BTC

Alert

Funding spread now, next payment 18:00 UTC−0.0004%/8h

paid, last 24h−0.001%paid, last 3 days+0.089%to open and closeno order book

Long on Katana Perps Short on Lighter RH

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,888	0.0100	pay 0.0100% / 8h	6h 30m	$192K	$5.7M	50x
Short	Lighter RH BTC	85,897.1	0.0096	get 0.0012% / 1h	30m 33s	$24.7M	$136.5M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee Katana PerpsbpFee Lighter RHbpOrdersRate

Funding earned: −$0.8
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$4.6
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter RH: live order book, 5 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.011%
Avg gap 7d: +0.042%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 RH live order book, 5 min ago	0.52 bp	1.4 bp −$1	1.5 bp −$15	3.4 bp −$338	24.9 bp −$12.5K

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 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.2212%	1h	$143K	$411K	40x	as long as short
Arcus BTC-USD	−0.0377%	1h	$6.8M	$85.1M	40x	as long as short
Perpl BTC	−0.0223%	43m	$407K	$26.8M	6.7x	as long as short
Phoenix BTC	−0.0096%	1h	$1.9M	$11.0M	40x	as long as short
BloFin BTC-USDT	−0.0094%	8h	$424.7M	$566.7M	150x	as long as short
ApeX Omni BTCUSDT	−0.0093%	1h	$139.5M	$319.2M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0073%	1h	$190.4M	$813.8M	100x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0029%	1h	$17.1M	$18.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
SoDEX BTC-USD	−0.0025%	1h	$60.8M	$284.2M	40x	as long as short
Bulk BTC-USD	−0.0019%	1h	$560.6M	$139.0M	40x	as long as short
Injective BTC/USDC PERP	−0.0019%	1h	$308K	$27.0M	52x	as long as short
Phemex BTCUSDT	−0.0018%	8h	$148.4M	$415.5M	150x	as long as short
Reya BTCRUSDPERP	−0.0018%	1h	$6.7M	$138.1M	40x	as long as short
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.68B	150x	as long as short
BingX BTC-USDT	−0.0005%	8h	—	$1.37B	—	as long as short
KuCoin XBTUSDTM	0.0000%	8h	$797.7M	$614.7M	125x	as long as short
Gate BTC_USDT	+0.0001%	8h	$6.08B	$9.55B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.7M	—	200x	as long as short
Extended BTC-USD	+0.0008%	1h	$48.7M	$199.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0014%	8h	$2.66B	$11.56B	100x	as long as short
Aster BTCUSDT	+0.0014%	8h	$504.8M	$1.10B	200x	as long as short
Bybit BTCUSDT	+0.0016%	8h	$5.25B	$8.59B	150x	as long as short
Aevo BTC-PERP	+0.0024%	1h	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0025%	8h	$5.16B	$5.13B	500x	as long as short
Binance BTCUSDT	+0.0026%	8h	$9.48B	$22.07B	150x	as long as short
Popdex BTCUSDT	+0.0040%	1h	$8.5M	$46.5M	100x	as long as short
RISEx BTC/USDC	+0.0040%	1h	$9.2M	$38.6M	25x	as long as short
StandX BTC-USD	+0.0064%	1h	$30.7M	$225.5M	40x	as long as short
Variational Omni BTC	+0.0065%	8h	$171.9M	$505.5M	—	as long as short
Aftermath Perps BTCUSD	+0.0081%	1h	$86K	$154K	20x	as long as short
Bullet BTC-USD	+0.0091%	1h	$230K	$3.3M	20x	as long as short
Paradex BTC-USD-PERP	+0.0096%	8h	$4.4M	$6.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	$171.5M	$941.5M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	$24.7M	$136.5M	50x
Katana Perps BTC-USDlong	+0.0100%	8h	$192K	$5.7M	50x
Nado BTC-PERP	+0.0100%	1h	$23.2M	$227.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$37.0M	$391.7M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.0M	$16.7M	25x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.2M	$125.6M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$280.2M	$882.2M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.7M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.4M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.4M	$59.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.8M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	$2.28B	$833.6M	200x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$84.7M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	$13.3M	$632.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	$752K	$7.2M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0136%	1h	$914.3M	$1.11B	50x	as long as short
Hyperliquid BTC	+0.0138%	1h	$3.92B	$4.40B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
Coinbase International BTC-PERP-INTX	+0.0184%	1h	$128.7M	$5.92B	50x	as long as short