Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.031%

Price spread now: Hibachi against Katana Perps+0.091%7-day average +0.072% · you sell dearer than you buy

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

Long on Katana Perps Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.129%+$13 on $10k

Price spread, last 7 days−0.041%−$4 · spread now +0.091%, 7d avg +0.072%

Together, before fees+0.089%+ Points / potential airdropHibachi: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.072%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,461	0.0100	pay 0.0100% / 8h	3h 41m	$202K	$8.3M	50x
Short	Hibachi BTC/USDT-P	85,538.7	0.0248	get 0.0031% / 1h	41m 05s	$698K	$7.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.091%Rate

Funding earned: $31.12
Price spread: +0.091% → +0.072%: $1.92
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $20.24
Costs to cover: 0.128%
Break-even: 2.4 days

Slippage unknown: Katana Perps: no order-book sample; Hibachi: live order book, 3 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 Hibachi live order book, 3 min ago	0.01 bp	4.9 bp −$5	5.4 bp −$54	44.7 bp −$4,472	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
Phoenix BTC	−0.0140%	1h	85,597	+0.159%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	+0.059%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0040%	8h	85,485.4	+0.028%	$916.2M	$756.4M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,500.1	+0.046%	$417.7M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,490.3	+0.034%	$365K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,530.9	+0.082%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,509	+0.056%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,489.9	+0.034%	$24.7M	$222.5M	50x	as long as short
Aster BTCUSDT	+0.0007%	8h	85,477.6	+0.019%	$514.7M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.268%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0065%	8h	85,459.2	−0.002%	—	$17.1M	—	as long as short
SoDEX BTC-USD	+0.0072%	1h	85,497	+0.042%	$59.9M	$336.1M	40x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,504.5	+0.051%	$148.1M	$492.1M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,490.2	+0.034%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,546.6	+0.100%	$884.5M	$1.59B	50x	as long as short
Reya BTCRUSDPERP	+0.0095%	1h	85,501.1	+0.047%	$6.6M	$147.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,514	+0.062%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,512.4	+0.060%	$24.0M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,478	+0.020%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,484.6	+0.028%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,461	long leg	$202K	$8.3M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,554.7	+0.110%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	+0.133%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,526.2	+0.076%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,494.4	+0.039%	$9.41B	$24.32B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,487.4	+0.031%	$5.18B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500.9	+0.047%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	+0.021%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,460.1	−0.001%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,489.8	+0.034%	$5.54B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,500.9	+0.047%	$5.06B	$5.65B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,489.5	+0.033%	$36.0M	$177.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,476	+0.018%	$154.1M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,566.1	+0.123%	$279.5M	$925.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,598.4	+0.161%	$215.0M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,582.6	+0.142%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,625.6	+0.193%	$30.3M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,554.6	+0.110%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,490	+0.034%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,501.9	+0.048%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,496.2	+0.041%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,544.2	+0.097%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,486.1	+0.029%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,471.5	+0.012%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,488.2	+0.032%	$2.26B	$946.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,580.4	+0.140%	$679.0M	$730.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,470.4	+0.011%	$44.7M	$232.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,509.9	+0.057%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,534.2	+0.086%	$117.1M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,521.6	+0.071%	$187.7M	$955.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,515.2	+0.063%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,510	+0.057%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,526	+0.076%	$12.0M	$755.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0239%	1h	85,595.7	+0.158%	$79K	$221K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0248%	1h	85,538.7	+0.091%	$698K	$7.9M	30x
Perpl BTC	+0.0335%	43m	85,500.7	+0.046%	$504K	$18.8M	6.7x	as long as short