Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h −0.003%

Price spread now: Katana Perps against dYdX−0.089%7-day average +0.066% · you buy dearer than you sell

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

Long on dYdX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now −0.089%, 7d avg +0.066%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.155% cheaper against dYdX than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.066%). If the spread goes back, that is −$15 on $10k: about 4.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX TAO-USD	324.54	0	get 0.0000% / 1h	57m 31s	$129K	$85K	5x
Short	Katana Perps TAO-USD	324.25	0.0110	get 0.0110% / 8h	1h 57m	$1K	$969K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against dYdX. 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 dYdXbpFee Katana PerpsbpOrdersPrice spread, now −0.089%Rate

Funding earned: $23.01
Price spread: −0.089% → +0.066%: −$15.5
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.28
Costs to cover: 0.138%
Break-even: 8.9 days

Slippage unknown: dYdX: live order book, 51 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 dYdX live order book, 51 min ago	40.60 bp	45.6 bp −$46	50.4 bp −$504	116.9 bp −$11.7K	852.2 bp −$426.1K
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.

TAO on 43 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
Bulk TAO-USD	−0.1440%	1h	322.10	−0.753%	$171K	$333	10x	as long as short
dYdX TAO-USDlong	0.0000%	1h	324.54	long leg	$129K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	324.14	−0.124%	$21K	—	150x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	324.40	−0.043%	$27.0M	$130.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	324.20	−0.104%	$14.3M	$51.1M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	324.64	+0.031%	$17.8M	$31.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	324.27	−0.083%	$36.6M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	324.84	+0.093%	$76K	$991K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	324.18	−0.110%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	324.58	+0.013%	$118K	$582K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex TAOUSDT	+0.0100%	4h	323.89	−0.200%	$3.3M	$8.1M	50x	as long as short
Katana Perps TAO-USDshort	+0.0110%	8h	324.25	−0.089%	$1K	$969K	5x
Aevo TAO-PERP	+0.0120%	1h	324.29	−0.077%	$178K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	324.45	−0.027%	$54K	$292K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0124% / S +0.0144%	1h	324.20	−0.104%	$434K	—	100x	as long as short
MEXC TAO_USDT	+0.0152%	4h	324.86	+0.099%	$104.9M	$148.4M	300x	as long as short
edgeX TAOUSDC	+0.0156%	4h	324.58	+0.014%	$43K	$315K	10x	as long as short
Binance TAOUSDT	+0.0158%	4h	324.49	−0.015%	$94.5M	$520.3M	75x	as long as short
Paradex TAO-USD-PERP	+0.0278%	8h	324.97	+0.132%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0316%	4h	324.30	−0.072%	$1.3M	$10.8M	50x	as long as short
Bullet TAO-USD	+0.0335%	1h	324.69	+0.046%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0339%	1h	323.97	−0.174%	$19K	$1.9M	25x	as long as short
Bybit TAOUSDT	+0.0373%	4h	324.46	−0.024%	$71.0M	$155.0M	50x	as long as short
BloFin TAO-USDT	+0.0391%	4h	324.98	+0.136%	$4.7M	$11.2M	100x	as long as short
BingX TAO-USDT	+0.0424%	4h	324.16	−0.117%	—	$34.2M	—	as long as short
Popdex TAOUSDT	+0.0448%	1h	324.59	+0.016%	$42K	$687K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0476%	4h	323.22	−0.405%	$551K	$948K	10x	as long as short
Extended TAO-USD	+0.0480%	1h	324.31	−0.071%	$927K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0509%	4h	323.35	−0.368%	$5.7M	$10.1M	—	as long as short
Phoenix TAO	+0.0513%	1h	325.20	+0.204%	$324K	$702K	5x	as long as short
ApeX Omni TAOUSDT	+0.0520%	1h	323.91	−0.194%	$47K	$258K	50x	as long as short
Pacifica TAO	+0.0525%	1h	324.51	−0.009%	$369K	$422K	10x	as long as short
Nado TAO-PERP	+0.0531%	1h	324.24	−0.091%	$821K	$2.2M	10x	as long as short
Arcus TAO-USD	+0.0641%	1h	324.47	−0.021%	$105K	$384K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	324.95	+0.128%	$374	—	20x	as long as short
01 Exchange TAOUSD	+0.0720%	1h	324.84	+0.093%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0726%	1h	324.50	−0.012%	$323K	$896K	10x	as long as short
Hyperliquid TAO	+0.0814%	1h	325.38	+0.259%	$96.3M	$109.9M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	325.16	+0.192%	$1.5M	$6.9M	50x	as long as short
Lighter TAO	+0.0992%	1h	324.78	+0.074%	$1.6M	$6.5M	5x	as long as short
RISEx TAO/USDC	+0.1077%	1h	324.41	−0.041%	$465K	$651K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1138%	1h	324.30	−0.075%	$6.1M	$21.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.62	−0.283%	$24K	$2K	12x	as long as short