Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.005%

Price spread now: Katana Perps against Kraken Futures−0.076%7-day average −0.033% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.076%, 7d avg −0.033%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of −0.033%). If the spread goes back, that is −$4 on $10k: about 13 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.038% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,345	0.0089	pay 0.0011% / 1h	53m 46s	$187.3M	$956.1M	100x
Short	Katana Perps BTC-USD	85,280	0.0100	get 0.0100% / 8h	1h 53m	$238K	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. 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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now −0.076%Rate

Funding earned: $2.32
Price spread: −0.076% → −0.033%: −$4.32
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$15.8
Costs to cover: 0.138%
Break-even: 54.6 days

Slippage unknown: Kraken Futures: live order book, 5 min ago; Katana Perps: 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 Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	5.9 bp −$59	7.9 bp −$787	10.2 bp −$5,079
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.0111%	1h	85,444	+0.116%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,343	−0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,320.7	−0.028%	$926.2M	$772.1M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,328.6	−0.019%	$420.1M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,318.1	−0.031%	$513.0M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,344.1	−0.001%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,342.6	−0.003%	$528K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,338.3	−0.008%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,325.2	−0.023%	$354K	$2.4M	50x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,302.9	−0.049%	$24.5M	$222.5M	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	+0.0057%	1h	85,405	+0.070%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,305.2	−0.047%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,321.2	−0.028%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0089%	1h	85,345	long leg	$187.3M	$956.1M	100x
Phemex BTCUSDT	+0.0091%	8h	85,330.1	−0.017%	$149.5M	$508.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,339.2	−0.007%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,338.1	−0.008%	$23.6M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,309	−0.042%	$8.3M	$56.0M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,329.3	−0.018%	$5.00B	$5.73B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,322.4	−0.026%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,329.9	−0.018%	$9.42B	$24.99B	150x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,280	−0.076%	$238K	$8.6M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,348.7	+0.004%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,411	+0.077%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,334.1	−0.013%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,325.7	−0.023%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,328.9	−0.019%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,310	−0.041%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,315.9	−0.034%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,326.8	−0.021%	$5.50B	$10.95B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,321.4	−0.028%	$36.8M	$179.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,340.9	−0.005%	$155.1M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.2	+0.031%	$279.6M	$950.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,385.1	+0.047%	$214.3M	$167.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,382.8	+0.044%	$139.6M	$314.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,377.3	+0.038%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,372.5	+0.032%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,306	−0.046%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,326.8	−0.021%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,333.1	−0.014%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,364.4	+0.023%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,303	−0.049%	$29.9M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,288.8	−0.066%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,327	−0.021%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,319.4	−0.030%	$2.26B	$968.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.155%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,305.9	−0.046%	$44.5M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,340.4	−0.005%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,369.1	+0.028%	$116.6M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0118%	1h	85,368.5	+0.028%	$866.3M	$1.63B	50x	as long as short
Reya BTCRUSDPERP	+0.0122%	1h	85,297	−0.056%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,330.1	−0.018%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,331.2	−0.016%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	85,345	0.000%	$11.7M	$743.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,366.6	+0.025%	$690K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,411	+0.077%	$79K	$229K	20x	as long as short