Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.039%

Price spread now: Katana Perps against Reya−0.018%7-day average +0.003% · you buy dearer than you sell

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

Long on Reya Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.018%, 7d avg +0.003%

Together, before fees+0.053%+ Points / potential airdropReya: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.021% cheaper against Reya than usual: you would sell low and buy high (spread −0.018% now, against its 7-day average of +0.003%). If the spread goes back, that is −$2 on $10k: about 2.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	85,644.6	0.0074	pay 0.0009% / 1h	3m 50s	$6.7M	$146.5M	40x
Short	Katana Perps BTC-USD	85,629	0.0100	get 0.0100% / 8h	5h 03m	$198K	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Reya. 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 ReyabpFee Katana PerpsbpOrdersPrice spread, now −0.018%Rate

Funding earned: $5.39
Price spread: −0.018% → +0.003%: −$2.11
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.52
Costs to cover: 0.098%
Break-even: 15.5 days

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Reya 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
Bluefin BTC-PERP	−0.0438%	1h	85,697.9	+0.062%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.011%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.026%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,645.2	+0.001%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,644.4	0.000%	$417.0M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	+0.028%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	85,671.3	+0.031%	$920.0M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.6	+0.029%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,664.1	+0.023%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,650.4	+0.007%	$22.6M	$219.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	85,656	+0.013%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,648.3	+0.004%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERPlong	+0.0074%	1h	85,644.6	long leg	$6.7M	$146.5M	40x
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.190%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,650.2	+0.006%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,642	−0.003%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,675.8	+0.036%	$5.06B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,663	+0.021%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,656.8	+0.014%	$2.27B	$937.0M	200x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,681.3	+0.043%	$149.5M	$481.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,645.1	+0.001%	$174.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,655.6	+0.013%	$23.9M	$149.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,649	+0.005%	$8.4M	$52.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,691.1	+0.054%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,629	−0.018%	$198K	$7.8M	50x
Hyperliquid BTC	+0.0100%	1h	85,724	+0.093%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,697	+0.061%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,665.2	+0.024%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,664.5	+0.023%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,655	+0.012%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,638.6	−0.007%	$6.8M	$97.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,687.2	+0.050%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	+0.028%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.002%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,676.9	+0.038%	$279.7M	$918.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,772.7	+0.150%	$215.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,779.4	+0.157%	$140.2M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	+0.002%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.063%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,652	+0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,658.3	+0.016%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,659	+0.017%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.7	+0.009%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,633.1	−0.013%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.003%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,660.3	+0.018%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,653.8	+0.011%	—	$106.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,709.3	+0.076%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,702.3	+0.067%	$122.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,683.3	+0.045%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,708.7	+0.075%	$189.2M	$953.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,675.6	+0.036%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,667.8	+0.027%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,724.2	+0.093%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,688	+0.051%	$10.7M	$759.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,685.9	+0.048%	$500K	$19.0M	6.7x	as long as short