Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.001%

Price spread now: Katana Perps against Jupiter Perps+0.104%7-day average −0.026% · you sell dearer than you buy

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

Long on Jupiter Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.104%, 7d avg −0.026%

Together, before fees−0.118%−$12 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 0.130% dearer against Jupiter Perps than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	85,483.1	L +0.0104% / S +0.0056%	pay 0.0013% / 1h	56m 21s	—	$103.7M	500x
Short	Katana Perps BTC-USD	85,572	0.0100	get 0.0100% / 8h	5h 56m	$203K	$7.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Jupiter Perps. 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 Jupiter PerpsbpFee Katana PerpsbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$0.88
Price spread: +0.104% → −0.026%: $12.96
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.72
Costs to cover: 0.158%
Break-even: never at this rate

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

Jupiter Perps 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 55 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	−0.0144%	1h	85,498	+0.017%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.146%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,598	+0.134%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0036%	1h	85,549.9	+0.078%	$22.5M	$223.9M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,579.5	+0.113%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,585.9	+0.120%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,570.4	+0.102%	$515.8M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,572.8	+0.105%	$899.5M	$748.5M	125x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,576.2	+0.109%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0058%	8h	85,554.1	+0.083%	$2.27B	$930.3M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0063%	1h	85,568.1	+0.099%	$6.7M	$146.4M	40x	as long as short
SoDEX BTC-USD	+0.0065%	1h	85,566	+0.097%	$59.9M	$336.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,566	+0.097%	$2.95B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,598	+0.134%	$8.4M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0076%	8h	85,581.4	+0.115%	$2.9M	$6.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.157%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,570.8	+0.103%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,581.9	+0.116%	$9.34B	$23.85B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,579	+0.112%	$5.08B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,558.5	+0.088%	$169.5M	$982.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,568.7	+0.100%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,641.4	+0.185%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,572	+0.104%	$203K	$7.6M	50x
Hyperliquid BTC	+0.0100%	1h	85,648	+0.193%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,603.4	+0.141%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,588	+0.123%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,577	+0.110%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,579	+0.112%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.092%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,587.3	+0.122%	$5.58B	$10.38B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	−0.010%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.072%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.082%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.115%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.130%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.066%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.157%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,585	+0.119%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,581	+0.115%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,572.4	+0.104%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,617.7	+0.157%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,572.2	+0.104%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,553.3	+0.082%	$149.5M	$478.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.129%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,550.6	+0.079%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0056%	1h	85,483.1	long leg	—	$103.7M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,599.5	+0.136%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,630.2	+0.172%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,592.4	+0.128%	$187.1M	$949.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,598.7	+0.135%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.111%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,596.1	+0.132%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	85,619.4	+0.159%	$894.8M	$1.52B	50x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	+0.030%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,592.8	+0.128%	$510K	$19.7M	6.7x	as long as short