Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%
Price spread now: Backpack against Katana Perps+0.098%7-day average +0.044% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.084%−$8 on $10k
+Price spread, last 7 days−0.464%−$46 · spread now +0.098%, 7d avg +0.044%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.054% dearer against Katana Perps than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.044%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Katana Perps BTC-USD | 85,204 | 0.0100 | pay 0.0100% / 8h | 2h 34m | $238K | $8.5M | 50x |
| Short | Backpack BTC_USDC_PERP | 85,287.7 | 0.0100 | get 0.0013% / 1h | 34m 26s | $36.0M | $174.6M | 75x |
Katana Perps BTC-USD
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack 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 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% → +0.044%
- $5.38
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$8.38
- Costs to cover
- 0.138%
- Break-even
- 1336.5 days
Slippage unknown: Katana Perps: no order-book sample; Backpack: live order book, 5 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 Backpack live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.8 bp −$577 | 19.8 bp −$9,916 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,227.5 | +0.028% | $526K | $18.6M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,251 | +0.055% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,242 | +0.045% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0053% | 8h | 85,189.5 | −0.017% | $921.5M | $763.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0034% | 8h | 85,308.7 | +0.123% | $421.3M | $680.3M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,232.4 | +0.033% | $383K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0014% | 8h | 85,180.2 | −0.028% | $512.2M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,271.9 | +0.080% | $16.7M | $21.7M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,191.5 | −0.015% | $36.4M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0017% | 1h | 85,224.7 | +0.024% | $24.5M | $222.9M | 50x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | +0.025% | $338K | $26.8M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,338.2 | +0.158% | $187.6M | $955.9M | 100x | as long as short |
| BingX BTC-USDC | +0.0066% | 8h | 85,155.2 | −0.057% | — | $17.4M | — | as long as short |
| SoDEX BTC-USD | +0.0070% | 1h | 85,330 | +0.148% | $59.7M | $335.8M | 40x | as long as short |
| Phemex BTCUSDT | +0.0070% | 8h | 85,312.1 | +0.127% | $149.2M | $503.7M | 150x | as long as short |
| Bullet BTC-USD | +0.0072% | 1h | 85,173 | −0.036% | $206K | $3.3M | 20x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,161.6 | −0.050% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0083% | 8h | 85,166.9 | −0.044% | $2.94B | $5.18B | 150x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,197.3 | −0.008% | $5.06B | $5.70B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,175.8 | −0.033% | $9.41B | $24.84B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0092% | 1h | 85,206.5 | +0.003% | $872.3M | $1.61B | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,231 | +0.032% | $171.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,235.7 | +0.037% | $23.7M | $148.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,221 | +0.020% | $8.3M | $55.6M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,355.1 | +0.177% | $117.1M | $5.34B | 50x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,204 | long leg | $238K | $8.5M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,271.7 | +0.079% | $5.6M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,285 | +0.095% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,252.9 | +0.057% | $40.1M | $595.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,168 | −0.042% | $5.16B | $9.93B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,172.4 | −0.037% | $2.58B | $12.17B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,214 | +0.012% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,227.2 | +0.027% | $4.6M | $99.2M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,324.1 | +0.141% | $679.5M | $626.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,173 | −0.036% | $5.52B | $10.89B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,287.7 | +0.098% | $36.0M | $174.6M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,263.5 | +0.070% | $156.5M | $568.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,240.8 | +0.043% | $278.9M | $942.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,264.2 | +0.071% | $214.3M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,275.4 | +0.084% | $139.4M | $315.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,308 | +0.122% | $30.1M | $206.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,291.9 | +0.103% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,200 | −0.005% | $11.0M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,173.1 | −0.036% | $2.5M | $9.2M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,214 | +0.012% | $217K | $750K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,149.6 | −0.064% | $29.9M | $50.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,301.2 | +0.114% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,313.2 | +0.128% | $2.26B | $952.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,202.1 | −0.002% | $45.3M | $238.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,229.7 | +0.030% | — | $107.1M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0113% | 1h | 85,187.4 | −0.020% | $6.6M | $147.4M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,174.9 | −0.034% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0176% | 8h | 85,346 | +0.167% | $11.4M | $747.4M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0215% | 1h | 85,300.5 | +0.113% | $79K | $225K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,351.6 | +0.173% | $719K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,243.6 | +0.047% | $8.7M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
SoDEX BTC-USD
Phemex BTCUSDT
Bullet BTC-USD
Aevo BTC-PERP
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Deribit BTC-PERPETUAL
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC