Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Derive against Katana Perps+0.086%7-day average +0.014% · you sell dearer than you buy

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now +0.086%, 7d avg +0.014%

Together, before fees−0.152%−$15 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: Derive is 0.072% dearer against Katana Perps than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,208	0.0100	pay 0.0100% / 8h	37m 10s	$270K	$8.7M	50x
Short	Derive BTC-PERP	85,281.1	0.0100	get 0.0013% / 1h	37m 10s	$29.9M	$45.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.086%Rate

Funding earned: $0.04
Price spread: +0.086% → +0.014%: $7.21
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$2.54
Costs to cover: 0.098%
Break-even: 410.6 days

Slippage unknown: Katana Perps: no order-book sample; Derive: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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
Hotstuff BTC-PERP	−0.0080%	1h	85,262	+0.063%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.171%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,211	+0.004%	$929.0M	$775.6M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,235.9	+0.033%	$420.5M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,214	+0.007%	$509.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,224.3	+0.019%	$346K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,258.3	+0.059%	$481K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	+0.020%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,227.3	+0.023%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,231.1	+0.027%	$185.6M	$953.6M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.211%	$139.8M	$312.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,249	+0.048%	$338K	$24.7M	52x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,224.8	+0.020%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0080%	1h	85,258.5	+0.059%	$840.9M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,212.6	+0.005%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,266	+0.068%	$24.0M	$220.4M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,225.9	+0.021%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,226.2	+0.021%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,229	+0.025%	$23.6M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,235	+0.032%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,226.4	+0.022%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,223.6	+0.018%	$9.39B	$25.08B	150x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,221.2	+0.015%	$5.04B	$5.73B	500x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,208	long leg	$270K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,300.9	+0.109%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,306	+0.115%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,265	+0.067%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,247.1	+0.046%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,238	+0.035%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,249.8	+0.049%	$4.7M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,235.4	+0.032%	$5.49B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,213.5	+0.006%	$37.3M	$186.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.181%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,300.9	+0.109%	$282.9M	$956.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.148%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,322.9	+0.135%	$30.1M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,299	+0.107%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,232	+0.028%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,221.8	+0.016%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,216.3	+0.010%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,253.3	+0.053%	$194K	$796K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,281.1	+0.086%	$29.9M	$45.8M	15x
SunX BTC-USDT	+0.0100%	8h	85,215.5	+0.009%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,215	+0.008%	$59.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,215	+0.008%	$2.25B	$969.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,227.5	+0.023%	$158.9M	$514.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.107%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,192.5	−0.018%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,221.1	+0.015%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,265	+0.067%	$111.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,207.8	0.000%	$6.6M	$145.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,264	+0.066%	$12.0M	$736.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,251.1	+0.051%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,226.8	+0.022%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,345.5	+0.161%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,360.2	+0.179%	$79K	$252K	20x	as long as short