Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.045%

Price spread now: Jupiter Perps against Katana Perps+0.033%7-day average +0.025% · you sell dearer than you buy

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

Long on Katana Perps Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.155%−$15 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.033%, 7d avg +0.025%

Together, before fees−0.174%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: −$5 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	85,168	0.0100	pay 0.0100% / 8h	35m 45s	$269K	$8.7M	50x
Short	Jupiter Perps WBTC-PERP	85,195.9	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	35m 45s	—	$106.0M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$32.72
Price spread: +0.033% → +0.025%: $0.76
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$47.76
Costs to cover: 0.158%
Break-even: never at this rate

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

Katana Perps and Jupiter 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
Hotstuff BTC-PERP	−0.0080%	1h	85,233	+0.076%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.218%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,189.4	+0.025%	$928.0M	$776.8M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,235.9	+0.080%	$420.5M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,184.4	+0.019%	$509.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,199.2	+0.037%	$346K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	+0.067%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,245.9	+0.091%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,238.4	+0.083%	$185.6M	$954.1M	100x	as long as short
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.258%	$139.8M	$312.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,184.6	+0.019%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,249	+0.095%	$338K	$24.7M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0074%	1h	85,262.8	+0.111%	$840.8M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,177	+0.011%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,218.7	+0.059%	$24.0M	$220.5M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,185	+0.020%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,204.8	+0.043%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,204.1	+0.042%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,188	+0.023%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,228.2	+0.071%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,188	+0.023%	$5.03B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,196.7	+0.034%	$9.38B	$25.09B	150x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,168	long leg	$269K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,238.6	+0.083%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,299	+0.154%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,225.7	+0.068%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,188.1	+0.024%	$2.59B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,206	+0.045%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.9	+0.040%	$4.6M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,221.6	+0.063%	$5.49B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,213.7	+0.054%	$37.3M	$186.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,196.3	+0.033%	$155.5M	$553.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,300.9	+0.156%	$282.9M	$956.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.195%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,227	+0.069%	$30.0M	$210.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,284.1	+0.136%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,222	+0.063%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,236	+0.080%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,235.4	+0.079%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,272.8	+0.123%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,206.4	+0.045%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,213.2	+0.053%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,224	+0.066%	$59.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,220	+0.061%	$2.25B	$970.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,243.4	+0.089%	$159.0M	$515.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.154%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,160.6	−0.009%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,195.9	+0.033%	—	$106.0M	500x
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,250	+0.096%	$112.0M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0139%	1h	85,213	+0.053%	$6.6M	$145.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,248	+0.094%	$12.1M	$737.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,210.8	+0.050%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,240.9	+0.086%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,345.5	+0.208%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,335.3	+0.196%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,199.7	+0.037%	$476K	$18.4M	6.7x	as long as short