Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Variational Omni−0.292%7-day average −0.025% · you buy dearer than you sell

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

Long on Variational Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.281%+$28 · spread now −0.292%, 7d avg −0.025%

Together, before fees+0.284%+ Points / potential airdropVariational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.267% cheaper against Variational Omni than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,961.3	0.0100	pay 0.0100% / 8h	6h 55m	$156.3M	$509.1M	—
Short	Katana Perps BTC-USD	85,710	0.0100	get 0.0100% / 8h	6h 55m	$229K	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Variational Omni. 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 Variational OmnibpFee Katana PerpsbpOrdersPrice spread, now −0.292%Rate

Funding earned: −$0.04
Price spread: −0.292% → −0.025%: −$26.7
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$30.54
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	0.50 bp	doesn't fit	0.5 bp −$5	0.5 bp −$50	doesn't fit
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 55 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	−0.1762%	1h	85,815.5	−0.170%	$194K	$646K	40x	as long as short
ApeX Omni BTCUSDT	−0.0269%	1h	86,028.8	+0.079%	$136.9M	$301.6M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,806	−0.181%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	86,063	+0.118%	$301K	$25.3M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,745.1	−0.251%	$357K	$2.1M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,727.7	−0.272%	$420.3M	$621.0M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,799.4	−0.188%	$16.8M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	+0.286%	$36.9M	—	200x	as long as short
SoDEX BTC-USD	+0.0005%	1h	85,746	−0.250%	$60.0M	$257.8M	40x	as long as short
Bybit BTCUSDT	+0.0034%	8h	85,690.7	−0.315%	$5.06B	$9.05B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0036%	8h	85,707.6	−0.295%	$917.1M	$664.8M	125x	as long as short
Aster BTCUSDT	+0.0046%	8h	85,706.2	−0.297%	$501.7M	$966.8M	200x	as long as short
Phoenix BTC	+0.0075%	1h	86,147	+0.216%	$2.2M	$8.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0081%	1h	85,686.9	−0.319%	$36.6M	$188.9M	75x	as long as short
Lighter BTC	+0.0096%	1h	85,754.5	−0.241%	$171.6M	$870.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,744	−0.253%	$23.1M	$121.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,744	−0.253%	$8.4M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,751.9	−0.244%	$2.4M	$6.7M	20x	as long as short
Bullet BTC-USD	+0.0099%	1h	85,789.5	−0.200%	$203K	$3.3M	20x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,811	−0.175%	$6.0M	$8.6M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,710	−0.292%	$229K	$8.2M	50x
Nado BTC-PERP	+0.0100%	1h	85,779.1	−0.212%	$21.5M	$211.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,781	−0.210%	$3.83B	$4.78B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,805	−0.182%	$40.5M	$587.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,709.6	−0.293%	$9.43B	$23.11B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,680.5	−0.327%	$2.59B	$10.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,766	−0.227%	$4.0M	$16.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,790.5	−0.199%	$4.7M	$93.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,711.8	−0.290%	$5.44B	$9.07B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,707	−0.296%	$5.10B	$5.29B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,706.9	−0.296%	$2.96B	$4.55B	150x	as long as short
BingX BTC-USDC	+0.0100%	8h	85,677.4	−0.330%	—	$16.6M	—	as long as short
Variational Omni BTClong	+0.0100%	8h	85,961.3	long leg	$156.3M	$509.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,993.4	+0.037%	$289.8M	$982.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,060.9	+0.116%	$216.3M	$140.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,016.9	+0.065%	$30.3M	$213.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,892.5	−0.080%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,767	−0.226%	$11.0M	$13.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779	−0.212%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,781.6	−0.209%	$3.2M	$7.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,725	−0.275%	$2.26B	$910.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,749.7	−0.246%	$166.8M	$494.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,993	+0.037%	$711.2M	$175.6M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	85,757.7	−0.237%	$187.6M	$862.8M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,674.4	−0.334%	$46.3M	$219.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,996	+0.040%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,786	−0.204%	$112.2M	$5.21B	50x	as long as short
Reya BTCRUSDPERP	+0.0155%	1h	85,759	−0.235%	$6.6M	$131.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,806	−0.181%	$10.4M	$729.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	85,783.4	−0.207%	$13.1M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	85,804.7	−0.182%	$8.9M	$40.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0248%	1h	85,838.1	−0.143%	$837.8M	$1.62B	50x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,055.9	+0.110%	$689K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0415%	1h	86,089.9	+0.150%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,786.3	−0.204%	$487K	$16.4M	6.7x	as long as short