Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Katana Perps against dYdX−0.075%7-day average −0.030% · you buy dearer than you sell

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

Long on dYdX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.118%+$12 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.075%, 7d avg −0.030%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.045% cheaper against dYdX than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of −0.030%). If the spread goes back, that is −$5 on $10k: about 36 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,107.7	0	get 0.0000% / 1h	49m 05s	$16.9M	$14.5M	50x
Short	Katana Perps BTC-USD	86,043	0.0100	get 0.0100% / 8h	5h 49m	$218K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against dYdX. 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 dYdXbpFee Katana PerpsbpOrdersPrice spread, now −0.075%Rate

Funding earned: $20.96
Price spread: −0.075% → −0.030%: −$4.53
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $2.63
Costs to cover: 0.138%
Break-even: 6.1 days

Slippage unknown: dYdX: 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 dYdX live order book, 3 min ago	3.25 bp	8.3 bp −$8	8.3 bp −$83	21.6 bp −$2,163	67.3 bp −$33.6K
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
Phoenix BTC	−0.0133%	1h	86,126	+0.021%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	−0.011%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.104%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,061.4	−0.054%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,047.9	−0.069%	$422.6M	$563.8M	150x	as long as short
SoDEX BTC-USD	−0.0009%	1h	86,048	−0.069%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USDlong	0.0000%	1h	86,107.7	long leg	$16.9M	$14.5M	50x
Perpl BTC	0.0000%	43m	86,079.4	−0.033%	$480K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.005%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,114	+0.007%	$301K	$26.2M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,043.2	−0.075%	$512.9M	$874.3M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,026.2	−0.095%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,068	−0.046%	$191.6M	$768.2M	100x	as long as short
Bybit BTCUSDT	+0.0038%	8h	86,051	−0.066%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,049	−0.068%	$943.2M	$633.8M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,055	−0.061%	$5.51B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,058	−0.058%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,056.5	−0.059%	$170.6M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,042.9	−0.075%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0095%	8h	86,050.5	−0.066%	$2.27B	$803.9M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,064.1	−0.051%	$173.8M	$853.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,066.9	−0.047%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,028.9	−0.092%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,043.2	−0.075%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,044	−0.074%	$9.45B	$20.52B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	86,043	−0.075%	$218K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,100.2	−0.009%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,060.3	−0.055%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.6	−0.007%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,050	−0.067%	$2.62B	$9.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,067	−0.047%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,097.7	−0.012%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.072%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,040.3	−0.078%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.043%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	−0.057%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.012%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,080.1	−0.032%	$30.3M	$223.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,125.5	+0.021%	—	$9.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,065	−0.050%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,048.1	−0.069%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,038.7	−0.080%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,087.2	−0.024%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,065.6	−0.049%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,019.7	−0.102%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.9	−0.004%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,104	−0.004%	$112.1M	$4.97B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,087	−0.024%	$12.0M	$733.5M	6.4x	as long as short
Hyperliquid BTC	+0.0160%	1h	86,145	+0.043%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.035%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,082.4	−0.029%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.008%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0229%	1h	86,106.1	−0.002%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,123	+0.018%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0443%	1h	86,126.9	+0.022%	$79K	$245K	20x	as long as short