Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h −0.037%

Price spread now: 01 Exchange against Katana Perps+0.044%58s7-day average +0.030% · you sell dearer than you buy

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

Long on Katana Perps Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.108%−$11 on $10k

Price spread, last 7 days−0.028%−$3 · spread now +0.044%, 7d avg +0.030%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,507	0.0100	pay 0.0100% / 8h	3h 18m	$229K	$8.4M	50x
Short	01 Exchange BTCUSD	85,544.7	−0.0008	pay 0.0001% / 1h	18m 39s	$365K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.044%Rate

Funding earned: −$22.64
Price spread: +0.044% → +0.030%: $1.37
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$32.06
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; 01 Exchange: live order book, 1 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 01 Exchange live order book, 1 min ago	0.01 bp	4.8 bp −$5	9.2 bp −$92	doesn't fit	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	−0.0140%	1h	85,468	−0.046%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,553	+0.054%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,518.8	+0.014%	$920.1M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,549.9	+0.050%	$420.0M	$676.4M	150x	as long as short
01 Exchange BTCUSDshort	−0.0008%	1h	85,544.7	+0.044%	$365K	$2.3M	50x
Aster BTCUSDT	−0.0006%	8h	85,512.9	+0.007%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,535	+0.033%	$506K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,548.6	+0.049%	$24.5M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,546.8	+0.047%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,540	+0.039%	$16.8M	$21.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.053%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0053%	1h	85,543	+0.042%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,505.8	−0.001%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,542.6	+0.042%	$148.7M	$496.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,515.4	+0.010%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,519.7	+0.015%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,518.4	+0.013%	$9.45B	$24.44B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,535.4	+0.033%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,533.6	+0.031%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,529	+0.026%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,510	+0.003%	$2.8M	$2.2M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0096%	1h	85,588.7	+0.096%	$872.0M	$1.60B	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,507	long leg	$229K	$8.4M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,566.2	+0.069%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,605.6	+0.115%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,558.1	+0.060%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,516.6	+0.011%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,528.6	+0.025%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,520	+0.015%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,521.9	+0.017%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,524.4	+0.020%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,535.9	+0.034%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.033%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.4	−0.015%	$279.2M	$930.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	+0.048%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,554.5	+0.056%	$140.0M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,525.5	+0.022%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,589	+0.096%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,532	+0.029%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,524.2	+0.020%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,526	+0.022%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,576	+0.081%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,518	+0.013%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,508	+0.001%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,534.6	+0.032%	$2.26B	$949.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.070%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,522.7	+0.018%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,489.9	−0.020%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,568.6	+0.072%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,586.5	+0.093%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,573.5	+0.078%	$188.0M	$957.1M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,556.9	+0.058%	$8.6M	$42.9M	25x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,567	+0.070%	$11.5M	$753.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,540.2	+0.039%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,593.2	+0.101%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,540.2	+0.039%	$78K	$222K	20x	as long as short