029% | $872.2M | $1.60B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0174% | 8h | 85,501 | +0.059% | $11.4M | $750.1M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,473.9 | +0.027% | $13.0M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0237% | 1h | 85,451.1 | 0.000% | $78K | $225K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,486.9 | +0.042% | $695K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,503.5 | +0.061% | $8.8M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
ApeX Omni BTCUSDT
BingX BTC-USDT
Bullet BTC-USD
Phemex BTCUSDT
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC