Katana Perps

• What changes the maths most right now is the contest: round 13, open until 11 November 2026, puts up to $130,000 in vbUSDC — «up to $130,000 in Vault Bridge USDC (vbUSDC) up for grabs across all markets». There are two pools. A fixed $10,000 for the top fifteen by return, with a $250 minimum balance. And a volume pool that unlocks in steps with what the whole platform trades: $8,000 once it reaches $20M and $2,000 more for every $10M, up to $120,000 at $580M — about $0.21 per $1,000 traded if the cap is reached; your share is your volume divided by everyone’s, and you need $10,000 traded to collect. It closes on 11 November 2026. During the round, fees are half price — «trading fees are 50% off» — and this time they do say it is for the whole round.
• The weekly cut rules everything else: the snapshot is Thursdays at 00:00 UTC and the payout is Fridays. Whatever you trade after Thursday counts for the following week, not this one.
• The points programme is called «Season 1: The Forge» and remains open, with weekly sprints. What they do NOT publish is the pot: how many points are handed out per week is written nowhere on their side.
• It is self-custody and they say so plainly: «Katana Perps never takes custody of user funds». On a perpetuals venue that is not a minor detail.
• There is a named network behind it: Katana is Polygon Labs' chain, with a $15 million credit line from DeFi Pillar and over $240 million in predeposits. The product director is public: Shubham Gupta.
• And what is missing, said head-on: no audit. No firm, no report, no date, on any of their pages. Searched on 25 August 2026 in their perpetuals documentation and on their site.

What multiplies is published and it is two things: the live contest, putting up to $130,000 in round 13 until 11 Nov 2026, and the Thursday 00:00 UTC weekly cut, which decides which week your trading counts for. What they do NOT publish: how many points are credited per sprint.

• 3 Nov · round 13 until 11 Nov → round 13 until 11 Nov and round 14 from 11 to 25 Nov
• 29 Oct · round 12 of the contest, until 28 October at 16:00 UTC → Katana opens round 13 of its contest: up to $130,000 in vbUSDC and half-price fees, from 28 October to 11 November. You must opt in on the competition page.
• 14 Oct · round 11 of the contest, until 14 October at 16:00 UTC → Katana opens round 12 of its contest today at 16:00 UTC: up to $130,000 in vbUSDC and half-price fees, until 28 October at 16:00 UTC.
• 7 Oct · round 11 was treated as ending on 30 September in «what expires», and the Spanish text said «from 14 to 14 October» → Fixed: round 11 runs from 30 September to 14 October and shows again on the entry until it closes.
• 2 Oct · the last payout we listed was round 9 → Round 10 contest prizes can now be collected on the Katana Perps panel.
• 1 Oct · we listed round 10 of the contest, which closed on 30 September → Katana opens round 11 of its contest: up to $130,000 in vbUSDC, from 30 September to 14 October at 16:00 UTC.
• 22 Sep · the entry covered the round 10 contest but did not say a points programme was live → Season 1 of the points programme is live: the snapshot is Thursday at 00:00 UTC and points are credited Friday at 00:00 UTC. How many a week they do not publish.
• 17 Sep · we said $125,000 in round 9, which closed on 16 September at 15:59 UTC, and half-price fees with no date → Round 10 runs from 16 to 30 September 2026 (closes at 16:00 UTC) and puts up to $130,000: a fixed $10,000 by return and up to $120,000 by volume, in steps from $20M to $580M. You need $10,000 traded to collect, and fees are half price for the whole round.
• 16 Sep · we said $122,750 in the round, $112,750 by volume, and the next step at $115,000 once volume reached $490M → Round 9 hits its ceiling on the day it closes: $125,000 in vbUSDC, $115,000 of it by volume. The top step, the $490M one, is already reached (they are at $512.3M), so the pot climbs no further.
• 15 Sep · we said $120,500 in round 9, $110,500 of it by volume, and $112,750 as the next step → it is $122,750 — $112,750 by volume and $10,000 by return — and the next step is $115,000 once volume reaches $490M
• 14 Sep · we said $113,750 in round 9, $103,750 of it by volume → it is $118,250 — $108,250 by volume and $10,000 by return — and the next step is $110,500 once volume reaches $470M
• 14 Sep · we said $118,250 in round 9, $108,250 of it by volume, and $110,500 as the next step → it is $120,500 — $110,500 by volume and $10,000 by return — and the next step is $112,750 once volume reaches $480M
• 14 Sep · we had no referral link and the entry had no button → there is a button now: whoever joins through our link pays 5% less in fees, for life
• 13 Sep · we said $109,250 in round 9, $99,250 of it by volume → it is $113,750 — $103,750 by volume and $10,000 by return — and the next step is $106,000 once volume reaches $450M
• 12 Sep · we said $100,250 in round 9, $90,250 of it by volume → it is $109,250 — $99,250 by volume and $10,000 by return — the pot keeps climbing in tiers with volume
• 11 Sep · we said $91,250 in round 9, $81,250 of it by volume → it is $100,250 — $90,250 by volume and $10,000 by return — the pot keeps climbing in tiers with volume
• 10 Sep · we said $75,500 in round 9, $65,500 of it by volume → it is $91,250 — $81,250 by volume and $10,000 by return — the pot climbs in tiers with the platform volume
• 9 Sep · we said $26,000 in round 9 and a 16:59 close → it is $75,500 — $65,500 by volume and $10,000 by return — closing at 15:59 UTC
• 4 Sep · we said $14,625 in the round and half-price fees until 2 Sep → Round 9 runs 2 to 16 Sep and the pool is up to $75,500 in vbUSDC, $16,000 of it by volume. And the date on the half-price fees comes off: their notice advertises them with no deadline and names round 8, so we cannot promise how long they last.
• 3 Sep · round 8, closed on 2 September → round 9, closes 16 September: $14,625 and half-price fees
• 25 Aug · not on record in our entry → Entry opened: a contest of up to $100,000 until 2 Sep and points Season 1 with a Thursday cut.

The United States is out of perpetuals. And the quests additionally exclude the United Kingdom, China, Singapore, South Korea and the province of Quebec, so you may be able to trade and not be able to score: they are two different lists and both are worth checking.

Katana is Polygon Labs' chain. The product declares a $15 million credit line from DeFi Pillar and over $240 million in predeposits, with Shubham Gupta as its public director.

The decisive fact: up to $130,000 is at stake in round 13, which closes on 11 November. The fact that cuts the other way: they name no auditor, and here you leave capital to trade with leverage.

X: x.com/katanaperps

Docs: docs-perps.katana.network

X_red: x.com/katana

Checked by us in these sources on 2026-11-09