Funding you earn now, next payment 03:05 UTC−0.0347%/8h= −38.0% APRpaid last 24h +0.039%
Price spread now: Katana Perps against Perpl+0.006%48s7-day average −0.049% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.084%−$8 on $10k
+Price spread, last 7 days−0.129%−$13 · spread now +0.006%, 7d avg −0.049%
=Together, before fees−0.213%+ Points / potential airdropPerpl: Active · farm board−$21 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Katana Perps is 0.054% dearer against Perpl than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.049%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 4 days (−0.084% in total) that is about 2.5 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.084% in total (about -8.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Perpl BTC | 85,417.3 | 0.0447 | pay 0.0040% / 43m | 31m 34s | $498K | $18.8M | 6.7x |
| Short | Katana Perps BTC-USD | 85,422 | 0.0100 | get 0.0100% / 8h | 4h 17m | $211K | $8.1M | 50x |
Perpl BTC
Katana Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Perpl. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$72.81
- Price spread: +0.006% → −0.049%
- $5.42
- Slippage, 4 orders
- no order book: not counted
- Fee Perpl: 6.9 bp × 2 orders
- −$13.8
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$84.99
- Costs to cover
- 0.176%
- Break-even
- never at this rate
Slippage unknown: Perpl: no order-book sample; 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 Perpl no order-book sample | — | — | — | — | — |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Perpl and 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 | 85,530 | +0.132% | $2.1M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,421 | +0.004% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,440.6 | +0.027% | $364K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0024% | 8h | 85,423 | +0.007% | $918.9M | $752.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0022% | 8h | 85,447.7 | +0.036% | $416.2M | $667.6M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,409 | −0.010% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0010% | 8h | 85,427.9 | +0.012% | $515.0M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0013% | 1h | 85,459.5 | +0.049% | $16.7M | $21.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0018% | 1h | 85,441.4 | +0.028% | $25.3M | $221.8M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,442.3 | +0.029% | $4.6M | $98.3M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
BloFin BTC-USDT
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Nado BTC-PERP
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0062% | 8h | 85,460.4 | +0.050% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0078% | 8h | 85,448.2 | +0.036% | $2.94B | $5.08B | 150x | as long as short |
| Phemex BTCUSDT | +0.0081% | 8h | 85,400.1 | −0.020% | $147.4M | $488.1M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0084% | 1h | 85,452.5 | +0.041% | $6.7M | $146.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,454.5 | +0.044% | $172.4M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,459.9 | +0.050% | $23.9M | $149.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,461 | +0.051% | $8.6M | $53.2M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,392.7 | −0.029% | $2.4M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,454 | +0.043% | $5.06B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0098% | 8h | 85,461.1 | +0.051% | $9.36B | $24.16B | 150x | as long as short |
| Katana Perps BTC-USDshort | +0.0100% | 8h | 85,422 | +0.006% | $211K | $8.1M | 50x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,513.1 | +0.112% | $5.0M | $9.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,528 | +0.130% | $3.74B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,480.3 | +0.074% | $40.1M | $579.3M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,457.2 | +0.047% | $5.20B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,467 | +0.058% | $2.58B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,442 | +0.029% | $3.9M | $18.2M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,516 | +0.116% | $659.1M | $647.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,460.2 | +0.050% | $5.50B | $10.74B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,407.3 | −0.012% | $35.6M | $176.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,443.5 | +0.031% | $153.4M | $565.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,443.2 | +0.030% | $279.1M | $922.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,460.3 | +0.050% | $214.5M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,462.1 | +0.052% | $139.7M | $314.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,436.8 | +0.023% | $30.2M | $208.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,497 | +0.093% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,450 | +0.038% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,396 | −0.025% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,394.2 | −0.027% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,437.7 | +0.024% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,385.5 | −0.037% | $29.9M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,391 | −0.031% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,399 | −0.021% | $59.9M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,400.1 | −0.020% | $2.26B | $942.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,430.6 | +0.016% | $44.6M | $231.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,408.9 | −0.010% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,437.4 | +0.024% | $117.1M | $5.19B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0128% | 1h | 85,442.4 | +0.029% | $891.4M | $1.58B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,475 | +0.068% | $339K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,421.5 | +0.005% | $187.5M | $955.3M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0152% | 1h | 85,405.2 | −0.014% | $13.3M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,473.6 | +0.066% | $8.2M | $42.5M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,436 | +0.022% | $10.3M | $756.2M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,438.9 | +0.025% | $702K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0225% | 1h | 85,486.5 | +0.081% | $78K | $219K | 20x | as long as short |
| Perpl BTClong | +0.0447% | 43m | 85,417.3 | long leg | $498K | $18.8M | 6.7x |
BingX BTC-USDT
Bitget BTCUSDT
Phemex BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD