Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Katana Perps against Orderly−0.035%7-day average −0.015% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)0.000%$0 on $10k
+Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.035%, 7d avg −0.015%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.020% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.015%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_BTC_USDC | 85,491 | 0.0100 | pay 0.0100% / 8h | 2h 01m | $2.6M | $9.8M | 100x |
| Short | Katana Perps BTC-USD | 85,461 | 0.0100 | get 0.0100% / 8h | 2h 01m | $236K | $8.6M | 50x |
Orderly PERP_BTC_USDC
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.04
- Price spread: −0.035% → −0.015%
- −$2.04
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$11.88
- Costs to cover
- 0.098%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Katana 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Orderly and 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 | −0.0111% | 1h | 85,577 | +0.101% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,524 | +0.039% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0051% | 8h | 85,479.3 | −0.014% | $928.9M | $772.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,490.3 | −0.001% | $417.7M | $683.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0007% | 8h | 85,476.5 | −0.017% | $514.0M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,498.4 | +0.009% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,490.7 | 0.000% | $527K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0003% | 1h | 85,489.8 | −0.001% | $16.8M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,493.7 | +0.003% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,514 | +0.027% | $339K | $26.8M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0035% | 1h | 85,524.2 | +0.039% | $869.0M | $1.62B | 50x | as long as short |
| Nado BTC-PERP | +0.0042% | 1h | 85,480.1 | −0.013% | $24.7M | $222.6M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,505.6 | +0.017% | $188.3M | $954.3M | 100x | as long as short |
| BingX BTC-USDC | +0.0069% | 8h | 85,466.2 | −0.029% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0083% | 8h | 85,493.3 | +0.003% | $149.2M | $507.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,487.9 | −0.004% | $2.96B | $5.18B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,491.8 | +0.001% | $171.3M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,497.9 | +0.008% | $23.7M | $149.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,491 | 0.000% | $8.4M | $55.9M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,482.1 | −0.010% | $2.4M | $6.7M | 20x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,531 | +0.047% | $117.1M | $5.46B | 50x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,481.8 | −0.011% | $5.01B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,486.5 | −0.005% | $9.45B | $24.92B | 150x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,461 | −0.035% | $236K | $8.6M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,525.4 | +0.040% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,570.9 | +0.093% | $3.76B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,510.5 | +0.023% | $40.0M | $598.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,473.4 | −0.021% | $5.15B | $9.98B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,476 | −0.018% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,485 | −0.007% | $3.8M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,490.4 | −0.001% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,488.4 | −0.003% | $5.51B | $11.11B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,479.6 | −0.013% | $36.6M | $179.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,535.9 | +0.052% | $155.0M | $560.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,528.5 | +0.044% | $280.1M | $953.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,535.3 | +0.052% | $214.9M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,528 | +0.043% | $139.8M | $314.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,537.1 | +0.054% | $30.2M | $207.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,551.9 | +0.071% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,487 | −0.005% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,488 | −0.004% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDClong | +0.0100% | 8h | 85,491 | long leg | $2.6M | $9.8M | 100x | |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,528.6 | +0.044% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,469 | −0.026% | $30.0M | $47.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,467.2 | −0.028% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,489 | −0.002% | $59.8M | $336.4M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,481.1 | −0.012% | $2.26B | $941.9M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | −0.017% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,464.7 | −0.031% | $44.5M | $240.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,509.5 | +0.022% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0121% | 1h | 85,484.4 | −0.008% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,494.4 | +0.004% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0211% | 8h | 85,517 | +0.030% | $11.5M | $743.9M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0234% | 1h | 85,518.7 | +0.032% | $79K | $228K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,527.9 | +0.043% | $692K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,512.8 | +0.026% | $8.8M | $43.2M | 25x | as long as short |
Deribit BTC-PERPETUAL
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Coinbase International BTC-PERP-INTX
MEXC BTC_USDT
Binance BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC