Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

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 SunX+0.052%7-day average −0.005% · you sell dearer than you buy

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

Long on SunX 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 3 days (all we have)−0.018%−$2 · spread now +0.052%, 7d avg −0.005%

Together, before fees−0.011%−$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: Katana Perps is 0.057% dearer against SunX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,395.1	0.0100	pay 0.0100% / 8h	7h 26m	$3.4M	$5.2M	100x
Short	Katana Perps BTC-USD	86,440	0.0100	get 0.0100% / 8h	7h 26m	$202K	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SunX. 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 SunXbpFee Katana PerpsbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$0.04
Price spread: +0.052% → −0.005%: $5.72
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.12
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 12 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 SunX live order book, 12 min ago	0.64 bp	6.1 bp −$6	6.7 bp −$67	8.4 bp −$838	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 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
Bluefin BTC-PERP	−0.0285%	1h	86,515	+0.139%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	+0.009%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,423	+0.032%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,466.1	+0.082%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.5	+0.063%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	+0.100%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.043%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,463.3	+0.079%	$501.4M	$1.13B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	+0.047%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,426.7	+0.037%	$154.6M	$473.5M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,465.7	+0.082%	$832.5M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,455.3	+0.070%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,458.8	+0.074%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,464.5	+0.080%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,481.3	+0.100%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	86,466.7	+0.083%	$902.4M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	86,463.2	+0.079%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,471.4	+0.088%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0080%	8h	86,474.6	+0.092%	$9.43B	$24.26B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,426	+0.036%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,462.1	+0.078%	$170.8M	$986.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,462.5	+0.078%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,454	+0.068%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,440	+0.052%	$202K	$7.2M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,482.4	+0.101%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.6	+0.040%	$21.9M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,536	+0.163%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,483.1	+0.102%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,489.4	+0.109%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,486.9	+0.106%	$2.57B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,443	+0.055%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,488.9	+0.109%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,476.7	+0.094%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,423.1	+0.032%	$37.4M	$158.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	+0.078%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.040%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	+0.006%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.035%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	+0.040%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,496.6	+0.118%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,467	+0.083%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,470	+0.087%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	+0.094%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	+0.128%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,395.1	long leg	$3.4M	$5.2M	100x
HTX BTC-USDT	+0.0100%	8h	86,413.7	+0.022%	$2.29B	$962.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.018%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,446.8	+0.060%	$45.9M	$221.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	+0.100%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,466	+0.082%	$132.3M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,453.2	+0.067%	$192.4M	$941.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,427.9	+0.038%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	+0.052%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	+0.032%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	+0.094%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,452	+0.066%	$10.3M	$763.3M	6.4x	as long as short