BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.010%

Price spread now: Coinbase International against Katana Perps+0.030%7-day average +0.058% · you sell dearer than you buy

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

Long on Katana Perps Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now +0.030%, 7d avg +0.058%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.027% cheaper against Katana Perps than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.058%). If the spread goes back, that is −$3 on $10k: about 4.5 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.006% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,862	0.0100	pay 0.0100% / 8h	7h 00m	$200K	$7.4M	50x
Short	Coinbase International BTC-PERP-INTX	85,887.9	0.0120	get 0.0015% / 1h	0m 40s	$131.4M	$5.25B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Katana Perps. 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 Katana PerpsbpFee Coinbase InternationalbpOrdersPrice spread, now +0.030%Rate

Funding earned: $4.24
Price spread: +0.030% → +0.058%: −$2.75
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$12.3
Costs to cover: 0.138%
Break-even: 27.3 days

Slippage unknown: Katana Perps: no order-book sample; Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	7.2 bp −$715	21.5 bp −$10.7K

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	−0.0129%	1h	85,869	+0.008%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,906	+0.051%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,880.4	+0.021%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,918.5	+0.066%	$523K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,877.7	+0.018%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.341%	$342K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,857.9	−0.005%	$16.8M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,839.4	−0.026%	$497.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,857.8	−0.005%	$822.6M	$719.5M	125x	as long as short
HTX BTC-USDT	+0.0047%	8h	85,834.5	−0.032%	$2.28B	$962.5M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,862	0.000%	$6.7M	$145.9M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,890	+0.033%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,872.5	+0.012%	—	$1.58B	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,850	−0.014%	$60.1M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,870.6	+0.010%	$2.94B	$5.09B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,870.1	+0.009%	$5.71B	$10.75B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,841	−0.024%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,843.8	−0.021%	$9.34B	$24.41B	150x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,841.2	−0.024%	$5.09B	$5.80B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,879.7	+0.021%	$169.5M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,863.6	+0.002%	$23.4M	$152.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,884	+0.026%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,862	long leg	$200K	$7.4M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,873.8	+0.014%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900	+0.044%	$22.0M	$226.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,933	+0.083%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,887	+0.029%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,849.7	−0.014%	$5.23B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,858.2	−0.004%	$2.54B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,894	+0.037%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,893.1	+0.036%	$7.0M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,829.3	−0.038%	$35.2M	$162.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,848.7	−0.015%	$155.7M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,951.8	+0.105%	$277.5M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.253%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,961.3	+0.116%	$140.7M	$320.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,886.8	+0.029%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,941.5	+0.093%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,875	+0.015%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,873	+0.013%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,854.8	−0.008%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,886.2	+0.028%	$169K	$692K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,864.4	+0.003%	$30.0M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,827.5	−0.040%	$3.2M	$5.6M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,856.2	−0.007%	$154.8M	$474.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.326%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,826	−0.042%	$45.4M	$224.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,912.5	+0.059%	—	$100.4M	500x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,911.3	+0.057%	$720K	$8.0M	30x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	85,887.9	+0.030%	$131.4M	$5.25B	50x
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,876.1	+0.016%	$187.1M	$960.3M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,893	+0.036%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,070.9	+0.243%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0201%	8h	85,835.6	−0.031%	$414.7M	$642.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,919	+0.066%	$10.3M	$766.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0203%	1h	85,878.5	+0.019%	$13.7M	—	200x	as long as short