Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.020%

Price spread now: Injective against Katana Perps−0.183%7-day average +0.034% · you buy dearer than you sell

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.094%−$9 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now −0.183%, 7d avg +0.034%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Injective is 0.217% cheaper against Katana Perps than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,403	0.0100	pay 0.0100% / 8h	1h 27m	$237K	$8.7M	50x
Short	Injective BTC/USDC PERP	85,247	0.0057	get 0.0007% / 1h	27m 17s	$338K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.183%Rate

Funding earned: −$8.88
Price spread: −0.183% → +0.034%: −$21.67
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$34.37
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Injective: live order book, 2 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 Injective live order book, 2 min ago	1.93 bp	2.1 bp −$2	12.7 bp −$127	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
Phoenix BTC	−0.0082%	1h	85,329	−0.087%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,391	−0.014%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,420.1	+0.020%	$928.9M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.106%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,426	+0.027%	$513.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,440.2	+0.044%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,448.2	+0.053%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,424.2	+0.025%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,348.2	−0.064%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,397.2	−0.007%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERPshort	+0.0057%	1h	85,247	−0.183%	$338K	$26.8M	52x
BingX BTC-USDC	+0.0070%	8h	85,411.4	+0.010%	—	$17.5M	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,457.7	+0.064%	$862.1M	$1.64B	50x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,420.1	+0.020%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	85,342.3	−0.071%	$139.5M	$314.2M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,431.3	+0.033%	$185.4M	$958.9M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,423.4	+0.024%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,426.1	+0.027%	$5.02B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,431.4	+0.033%	$9.43B	$24.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,442	+0.046%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,446.3	+0.051%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,429	+0.030%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,403	long leg	$237K	$8.7M	50x
Bybit BTCUSDT	+0.0100%	8h	85,427	+0.028%	$5.15B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,462.1	+0.069%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,506	+0.121%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,464.8	+0.072%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,432.1	+0.034%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,409	+0.007%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,407.7	+0.006%	$5.2M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,435.6	+0.038%	$5.55B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,354.9	−0.056%	$37.1M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.149%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,313.9	−0.104%	$279.5M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.128%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,315.1	−0.103%	$30.1M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.6	+0.076%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,428	+0.029%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,430.6	+0.032%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,431.1	+0.033%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,469.5	+0.078%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.221%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,411.2	+0.010%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	+0.016%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326.2	−0.090%	$2.26B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,353.2	−0.058%	$152.2M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.156%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,401.9	−0.001%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.1	+0.008%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.6	+0.059%	$115.9M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.112%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,358	−0.053%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,448.4	+0.053%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,357.3	−0.054%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,354.3	−0.057%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0259%	1h	85,328.6	−0.087%	$79K	$230K	20x	as long as short