Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.013%

Price spread now: Katana Perps against SoDEX−0.030%7-day average −0.010% · you buy dearer than you sell

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

Long on SoDEX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.030%, 7d avg −0.010%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,937	−0.0001	get 0.0000% / 1h	2m 29s	$65.9M	$187.5M	40x
Short	Katana Perps BTC-USD	85,911	0.0100	get 0.0100% / 8h	5h 02m	$231K	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against SoDEX. 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 SoDEXbpFee Katana PerpsbpOrdersPrice spread, now −0.030%Rate

Funding earned: $21.08
Price spread: −0.030% → −0.010%: −$1.99
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $7.29
Costs to cover: 0.118%
Break-even: 4.6 days

Slippage unknown: SoDEX: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.3 bp −$525	44.7 bp −$22.3K
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 exchanges

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	−0.0133%	1h	85,907	−0.035%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,946	+0.010%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0042%	8h	85,934.4	−0.003%	$422.0M	$551.2M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,942.1	+0.006%	$368K	$1.8M	50x	as long as short
SoDEX BTC-USDlong	−0.0001%	1h	85,937	long leg	$65.9M	$187.5M	40x
Perpl BTC	0.0000%	43m	85,936.7	0.000%	$467K	$13.4M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,933.3	−0.004%	$16.9M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,937.6	+0.001%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,958	+0.024%	$320K	$31.3M	52x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,932.5	−0.005%	$511.6M	$845.1M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,951.7	+0.017%	$192.2M	$749.2M	100x	as long as short
BingX BTC-USDT	+0.0046%	8h	85,945.3	+0.010%	—	$1.30B	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,938	+0.001%	$8.5M	$45.6M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	85,930.2	−0.008%	$942.9M	$636.4M	125x	as long as short
Phemex BTCUSDT	+0.0054%	8h	85,935.9	−0.001%	$170.2M	$476.2M	150x	as long as short
Bybit BTCUSDT	+0.0059%	8h	85,936.9	0.000%	$5.14B	$8.04B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,931.2	−0.007%	$2.27B	$780.5M	200x	as long as short
MEXC BTC_USDT	+0.0077%	8h	85,924.6	−0.014%	$5.16B	$4.92B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	85,937.6	+0.001%	$9.42B	$20.22B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	85,946.8	+0.011%	$5.51B	$9.06B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,924.3	−0.015%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,942.9	+0.007%	$3.00B	$3.87B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,949.6	+0.015%	$173.0M	$877.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,951.1	+0.016%	$23.7M	$121.9M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	85,889.3	−0.056%	$215.8M	$132.8M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,911	−0.030%	$231K	$8.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,960	+0.027%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,930	−0.008%	$23.3M	$190.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,965.8	+0.034%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,947.9	+0.013%	$2.63B	$9.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,933	−0.005%	$3.9M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,939.4	+0.003%	$4.9M	$91.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,916.8	−0.024%	$38.0M	$194.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,877.2	−0.070%	$155.8M	$472.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,862.2	−0.087%	$289.6M	$738.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,898.9	−0.044%	$137.9M	$288.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,924	−0.015%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,987.4	+0.059%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,946	+0.010%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,950.5	+0.016%	$211K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,935.3	−0.002%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,968.3	+0.036%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.081%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,953.6	+0.019%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,889.6	−0.055%	$714.2M	$91.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,915.1	−0.025%	$47.2M	$193.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,954.4	+0.020%	—	$79.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,982.3	+0.053%	$111.9M	$4.94B	50x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,959	+0.026%	$12.5M	$737.3M	6.4x	as long as short
Hyperliquid BTC	+0.0157%	1h	86,037	+0.116%	$3.95B	$4.18B	40x	as long as short
Reya BTCRUSDPERP	+0.0171%	1h	85,926.7	−0.012%	$6.6M	$127.8M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,964.1	+0.032%	$9.0M	$35.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	85,991.3	+0.063%	$820.3M	$1.50B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,906.8	−0.035%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,955.7	+0.022%	$693K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0350%	1h	85,893.5	−0.051%	$79K	$228K	20x	as long as short