Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Katana Perps against Pacifica−0.079%7-day average −0.059% · you buy dearer than you sell

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

Long on Pacifica Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.035%+$3 · spread now −0.079%, 7d avg −0.059%

Together, before fees+0.033%+ Points / potential airdropPacifica: Active · farm board+$3 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: Katana Perps is 0.021% cheaper against Pacifica than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,146.4	0.0100	pay 0.0013% / 1h	53m 33s	$40.4M	$570.0M	50x
Short	Katana Perps BTC-USD	86,078	0.0100	get 0.0100% / 8h	5h 53m	$219K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Pacifica. 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 PacificabpFee Katana PerpsbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$0.04
Price spread: −0.079% → −0.059%: −$2.07
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$13.92
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 4 min ago; 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 Pacifica live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.6 bp −$46	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

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 exchanges

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	86,197	+0.059%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,109.5	−0.043%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,143.8	−0.003%	$421.0M	$566.5M	150x	as long as short
SoDEX BTC-USD	−0.0012%	1h	86,112	−0.040%	$65.9M	$188.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,119.6	−0.031%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,161.8	+0.018%	$482K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,119.1	−0.032%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.078%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,090.8	−0.065%	$513.3M	$875.9M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,126.6	−0.023%	$191.2M	$772.3M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0030%	8h	86,073.4	−0.085%	—	$16.3M	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,094	−0.061%	$5.15B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.011%	$137.8M	$295.3M	100x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	+0.045%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,106.3	−0.047%	$943.1M	$636.0M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,105	−0.048%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,096	−0.059%	$8.8M	$45.4M	100x	as long as short
Phemex BTCUSDT	+0.0081%	8h	86,106.1	−0.047%	$170.7M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,094.6	−0.060%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,115.7	−0.036%	$173.8M	$851.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,117.6	−0.033%	$23.6M	$118.7M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,095.6	−0.059%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,078	−0.079%	$219K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,146.8	0.000%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,103.1	−0.050%	$23.5M	$196.2M	50x	as long as short
Pacifica BTClong	+0.0100%	1h	86,146.4	long leg	$40.4M	$570.0M	50x
Binance BTCUSDT	+0.0100%	8h	86,094.9	−0.060%	$9.46B	$20.62B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,094.5	−0.060%	$2.62B	$9.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,110	−0.042%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,133.8	−0.015%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.027%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,101	−0.053%	$5.19B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,098.1	−0.056%	$38.7M	$196.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.024%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	−0.012%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.006%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.005%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,159.6	+0.015%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,106	−0.047%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,117	−0.034%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,108.9	−0.044%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,155.2	+0.010%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,124.6	−0.025%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,105.8	−0.047%	$2.27B	$804.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,075.6	−0.082%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,125.9	−0.024%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,157.1	+0.012%	$112.2M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,144	−0.003%	$11.8M	$732.4M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,081.8	−0.075%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0167%	1h	86,202	+0.065%	$3.97B	$4.35B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,146	0.000%	$8.9M	$37.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0197%	1h	86,167.6	+0.025%	$822.7M	$1.51B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,116.6	−0.035%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,190	+0.051%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0452%	1h	86,168.3	+0.025%	$81K	$242K	20x	as long as short