Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h +0.017%

Price spread now: GMX against Katana Perps+0.019%7-day average +0.055% · you sell dearer than you buy

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

Long on Katana Perps Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 3 days (all we have)+0.010%+$1 · spread now +0.019%, 7d avg +0.055%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.036% cheaper against Katana Perps than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.055%). If the spread goes back, that is −$4 on $10k: about 25 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,525	0.0100	pay 0.0100% / 8h	38m 53s	$197K	$7.0M	50x
Short	GMX BTC/USD [WBTC.b-USDC]	86,541.6	L +0.0193% / S −0.0215%	get 0.0027% / 1h	38m 53s	$15.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.019%Rate

Funding earned: $24.17
Price spread: +0.019% → +0.055%: −$3.62
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee GMX: 6 bp × 2 orders: −$12
Net: $4.75
Costs to cover: 0.158%
Break-even: 5.6 days

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

Katana Perps and GMX: 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	−0.0118%	1h	86,598	+0.084%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,541	+0.018%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.050%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,551.1	+0.030%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,550.3	+0.029%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,513.8	−0.013%	$501.8M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,554.4	+0.034%	$916.5M	$1.48B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,547.3	+0.026%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	86,524.1	−0.001%	$850.3M	$715.1M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,584.4	+0.069%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0028%	1h	86,536.1	+0.013%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,527.5	+0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,535.4	+0.012%	$150.5M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,511.5	−0.016%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,516.9	−0.009%	$5.15B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,523.9	−0.001%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,518.4	−0.008%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,516.9	−0.009%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,522.7	−0.003%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,535.7	+0.012%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,551	+0.030%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,519	−0.007%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,528.4	+0.004%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,525	long leg	$197K	$7.0M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,572	+0.054%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,539.4	+0.017%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,597.1	+0.083%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.6	+0.064%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,544.9	+0.023%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,557	+0.037%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,578.9	+0.062%	$7.6M	$95.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514.9	−0.012%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.070%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,569.6	+0.052%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.087%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.6	+0.084%	$141.5M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	+0.038%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,591.9	+0.077%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	+0.015%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,530.7	+0.007%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,531.5	+0.008%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.8	+0.037%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,556	+0.036%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,517.8	−0.008%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,514.4	−0.012%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.043%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,499.8	−0.029%	$45.5M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,564.1	+0.045%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,541.4	+0.019%	$193.4M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,559	+0.039%	$417K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,558.1	+0.038%	$132.6M	$5.67B	50x	as long as short
Aftermath Perps BTCUSD	+0.0125%	1h	86,594.8	+0.081%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,625.4	+0.116%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,525.3	0.000%	$415.4M	$658.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0193% / S −0.0215%	1h	86,541.6	+0.019%	$15.0M	—	200x
Kalshi KXBTCPERP	+0.0209%	8h	86,565	+0.046%	$9.6M	$744.0M	6.4x	as long as short