Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Katana Perps+0.051%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)+0.003%$0 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.051%, 7d avg +0.023%

Together, before fees−0.047%−$5 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 0.028% dearer against Katana Perps than usual: you sell high and buy low, +$3 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	85,697	0.0100	pay 0.0100% / 8h	5h 29m	$198K	$7.8M	50x
Short	Polymarket Perps BTC-USD	85,741	0.0100	get 0.0013% / 1h	29m 27s	$11.0M	$14.1M	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 +0.051%Rate

Funding earned: $0.04
Price spread: +0.051% → +0.023%: $2.83
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: −$8.93
Costs to cover: 0.118%
Break-even: 1424.1 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	0.06 bp	4.4 bp −$4	5.3 bp −$53	7.4 bp −$737	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 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
Phoenix BTC	−0.0160%	1h	85,791	+0.110%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,741	+0.051%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,725.2	+0.033%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,805.1	+0.126%	$417.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,739.4	+0.049%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,752.6	+0.065%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,740.3	+0.051%	$918.9M	$753.5M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,724.9	+0.032%	$22.8M	$220.8M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,731.6	+0.040%	$516.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,729.1	+0.037%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0059%	1h	85,752.4	+0.065%	$892.4M	$1.53B	50x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,743.1	+0.054%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,736	+0.045%	$6.7M	$146.4M	40x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,707.6	+0.012%	$148.1M	$479.4M	150x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,717.4	+0.024%	$2.27B	$936.7M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.139%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,712.2	+0.018%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,743	+0.054%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,738.2	+0.048%	$9.35B	$23.94B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,743	+0.054%	$2.9M	$6.1M	100x	as long as short
Bluefin BTC-PERP	+0.0096%	1h	85,758.1	+0.071%	$196K	$722K	40x	as long as short
Lighter BTC	+0.0096%	1h	85,724.9	+0.033%	$170.3M	$991.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,731.1	+0.040%	$23.9M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,725	+0.033%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,769.2	+0.084%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	85,697	long leg	$198K	$7.8M	50x
Hyperliquid BTC	+0.0100%	1h	85,825	+0.149%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,756.7	+0.070%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,747.3	+0.059%	$5.34B	$9.60B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,740.8	+0.051%	$2.57B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,729	+0.037%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,690.6	−0.007%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,751	+0.063%	$5.56B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,701.4	+0.005%	$35.3M	$172.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.082%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.044%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,774.1	+0.090%	$215.4M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.120%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,761	+0.075%	$30.3M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,794.8	+0.114%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,741	+0.051%	$11.0M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	85,748	+0.060%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,731.1	+0.040%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,720.4	+0.027%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,717	+0.023%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.096%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,699.5	+0.003%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,727.1	+0.035%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,751.6	+0.064%	$130.6M	$5.12B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,749.4	+0.061%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,728.8	+0.037%	$189.1M	$952.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,706	+0.011%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,751.8	+0.064%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,780.9	+0.098%	$701K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0216%	8h	85,796	+0.116%	$10.4M	$760.7M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,746.6	+0.058%	$516K	$19.3M	6.7x	as long as short