Funding you earn now, next payment 09:00 UTC−0.1866%/8h= −204.4% APRpaid last 24h −0.126%
Price spread now: Bluefin against Katana Perps+0.083%7-day average +0.001% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.445%−$45 on $10k
+Price spread, last 4 days (all we have)−0.228%−$23 · spread now +0.083%, 7d avg +0.001%
=The price spread pays, funding is against you. Bluefin is 0.082% dearer against Katana Perps than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.001%): +$8 on $10k if it goes back. Holding the pair costs −$56 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 4 days (−0.445% in total) that is about 18 hours.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.445% in total (about -40.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Katana Perps BTC-USD | 85,467 | 0.0100 | pay 0.0100% / 8h | 7h 36m | $265K | $8.7M | 50x |
| Short | Bluefin BTC-PERP | 85,538.1 | −0.1767 | pay 0.0221% / 1h | 36m 23s | $194K | $796K | 40x |
Katana Perps BTC-USD
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin 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
- −$391.94
- Price spread: +0.083% → +0.001%
- $8.2
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$394.54
- Costs to cover
- 0.108%
- Break-even
- never at this rate
Slippage unknown: Katana Perps: no order-book sample; Bluefin: live order book, 63 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 Bluefin live order book, 63 min ago | 1.14 bp | 6.5 bp −$7 | 11.4 bp −$114 | doesn't fit | 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-PERPshort | −0.1767% | 1h | 85,538.1 | +0.083% | $194K | $796K | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,510 | +0.050% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,508.2 | +0.048% | $423.0M | $682.0M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,438 | −0.034% | $307K | $25.0M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,492.4 | +0.030% | $346K | $2.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,521.7 | +0.064% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0014% | 8h | 85,496.2 | +0.034% | $938.8M | $777.9M | 125x | as long as short |
| Aster BTCUSDT | +0.0033% | 8h | 85,477.8 | +0.013% | $502.9M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0052% | 1h | 85,512 | +0.053% | $16.8M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,522.1 | +0.064% | $186.4M | $942.2M | 100x | as long as short |
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | +0.0075% | 1h | 85,531 | +0.075% | $2.3M | $10.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0080% | 8h | 85,477.9 | +0.013% | — | $17.4M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,501.9 | +0.041% | $170.7M | $944.2M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,515.5 | +0.057% | $23.6M | $134.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,483 | +0.019% | $8.7M | $58.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,488.7 | +0.025% | $2.4M | $6.7M | 20x | as long as short |
| Nado BTC-PERP | +0.0096% | 1h | 85,484.3 | +0.020% | $24.0M | $216.5M | 50x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,467 | long leg | $265K | $8.7M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,531.7 | +0.076% | $5.7M | $9.6M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,520.7 | +0.063% | $40.5M | $604.9M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,488.9 | +0.026% | $9.41B | $25.08B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,490 | +0.027% | $5.09B | $9.92B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,500.6 | +0.039% | $2.61B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,495 | +0.033% | $3.9M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,503.8 | +0.043% | $4.7M | $97.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.9 | +0.038% | $701.6M | $160.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,498.1 | +0.036% | $5.51B | $9.89B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,482.2 | +0.018% | $5.06B | $5.74B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,497.8 | +0.036% | $2.98B | $5.14B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,500.7 | +0.039% | $37.8M | $193.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,426.7 | −0.047% | $156.0M | $543.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,465.2 | −0.002% | $283.4M | $960.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,496.9 | +0.035% | $214.7M | $155.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,492.3 | +0.030% | $136.9M | $312.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,495.4 | +0.033% | $30.1M | $218.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,565.9 | +0.116% | — | $10.5M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,435 | −0.037% | $10.9M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,485 | +0.021% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,492.5 | +0.030% | $2.7M | $9.8M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,490.7 | +0.028% | $3.0M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,500 | +0.039% | $59.8M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,514.5 | +0.056% | $2.26B | $972.5M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,518.8 | +0.061% | $162.1M | $517.6M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,474.4 | +0.009% | $45.8M | $240.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,517.8 | +0.059% | — | $107.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,546 | +0.092% | $111.8M | $5.45B | 50x | as long as short |
| Derive BTC-PERP | +0.0138% | 1h | 85,573.4 | +0.124% | $28.9M | $52.4M | 15x | as long as short |
| Reya BTCRUSDPERP | +0.0149% | 1h | 85,491 | +0.028% | $6.6M | $138.3M | 40x | as long as short |
| Hyperliquid BTC | +0.0172% | 1h | 85,572 | +0.123% | $3.84B | $5.14B | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0149% | 1h | 85,498.7 | +0.037% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0193% | 8h | 85,547 | +0.094% | $10.7M | $738.1M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,509.8 | +0.050% | $8.9M | $42.4M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0210% | 1h | 85,553.1 | +0.101% | $828.1M | $1.65B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0316% | 1h | 85,529.6 | +0.073% | $83K | $252K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0352% | 1h | 85,558 | +0.106% | $688K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,526.3 | +0.069% | $467K | $18.1M | 6.7x | as long as short |
Phoenix BTC
BingX BTC-USDC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Nado BTC-PERP
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Derive BTC-PERP
Reya BTCRUSDPERP
Hyperliquid BTC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC