Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.023%

Price spread now: Injective against Katana Perps−0.095%7-day average +0.032% · you buy dearer than you sell

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.098%−$10 on $10k

Price spread, last 3 days (all we have)+0.075%+$7 · spread now −0.095%, 7d avg +0.032%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.127% cheaper against Katana Perps than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,440	0.0100	pay 0.0100% / 8h	7h 26m	$202K	$7.2M	50x
Short	Injective BTC/USDC PERP	86,358	0.0023	get 0.0003% / 1h	26m 26s	$343K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.095%Rate

Funding earned: −$16.13
Price spread: −0.095% → +0.032%: −$12.69
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$32.65
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Injective: live order book, 3 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 Injective live order book, 3 min ago	1.04 bp	1.4 bp −$1	11.3 bp −$113	627.7 bp −$62.8K	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
Bluefin BTC-PERP	−0.0285%	1h	86,515	+0.087%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.043%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,423	−0.020%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,466.1	+0.030%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.5	+0.011%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	+0.048%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERPshort	+0.0023%	1h	86,358	−0.095%	$343K	$26.9M	52x
Aster BTCUSDT	+0.0025%	8h	86,463.3	+0.027%	$501.4M	$1.13B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	−0.005%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,426.7	−0.015%	$154.6M	$473.5M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,465.7	+0.030%	$832.5M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,455.3	+0.018%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,458.8	+0.022%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,464.5	+0.028%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,481.3	+0.048%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	86,466.7	+0.031%	$902.4M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	86,463.2	+0.027%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,471.4	+0.036%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0080%	8h	86,474.6	+0.040%	$9.43B	$24.26B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,426	−0.016%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,462.1	+0.026%	$170.8M	$986.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,462.5	+0.026%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,454	+0.016%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,440	long leg	$202K	$7.2M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,482.4	+0.049%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.6	−0.012%	$21.9M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,536	+0.111%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,483.1	+0.050%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,489.4	+0.057%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,486.9	+0.054%	$2.57B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,443	+0.003%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,488.9	+0.057%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,476.7	+0.042%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,423.1	−0.020%	$37.4M	$158.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	+0.026%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.092%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.046%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.087%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.012%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,496.6	+0.066%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,467	+0.031%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,470	+0.035%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	+0.042%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	+0.075%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.052%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,413.7	−0.030%	$2.29B	$962.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.033%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,446.8	+0.008%	$45.9M	$221.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	+0.048%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,466	+0.030%	$132.3M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,453.2	+0.015%	$192.4M	$941.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,427.9	−0.014%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	0.000%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.020%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	+0.042%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,452	+0.014%	$10.3M	$763.3M	6.4x	as long as short