Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.003%

Price spread now: Katana Perps against Popdex−0.056%7-day average −0.038% · you buy dearer than you sell

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

Long on Popdex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.056%, 7d avg −0.038%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,513	0.0056	pay 0.0007% / 1h	16m 33s	$8.4M	$56.7M	100x
Short	Katana Perps BTC-USD	85,465	0.0100	get 0.0100% / 8h	1h 16m	$243K	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Popdex. 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 PopdexbpFee Katana PerpsbpOrdersPrice spread, now −0.056%Rate

Funding earned: $9.2
Price spread: −0.056% → −0.038%: −$1.81
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$2.81
Costs to cover: 0.102%
Break-even: 9.1 days

Slippage unknown: Popdex: live order book, 3 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 Popdex live order book, 3 min ago	1.40 bp	10.9 bp −$11	12.6 bp −$126	77.1 bp −$7,708	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 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	−0.0082%	1h	85,513	0.000%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,505	−0.009%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,513.5	+0.001%	$929.7M	$775.3M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,517.2	+0.005%	$420.1M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,501.6	−0.013%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,491.8	−0.025%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,539.1	+0.031%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.005%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,530.2	+0.020%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0041%	1h	85,515.4	+0.003%	$24.3M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0049%	1h	85,551.3	+0.045%	$861.5M	$1.63B	50x	as long as short
Popdex BTCUSDTlong	+0.0056%	1h	85,513	long leg	$8.4M	$56.7M	100x
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.311%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0072%	8h	85,471.4	−0.049%	—	$17.5M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,531.3	+0.021%	$186.2M	$960.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,479.3	−0.039%	$2.97B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,519.1	+0.007%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,519.6	+0.008%	$23.6M	$148.4M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.5	+0.001%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,483.4	−0.035%	$5.03B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,509.4	−0.004%	$9.43B	$24.98B	150x	as long as short
Bybit BTCUSDT	+0.0098%	8h	85,476.5	−0.043%	$5.15B	$10.00B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,465	−0.056%	$243K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,568.3	+0.065%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,599	+0.101%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,526	+0.015%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,487.1	−0.030%	$2.60B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,463	−0.058%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,472.1	−0.048%	$5.1M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.016%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,482.8	−0.035%	$5.57B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.4	−0.005%	$37.3M	$179.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.058%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,506.8	−0.007%	$280.1M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,525	+0.014%	$214.7M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.016%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,523	+0.012%	$30.1M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,588.4	+0.088%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,523	+0.012%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,523.1	+0.012%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,519.4	+0.007%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,561.9	+0.057%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,517	+0.005%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,517	+0.005%	$59.9M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.7	+0.002%	$2.26B	$966.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,524.3	+0.013%	$154.5M	$512.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,451.3	−0.072%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,529	+0.019%	—	$104.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,550.6	+0.044%	$114.5M	$5.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,513	0.000%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,540	+0.032%	$12.0M	$742.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,506.3	−0.008%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,529.2	+0.019%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,537.7	+0.029%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,501.9	−0.013%	$79K	$230K	20x	as long as short