Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%
Price spread now: Katana Perps against Hyperliquid−0.098%51s7-day average −0.075% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.024%−$2 on $10k
+Price spread, last 7 days+0.080%+$8 · spread now −0.098%, 7d avg −0.075%
=Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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 0.023% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.075%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid BTC | 85,722 | 0.0100 | pay 0.0013% / 1h | 53m 44s | $3.79B | $5.01B | 40x |
| Short | Katana Perps BTC-USD | 85,638 | 0.0100 | get 0.0100% / 8h | 3h 53m | $201K | $8.2M | 50x |
Hyperliquid BTC
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.04
- Price spread: −0.098% → −0.075%
- −$2.27
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$15.11
- Costs to cover
- 0.128%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 10 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 Hyperliquid live order book, 10 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 4.7 bp −$471 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0179% | 1h | 85,646 | −0.089% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,688 | −0.040% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0037% | 8h | 85,609.7 | −0.131% | $923.1M | $755.9M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,677.2 | −0.052% | $417.5M | $676.0M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,654.6 | −0.079% | $367K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,635.3 | −0.101% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,638.1 | −0.098% | $36.6M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0009% | 1h | 85,676.5 | −0.053% | $24.8M | $222.7M | 50x | as long as short |
| Aster BTCUSDT | +0.0013% | 8h | 85,618.1 | −0.121% | $515.8M | $1.10B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | −0.037% | $340K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
Aster BTCUSDT
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0063% | 8h | 85,602.7 | −0.139% | — | $17.2M | — | as long as short |
| Phemex BTCUSDT | +0.0068% | 8h | 85,603.9 | −0.138% | $148.7M | $489.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,632.7 | −0.104% | $2.96B | $5.11B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0088% | 1h | 85,640.6 | −0.095% | $885.4M | $1.58B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0090% | 1h | 85,621.1 | −0.118% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,643.1 | −0.092% | $172.2M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,649.5 | −0.085% | $23.9M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,655 | −0.078% | $8.7M | $54.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,601.4 | −0.141% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,638 | −0.098% | $201K | $8.2M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,745.9 | +0.028% | $5.3M | $9.2M | 50x | as long as short |
| Hyperliquid BTClong | +0.0100% | 1h | 85,722 | long leg | $3.79B | $5.01B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 85,709.5 | −0.015% | $40.5M | $582.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,641.4 | −0.094% | $9.41B | $24.29B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,639.9 | −0.096% | $5.19B | $9.84B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,656.1 | −0.077% | $2.59B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,672 | −0.058% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,656.9 | −0.076% | $4.4M | $98.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,623 | −0.115% | $5.52B | $10.73B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,617.6 | −0.122% | $5.07B | $5.63B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,586.1 | −0.159% | $35.7M | $176.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,637.7 | −0.098% | $153.8M | $564.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,615.1 | −0.125% | $279.7M | $922.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,633.8 | −0.103% | $214.9M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,629.8 | −0.108% | $140.0M | $315.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,638.2 | −0.098% | $30.3M | $208.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,693.3 | −0.034% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,636 | −0.100% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,623.8 | −0.115% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,603.1 | −0.139% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,650.2 | −0.084% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,598.6 | −0.144% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,650.9 | −0.083% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,598 | −0.145% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,601 | −0.141% | $2.27B | $946.1M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,665.1 | −0.066% | $677.0M | $718.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,590.4 | −0.154% | $44.8M | $231.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,703.1 | −0.022% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,636 | −0.100% | $117.4M | $5.22B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,615.4 | −0.124% | $187.5M | $956.4M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,698.5 | −0.027% | $8.9M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,635.3 | −0.101% | $13.2M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 85,678 | −0.051% | $12.0M | $757.2M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,643.2 | −0.092% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,684.6 | −0.044% | $704K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,638.4 | −0.098% | $496K | $18.8M | 6.7x | as long as short |
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC