Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Katana Perps+0.004%7-day average +0.043% · you sell dearer than you buy

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

Long on Katana Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.004%, 7d avg +0.043%

Together, before fees−0.007%+ Points / potential airdropLighter: Season 3 · farm board−$1 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: Lighter is 0.039% cheaper against Katana Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,542	0.0100	pay 0.0100% / 8h	38m 17s	$197K	$7.0M	50x
Short	Lighter BTC	86,545.4	0.0096	get 0.0012% / 1h	38m 17s	$170.5M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$0.8
Price spread: +0.004% → +0.043%: −$3.88
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.48
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 6 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 Lighter live order book, 6 min ago	0.36 bp	0.4 bp $0	0.5 bp −$5	1.2 bp −$121	3.5 bp −$1,745

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	−0.0118%	1h	86,598	+0.065%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,545	+0.003%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.030%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,566.4	+0.028%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,574.7	+0.038%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,557.4	+0.018%	$502.1M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,592.3	+0.058%	$916.5M	$1.48B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,572.1	+0.035%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	86,574.4	+0.037%	$850.9M	$715.1M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,538.7	−0.004%	$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	86,566.4	+0.028%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,549.7	+0.009%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,535.4	−0.008%	$150.5M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,550.3	+0.010%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,566.6	+0.028%	$5.15B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,551.5	+0.011%	$9.43B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,543.7	+0.002%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,554.5	+0.014%	$5.88B	$10.75B	200x	as long as short
Lighter BTCshort	+0.0096%	1h	86,545.4	+0.004%	$170.5M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,554.4	+0.014%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,569	+0.031%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,555	+0.015%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,545.7	+0.004%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,542	long leg	$197K	$7.0M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,577.3	+0.041%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,514.6	−0.032%	$21.8M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,646	+0.120%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,568.8	+0.031%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,546.5	+0.005%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,547	+0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,590.5	+0.056%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514.9	−0.031%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.051%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,569.6	+0.032%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.067%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.6	+0.064%	$141.5M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	+0.018%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,608.9	+0.077%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	+0.037%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.6	+0.020%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,556.4	+0.017%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,585.1	+0.050%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,581.7	+0.046%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.1	−0.007%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,514.4	−0.032%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.024%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,528.7	−0.015%	$45.4M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,546.9	+0.006%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,590.4	+0.056%	$194.2M	$952.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,578.9	+0.043%	$416K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,603.4	+0.071%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0127%	1h	86,603.6	+0.071%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,525.3	−0.019%	$415.4M	$658.3M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,567.2	+0.029%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,567.4	+0.029%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,565	+0.027%	$9.6M	$744.0M	6.4x	as long as short