Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Paradex against Katana Perps+0.102%7-day average +0.043% · you sell dearer than you buy

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

Long on Katana Perps Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days−0.104%−$10 · spread now +0.102%, 7d avg +0.043%

Together, before fees−0.105%+ Points / potential airdropParadex: Active · farm board−$11 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: Paradex is 0.059% dearer against Katana Perps than usual: you sell high and buy low, +$6 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	85,451	0.0100	pay 0.0100% / 8h	4h 12m	$210K	$8.1M	50x
Short	Paradex BTC-USD-PERP	85,537.9	0.0100	get 0.0100% / 8h	4h 12m	$5.1M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.102%Rate

Funding earned: $0.02
Price spread: +0.102% → +0.043%: $5.9
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$1.88
Costs to cover: 0.078%
Break-even: 848.3 days

Slippage unknown: Katana Perps: no order-book sample; Paradex: live order book, 2 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 Paradex live order book, 2 min ago	0.64 bp	2.6 bp −$3	3.7 bp −$37	175.7 bp −$17.6K	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
Phoenix BTC	−0.0179%	1h	85,466	+0.018%	$2.1M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0122%	1h	85,535.4	+0.099%	$207K	$739K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,505	+0.063%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,483.6	+0.038%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0028%	8h	85,471	+0.023%	$919.4M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,487.8	+0.043%	$417.2M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,502.4	+0.060%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,483.2	+0.038%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,459.5	+0.010%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,475.4	+0.028%	$25.1M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus BTC-USD	+0.0021%	1h	85,463	+0.014%	$4.6M	$97.8M	40x	as long as short
BingX BTC-USDT	+0.0062%	8h	85,493.3	+0.050%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,484.6	+0.039%	$147.8M	$488.3M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,492.8	+0.049%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0085%	1h	85,481.5	+0.036%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,502.3	+0.060%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,502.1	+0.060%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,479	+0.033%	$8.4M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,485.5	+0.040%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,489.4	+0.045%	$5.07B	$5.65B	500x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,451	long leg	$210K	$8.1M	50x
Binance BTCUSDT	+0.0100%	8h	85,494.4	+0.051%	$9.36B	$24.16B	150x	as long as short
Paradex BTC-USD-PERPshort	+0.0100%	8h	85,537.9	+0.102%	$5.1M	$9.1M	50x
Hyperliquid BTC	+0.0100%	1h	85,566	+0.135%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511.8	+0.071%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,490.1	+0.046%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	+0.057%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,491	+0.047%	$3.9M	$18.3M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,445.9	−0.006%	$666.8M	$675.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,491.7	+0.048%	$5.51B	$10.75B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,477.8	+0.031%	$35.0M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.035%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431	−0.023%	$279.1M	$923.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.5	+0.006%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.4	+0.022%	$139.7M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,474.3	+0.027%	$30.2M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,532.9	+0.096%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,477	+0.030%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,487.9	+0.043%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,495.8	+0.052%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,481.5	+0.036%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,467.6	+0.019%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,495	+0.051%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,470.7	+0.023%	$2.26B	$942.6M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	85,531.8	+0.095%	$890.7M	$1.58B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,465.9	+0.017%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,500.1	+0.057%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,533.3	+0.096%	$117.2M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,442	−0.011%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,516.1	+0.076%	$187.4M	$954.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,496	+0.053%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,503.9	+0.062%	$8.3M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0219%	1h	85,492.3	+0.048%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,512	+0.071%	$10.4M	$756.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,526.5	+0.088%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,493.1	+0.049%	$495K	$18.8M	6.7x	as long as short