Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h +0.018%

Price spread now: Aftermath Perps against Katana Perps+0.080%7-day average +0.041% · you sell dearer than you buy

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

Long on Katana Perps Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now +0.080%, 7d avg +0.041%

Together, before fees+0.095%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aftermath Perps is 0.039% dearer against Katana Perps than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of +0.041%): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 9 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.036% in total (about 4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,544	0.0100	pay 0.0100% / 8h	1h 58m	$201K	$6.8M	50x
Short	Aftermath Perps BTCUSD	86,613.4	−0.0246	pay 0.0031% / 1h	58m 55s	$79K	$197K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Katana 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 Katana PerpsbpFee Aftermath PerpsbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$72.52
Price spread: +0.080% → +0.041%: $3.91
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$81.41
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Aftermath Perps: live order book, 25 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Aftermath Perps live order book, 25 min ago	1.77 bp	6.3 bp −$6	15.9 bp −$159	doesn't fit	doesn't fit

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
Aftermath Perps BTCUSDshort	−0.0246%	1h	86,613.4	+0.080%	$79K	$197K	20x
Perpl BTC	−0.0223%	43m	86,565.8	+0.025%	$425K	$24.4M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	+0.020%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,546	+0.002%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.055%	$17.6M	$20.6M	50x	as long as short
Nado BTC-PERP	−0.0005%	1h	86,544.1	0.000%	$21.6M	$235.0M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,554.8	+0.012%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,602.2	+0.067%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,619.7	+0.087%	$926.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,546.4	+0.003%	$849.8M	$709.8M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.6	+0.075%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,561.5	+0.020%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,582.9	+0.045%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,614	+0.081%	$315K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,551.4	+0.009%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,587.5	+0.050%	$149.7M	$472.4M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,552.9	+0.010%	$2.95B	$5.09B	150x	as long as short
Popdex BTCUSDT	+0.0048%	1h	86,586	+0.049%	$8.5M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,585.3	+0.048%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,563.7	+0.023%	$5.18B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,561.8	+0.021%	$9.42B	$24.39B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,560.9	+0.020%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,564.4	+0.024%	$5.28B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,592.8	+0.056%	$172.1M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,607.2	+0.073%	$24.1M	$151.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0099%	8h	86,568.2	+0.028%	$2.55B	$12.73B	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,544	long leg	$201K	$6.8M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,588.4	+0.051%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,659	+0.133%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,586.1	+0.049%	$41.0M	$499.4M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,546	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,621.5	+0.090%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.053%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,584.8	+0.047%	$38.1M	$151.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	+0.060%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.2	+0.050%	$279.6M	$942.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.7	+0.056%	$217.3M	$184.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.4	+0.062%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588.3	+0.051%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,626.7	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	+0.050%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,584.6	+0.047%	$192K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,597.7	+0.062%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,604.3	+0.070%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,583.2	+0.045%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,564.3	+0.023%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,586	+0.049%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,570.4	+0.031%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,537.5	−0.008%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,587.3	+0.050%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,628.1	+0.097%	$131.9M	$5.82B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,603.4	+0.069%	$187.1M	$934.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,617.6	+0.085%	$727K	$8.1M	30x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	86,615	+0.082%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,586.2	+0.049%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,602.4	+0.068%	$15.0M	—	200x	as long as short