Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.012%

Price spread now: ApeX Omni against Katana Perps−0.029%7-day average +0.043% · you buy dearer than you sell

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

Long on Katana Perps Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.014%−$1 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.029%, 7d avg +0.043%

Together, before fees+0.036%+$4 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: ApeX Omni is 0.072% cheaper against Katana Perps than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,284	0.0100	pay 0.0100% / 8h	4m 43s	$266K	$8.7M	50x
Short	ApeX Omni BTCUSDT	85,259	0.0092	get 0.0011% / 1h	4m 43s	$138.0M	$312.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.029%Rate

Funding earned: −$1.74
Price spread: −0.029% → +0.043%: −$7.21
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$22.75
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; ApeX Omni: live order book, 4 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 ApeX Omni live order book, 4 min ago	0.86 bp	5.9 bp −$6	5.9 bp −$59	10.1 bp −$1,007	37.4 bp −$18.7K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,291	+0.008%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	+0.026%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,294.8	+0.013%	$421.8M	$685.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,291.3	+0.009%	$928.2M	$776.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,308	+0.028%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,303	+0.022%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,293.2	+0.011%	$502.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	85,277.8	−0.007%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,309.8	+0.030%	$186.2M	$954.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,296	+0.014%	$311K	$25.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0067%	8h	85,296.8	+0.015%	—	$1.58B	—	as long as short
Bybit BTCUSDT	+0.0087%	8h	85,284	0.000%	$5.09B	$10.03B	150x	as long as short
ApeX Omni BTCUSDTshort	+0.0092%	1h	85,259	−0.029%	$138.0M	$312.7M	100x
Nado BTC-PERP	+0.0094%	1h	85,293.9	+0.012%	$24.0M	$221.5M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,299.1	+0.018%	$169.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,299.3	+0.018%	$23.6M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,310	+0.030%	$8.4M	$57.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.1	+0.015%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,284	long leg	$266K	$8.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,342.6	+0.069%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,307.9	+0.028%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,287.6	+0.004%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,283.4	−0.001%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,305	+0.025%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,322.9	+0.046%	$4.6M	$97.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.033%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,295.7	+0.014%	$5.46B	$11.18B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,282.4	−0.002%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,296.8	+0.015%	$2.97B	$5.20B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,295.4	+0.013%	$36.7M	$191.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,262.8	−0.025%	$155.2M	$549.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,243.5	−0.048%	$282.7M	$958.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,269.1	−0.017%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,273.5	−0.012%	$30.1M	$215.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,378.8	+0.111%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,309	+0.029%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,308.1	+0.028%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,302.2	+0.021%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,349	+0.076%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,301.3	+0.020%	$28.8M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,260.3	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,295	+0.013%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,294	+0.012%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,299	+0.018%	$158.7M	$516.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,275.3	−0.010%	$45.7M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,280.9	−0.004%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,338	+0.063%	$111.6M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0119%	1h	85,385	+0.118%	$3.79B	$5.11B	40x	as long as short
Reya BTCRUSDPERP	+0.0144%	1h	85,300.1	+0.019%	$6.6M	$141.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0161%	1h	85,337.3	+0.062%	$834.8M	$1.66B	50x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,321	+0.043%	$12.0M	$737.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,297.7	+0.016%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,322.7	+0.045%	$8.8M	$43.0M	25x	as long as short
Aftermath Perps BTCUSD	+0.0292%	1h	85,284.9	+0.001%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,322.9	+0.046%	$699K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,305.4	+0.025%	$463K	$18.3M	6.7x	as long as short