Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Katana Perps against Bulk−0.168%7-day average −0.034% · you buy dearer than you sell

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

Long on Bulk Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.179%+$18 · spread now −0.168%, 7d avg −0.034%

Together, before fees+0.181%+$18 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 0.134% cheaper against Bulk than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,464.9	0.0100	pay 0.0013% / 1h	22m 52s	$572.1M	$16.9M	40x
Short	Katana Perps BTC-USD	86,320	0.0100	get 0.0100% / 8h	22m 52s	$199K	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bulk. 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 BulkbpFee Katana PerpsbpOrdersPrice spread, now −0.168%Rate

Funding earned: −$0.04
Price spread: −0.168% → −0.034%: −$13.38
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$24.23
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 1 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 Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.7 bp −$373	5.1 bp −$2,535
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
Phoenix BTC	−0.0118%	1h	86,430	−0.040%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,330	−0.156%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.139%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,347.8	−0.135%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,344.4	−0.139%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,367.7	−0.112%	$501.1M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,361.4	−0.120%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.4	−0.102%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,364.6	−0.116%	$849.5M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,350.5	−0.132%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,356	−0.126%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,364.4	−0.116%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,375.2	−0.104%	$150.3M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,355.1	−0.127%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,365.2	−0.115%	$9.42B	$24.59B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,364.8	−0.116%	$5.16B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,358.4	−0.123%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	86,409.2	−0.064%	$914.2M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,365.4	−0.115%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,365	−0.116%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,379.1	−0.099%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,387.2	−0.090%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,332	−0.154%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,374.7	−0.104%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,320	−0.168%	$199K	$7.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,378.8	−0.100%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,348.3	−0.135%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,445	−0.023%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,386.5	−0.091%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,386.7	−0.090%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,346	−0.137%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,380.4	−0.098%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.6	−0.115%	$37.9M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	−0.068%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	−0.105%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	−0.054%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	−0.104%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,402.1	−0.073%	$30.6M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,390.7	−0.086%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,351	−0.132%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359	−0.122%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,361	−0.120%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,396.7	−0.079%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,401.3	−0.074%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,321.1	−0.166%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,352.6	−0.130%	$2.29B	$969.7M	200x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,464.9	long leg	$572.1M	$16.9M	40x
Extended BTC-USD	+0.0104%	1h	86,349.6	−0.133%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,355.4	−0.127%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,399.5	−0.076%	$191.7M	$955.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,417	−0.055%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	86,442.9	−0.025%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	−0.091%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	−0.115%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,368.4	−0.112%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,377	−0.102%	$9.7M	$749.3M	6.4x	as long as short