Funding you earn now, next payment 12:00 UTC−0.0057%/8h= −6.3% APRnext payment −$0.57 per $10,000 · paid last 24h +0.008%
Price spread now: Katana Perps against Kalshi−0.023%7-day average −0.031% · 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)+0.062%+$6 on $10k
+Price spread, last 7 days−0.012%−$1 · spread now −0.023%, 7d avg −0.031%
=The price spread sits at its 7-day average of −0.031%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.062%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,930 | 0.0157 | pay 0.0157% / 8h | 44m 35s | $13.4M | $739.2M | 6.4x |
| Short | Katana Perps BTC-USD | 85,910 | 0.0100 | get 0.0100% / 8h | 4h 44m | $230K | $8.1M | 50x |
Kalshi KXBTCPERP
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Kalshi. 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
- −$12.05
- Price spread: −0.023% → −0.031%
- $0.74
- Slippage, 4 orders
- no order book: not counted
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$25.1
- Costs to cover
- 0.138%
- Break-even
- never at this rate
Slippage unknown: Kalshi: 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 Kalshi live order book, 3 min ago | 0.23 bp | 5.5 bp −$5 | 7.1 bp −$71 | 7.6 bp −$764 | 12.3 bp −$6,157 |
| 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 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 | −0.0150% | 1h | 85,888 | −0.049% | $2.1M | $7.7M | 40x | as long as short |
| Perpl BTC | −0.0112% | 43m | 85,888.8 | −0.048% | $472K | $13.5M | 6.7x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,930 | 0.000% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0045% | 8h | 85,920.3 | −0.011% | $424.3M | $550.5M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,933.4 | +0.004% | $369K | $1.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | −0.0004% | 1h | 85,852.8 | −0.090% | $137.7M | $288.5M | 100x | as long as short |
| SoDEX BTC-USD | −0.0004% | 1h | 85,925 | −0.006% | $65.9M | $186.9M | 40x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,930.5 | +0.001% | $16.9M | $13.6M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0001% | 1h | 85,912 | −0.021% | $321K | $28.7M | 52x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,940.8 | +0.013% | $36.9M | — | 200x | as long as short |
Phoenix BTC
Perpl BTC
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
ApeX Omni BTCUSDT
SoDEX BTC-USD
dYdX BTC-USD
Injective BTC/USDC PERP
gTrade (Gains Network) BTC/USDShow all 56 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster BTCUSDT | +0.0015% | 8h | 85,931.7 | +0.002% | $511.5M | $829.2M | 200x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0019% | 1h | 85,948.7 | +0.022% | $192.8M | $739.0M | 100x | as long as short |
| Popdex BTCUSDT | +0.0032% | 1h | 85,933 | +0.003% | $8.6M | $45.6M | 100x | as long as short |
| BingX BTC-USDC | +0.0048% | 8h | 85,920.2 | −0.011% | — | $16.1M | — | as long as short |
| KuCoin XBTUSDTM | +0.0053% | 8h | 85,940.5 | +0.012% | $942.7M | $635.4M | 125x | as long as short |
| Phemex BTCUSDT | +0.0059% | 8h | 85,936.9 | +0.008% | $171.1M | $474.5M | 150x | as long as short |
| Bybit BTCUSDT | +0.0062% | 8h | 85,941.7 | +0.014% | $5.14B | $7.98B | 150x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 85,911.1 | −0.022% | $2.4M | $6.8M | 20x | as long as short |
| Binance BTCUSDT | +0.0074% | 8h | 85,934.9 | +0.006% | $9.41B | $20.01B | 150x | as long as short |
| MEXC BTC_USDT | +0.0074% | 8h | 85,935.3 | +0.006% | $5.16B | $4.71B | 500x | as long as short |
| Gate BTC_USDT | +0.0077% | 8h | 85,945.4 | +0.018% | $5.52B | $8.78B | 200x | as long as short |
| HTX BTC-USDT | +0.0082% | 8h | 85,900 | −0.035% | $2.27B | $759.2M | 200x | as long as short |
| Bitget BTCUSDT | +0.0086% | 8h | 85,927.2 | −0.003% | $3.00B | $3.84B | 150x | as long as short |
| Bullet BTC-USD | +0.0095% | 1h | 85,927.9 | −0.002% | $218K | $3.2M | 20x | as long as short |
| Nado BTC-PERP | +0.0095% | 1h | 85,937.8 | +0.009% | $23.6M | $189.6M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,953.7 | +0.028% | $173.4M | $836.8M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,955.4 | +0.030% | $23.8M | $117.2M | 50x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,910 | −0.023% | $230K | $8.1M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,965 | +0.041% | $5.9M | $7.2M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,981 | +0.059% | $40.1M | $569.3M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,942.3 | +0.014% | $2.63B | $9.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,938 | +0.009% | $4.0M | $14.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,942.9 | +0.015% | $4.8M | $91.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,916.2 | −0.016% | $715.0M | $81.2M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,931.6 | +0.002% | $38.2M | $196.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,817.7 | −0.131% | $156.6M | $473.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,791.9 | −0.161% | $289.4M | $734.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,938 | +0.009% | $215.9M | $133.8M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,911.4 | −0.022% | $30.2M | $227.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,015.3 | +0.099% | — | $10.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,926 | −0.005% | $11.0M | $12.0M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,923.3 | −0.008% | $2.6M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,952.5 | +0.026% | $143K | $608K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,982.4 | +0.061% | $29.1M | $44.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,893.4 | −0.043% | $3.3M | $6.8M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,909.4 | −0.024% | $47.3M | $190.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,939.3 | +0.011% | — | $79.0M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0128% | 1h | 85,967 | +0.043% | $112.1M | $4.96B | 50x | as long as short |
| Kalshi KXBTCPERPlong | +0.0157% | 8h | 85,930 | long leg | $13.4M | $739.2M | 6.4x | |
| RISEx BTC/USDC | +0.0165% | 1h | 85,971.6 | +0.048% | $9.1M | $35.4M | 25x | as long as short |
| Reya BTCRUSDPERP | +0.0173% | 1h | 85,910.3 | −0.023% | $6.6M | $124.7M | 40x | as long as short |
| Hyperliquid BTC | +0.0207% | 1h | 86,023 | +0.108% | $3.96B | $4.17B | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0212% / S −0.0259% | 1h | 85,935.5 | +0.006% | $15.8M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0234% | 1h | 85,983.3 | +0.062% | $818.7M | $1.49B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0288% | 1h | 85,951.5 | +0.025% | $697K | $6.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0305% | 1h | 85,918.9 | −0.013% | $79K | $228K | 20x | as long as short |
Aster BTCUSDT
Kraken Futures PF_XBTUSD
Popdex BTCUSDT
BingX BTC-USDC
KuCoin XBTUSDTM
Phemex BTCUSDT
Bybit BTCUSDT
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Gate BTC_USDT
HTX BTC-USDT
Bitget BTCUSDT
Bullet BTC-USD
Nado BTC-PERP
Lighter BTC
Lighter RH BTC
Paradex BTC-USD-PERP
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Reya BTCRUSDPERP
Hyperliquid BTC
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD