Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Katana Perps−0.007%7-day average +0.049% · you buy dearer than you sell

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

Long on Katana Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.007%, 7d avg +0.049%

Together, before fees+0.044%+$4 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: Polymarket Perps is 0.056% cheaper against Katana Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,749.8	0.0100	pay 0.0100% / 8h	6h 29m	$469K	$2.9M	50x
Short	Polymarket Perps ETH-USD	2,749.6	0.0100	get 0.0013% / 1h	29m 06s	$10.7M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Katana Perps. 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 Katana PerpsbpFee Polymarket PerpsbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0.04
Price spread: −0.007% → +0.049%: −$5.64
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$17.4
Costs to cover: 0.118%
Break-even: 2768.5 days

Slippage unknown: Katana Perps: no order-book sample; Polymarket Perps: live order book, 5 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 5 min ago	0.73 bp	4.9 bp −$5	6.1 bp −$61	11.0 bp −$1,103	doesn't fit

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.

ETH on 54 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
Perpl ETH	−0.0447%	43m	2,751.1	+0.046%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.018%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.5	+0.026%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.057%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.046%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.015%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.2	+0.049%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.1	−0.063%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.5	+0.025%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,748.4	−0.050%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,748.7	−0.040%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0047%	8h	2,746.5	−0.119%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0064%	8h	2,748.3	−0.055%	$252.9M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,745.2	−0.168%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0073%	8h	2,748.7	−0.040%	$1.56B	$2.56B	500x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,746.9	−0.107%	$380.8M	$605.7M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,748.8	−0.035%	$6.36B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748	−0.067%	$59.0M	$4.37B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,748.2	−0.059%	$2.07B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.8	−0.073%	$112.9M	$442.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.8	−0.036%	$24.8M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.5	+0.063%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,748.6	−0.044%	$3.39B	$8.86B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.233%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,749.8	long leg	$469K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,751.2	+0.051%	$14.0M	$113.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.6	+0.029%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.8	+0.073%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.2	−0.023%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.4	+0.022%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.9	+0.041%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.1	−0.100%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.086%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.070%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.145%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	+0.007%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,749.6	−0.007%	$10.7M	$8.5M	50x
Bullet ETH-USD	+0.0100%	1h	2,748.2	−0.058%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.4	−0.051%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	−0.032%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.3	−0.092%	$962K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.105%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.1	−0.099%	$267.0M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.213%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.7	+0.034%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,748	−0.065%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.5	−0.118%	$30.5M	$74.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,748.2	−0.059%	$258.5M	$200.3M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,750.8	+0.036%	$7.7M	$674.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0169%	8h	2,750.2	+0.013%	$32.3M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,750.4	+0.022%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.9	−0.069%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,748.3	−0.056%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.4	−0.088%	$89.9M	$316.4M	100x	as long as short