Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Katana Perps+0.083%7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.083% dearer against Katana Perps than usual: you sell high and buy low (spread +0.083% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,102	0.0100	pay 0.0100% / 8h	2h 27m	$239K	$8.6M	50x
Short	Hotstuff BTC-PERP	85,173	−0.0080	pay 0.0010% / 1h	27m 45s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$37.76
Price spread: +0.083% → 0.000%: $8.34
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$38.21
Costs to cover: 0.088%
Break-even: never at this rate

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

Katana Perps and Hotstuff: 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	85,147.4	+0.053%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.120%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,173	+0.083%	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0054%	8h	85,097.8	−0.005%	$918.9M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.103%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,134.5	+0.038%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,103.1	+0.001%	$511.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,125.9	+0.028%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,118.6	+0.020%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.145%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0028%	1h	85,134.6	+0.038%	$24.7M	$222.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,128.6	+0.031%	$186.8M	$954.8M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,083.8	−0.021%	—	$17.3M	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,149.6	+0.056%	$870.1M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,115.3	+0.016%	$148.1M	$504.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,107.5	+0.006%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,106.8	+0.006%	$2.94B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,111.2	+0.011%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,108.9	+0.008%	$9.40B	$24.80B	150x	as long as short
Bullet BTC-USD	+0.0091%	1h	85,111.3	+0.011%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,109.7	+0.009%	$170.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,119.9	+0.021%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,121	+0.022%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,148.9	+0.055%	$116.8M	$5.36B	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,102	long leg	$239K	$8.6M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,190.2	+0.104%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,189	+0.102%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,160.3	+0.069%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,101.5	−0.001%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,106.7	+0.006%	$2.58B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,114	+0.014%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,130.3	+0.033%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.096%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,110.9	+0.010%	$5.50B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,110.8	+0.010%	$35.9M	$175.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	+0.012%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	+0.037%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	+0.043%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	+0.027%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	+0.064%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,199.2	+0.114%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,111	+0.011%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,116.3	+0.017%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,151.1	+0.058%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,092	−0.012%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.094%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,114	+0.014%	$59.5M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,101.4	−0.001%	$2.25B	$944.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,086.6	−0.018%	$45.2M	$238.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,121.7	+0.023%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,109.7	+0.009%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,118.4	+0.019%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,154	+0.061%	$11.4M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0220%	1h	85,209.3	+0.126%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,228.8	+0.149%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,149.7	+0.056%	$8.7M	$43.1M	25x	as long as short