Funding arb · Price arb /

BTC

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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+0.046%7-day average +0.023% · you sell dearer than you buy

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−0.045%−$4 · spread now +0.046%, 7d avg +0.023%

Together, before fees−0.043%−$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 0.023% dearer against Katana Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	85,616	0.0100	pay 0.0100% / 8h	6h 17m	$202K	$7.5M	50x
Short	Polymarket Perps BTC-USD	85,655	0.0100	get 0.0013% / 1h	17m 06s	$11.0M	$14.2M	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 +0.046%Rate

Funding earned: $0.04
Price spread: +0.046% → +0.023%: $2.27
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: −$9.49
Costs to cover: 0.118%
Break-even: 1513.4 days

Slippage unknown: Katana Perps: no order-book sample; Polymarket Perps: live order book, 2 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, 2 min ago	0.06 bp	4.1 bp −$4	4.3 bp −$43	6.5 bp −$649	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.

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
Phoenix BTC	−0.0144%	1h	85,785	+0.197%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,660	+0.051%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,632.6	+0.019%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,692.4	+0.089%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,673.6	+0.067%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.088%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,649.2	+0.039%	$900.5M	$753.5M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,651.2	+0.041%	$515.9M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,667.3	+0.060%	$8.2M	$42.1M	25x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,663.2	+0.055%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,640.1	+0.028%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0059%	1h	85,635.1	+0.022%	$6.7M	$146.3M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,652.2	+0.042%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,661.4	+0.053%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,655.5	+0.046%	$9.33B	$24.29B	150x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,637.3	+0.025%	$140.0M	$318.1M	100x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,661	+0.053%	$5.08B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,671.9	+0.065%	$170.5M	$992.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,681.4	+0.076%	$23.5M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,636	+0.023%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,655.3	+0.046%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,616	long leg	$202K	$7.5M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,637.8	+0.025%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,732	+0.135%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,692	+0.089%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,675	+0.069%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,672.8	+0.066%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,652	+0.042%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,616	0.000%	$7.2M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.150%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,665.3	+0.058%	$5.59B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,650.5	+0.040%	$35.3M	$165.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	+0.084%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,614.3	−0.002%	$278.4M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,656.6	+0.047%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,624.3	+0.010%	$30.3M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,702.1	+0.101%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,655	+0.046%	$11.0M	$14.2M	50x
Bullet BTC-USD	+0.0100%	1h	85,663	+0.055%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,656.2	+0.047%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,701.5	+0.100%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,661.5	+0.053%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,628.8	+0.015%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	+0.051%	$60.0M	$337.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,668	+0.061%	$153.3M	$480.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.1	+0.032%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,652.6	+0.043%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704	+0.103%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	85,671.4	+0.065%	$694K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,692.5	+0.089%	$187.9M	$963.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0171%	1h	85,703	+0.102%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,670.8	+0.064%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,676	+0.070%	$10.3M	$770.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0219%	1h	85,710.9	+0.111%	$894.7M	$1.54B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	+0.059%	$513K	$20.5M	6.7x	as long as short