Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Katana Perps against Hotstuff−0.046%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Katana Perps is 0.046% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,477	−0.0080	get 0.0010% / 1h	20m 36s	$8K	$3K	50x
Short	Katana Perps BTC-USD	85,438	0.0100	get 0.0100% / 8h	4h 20m	$210K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hotstuff. 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 HotstuffbpFee Katana PerpsbpOrdersPrice spread, now −0.046%Rate

Funding earned: $37.76
Price spread: −0.046% → 0.000%: −$4.56
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $24.39
Costs to cover: 0.088%
Break-even: 2.5 days

Slippage unknown: Hotstuff: no order-book sample; 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Hotstuff and 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	−0.0179%	1h	85,530	+0.062%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,477	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0056%	1h	85,454.9	−0.026%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,466.9	−0.012%	$416.3M	$667.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,457.7	−0.023%	$918.5M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,475.8	−0.001%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,467.9	−0.011%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	+0.024%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.5	+0.001%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,470.3	−0.008%	$4.4M	$98.1M	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	+0.0062%	8h	85,468.6	−0.010%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,466.8	−0.012%	$147.6M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,486.8	+0.011%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,459.3	−0.021%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,492	+0.018%	$172.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,499.4	+0.026%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,456	−0.025%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,461.3	−0.018%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,489.5	+0.015%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,462.5	−0.017%	$9.36B	$24.15B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,438	−0.046%	$210K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,553.3	+0.089%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,563	+0.101%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,513.2	+0.042%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,450.1	−0.031%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,458.2	−0.022%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,467	−0.012%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.046%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,491.2	+0.017%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454	−0.027%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	−0.039%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.032%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.042%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.052%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512.1	+0.041%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,518.2	+0.048%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.020%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,464	−0.015%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.4	−0.015%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,504.7	+0.032%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,454	−0.027%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,438.9	−0.045%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,470	−0.008%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	−0.002%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,465.9	−0.013%	$44.5M	$230.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,479.5	+0.003%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,500.1	+0.027%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,515	+0.044%	$884.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.002%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,481.9	+0.006%	$187.6M	$955.1M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,506	+0.034%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,473.1	−0.005%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0206%	1h	85,532.2	+0.065%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,549.5	+0.085%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,495	+0.021%	$10.3M	$756.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,515.6	+0.045%	$500K	$18.8M	6.7x	as long as short