Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0530%/8h= −58.1% APRpaid last 24h −0.232%

Price spread now: Katana Perps against Hyperliquid−0.218%7-day average −0.067% · you buy dearer than you sell

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

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.277%−$28 on $10k

Price spread, last 4 days (all we have)+0.195%+$19 · spread now −0.218%, 7d avg −0.067%

Together, before fees−0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Katana Perps is 0.151% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TAO	312.54	0.0632	pay 0.0079% / 1h	52m 34s	$93.6M	$105.0M	5x
Short	Katana Perps TAO-USD	311.86	0.0102	get 0.0102% / 8h	4h 52m	$2K	$1.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hyperliquid. 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 HyperliquidbpFee Katana PerpsbpOrdersPrice spread, now −0.218%Rate

Funding earned: −$111.39
Price spread: −0.218% → −0.067%: −$15.1
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$139.29
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 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 Hyperliquid live order book, 4 min ago	0.32 bp	7.7 bp −$8	doesn't fit	doesn't fit	doesn't fit
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 exchanges

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	312.60	+0.018%	$19K	—	150x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.20	−0.109%	$26.6M	$125.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.90	−0.205%	$16.0M	$46.3M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.30	−0.077%	$17.2M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.91	−0.202%	$35.3M	$54.2M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.73	+0.381%	$45K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.84	+0.096%	$68K	$1.1M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.51	−0.010%	$1K	$1.7M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.01	+0.150%	$114K	$552K	20x	as long as short
Katana Perps TAO-USDshort	+0.0102%	8h	311.86	−0.218%	$2K	$1.3M	5x

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TAO-USD	+0.0104%	1h	312.05	−0.155%	$927K	$2.1M	25x	as long as short
Popdex TAOUSDT	+0.0104%	1h	312.86	+0.102%	$54K	$632K	20x	as long as short
Aevo TAO-PERP	+0.0120%	1h	313.12	+0.186%	$172K	$998	3x	as long as short
MEXC TAO_USDT	+0.0170%	4h	312.30	−0.077%	$110.5M	$146.8M	300x	as long as short
edgeX TAOUSDC	+0.0170%	4h	313.80	+0.404%	$41K	$324K	10x	as long as short
Binance TAOUSDT	+0.0172%	4h	312.27	−0.085%	$92.8M	$506.3M	75x	as long as short
Pacifica TAO	+0.0223%	1h	312.24	−0.096%	$369K	$445K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0278%	4h	313.81	+0.407%	$534K	$786K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0281%	4h	312.90	+0.115%	$52K	$262K	10x	as long as short
Paradex TAO-USD-PERP	+0.0306%	8h	312.28	−0.084%	$14K	$769	10x	as long as short
dYdX TAO-USD	+0.0309%	1h	311.92	−0.199%	$263K	$230K	5x	as long as short
Aster TAOUSDT	+0.0348%	4h	312.38	−0.051%	$1.2M	$11.4M	50x	as long as short
BingX TAO-USDT	+0.0360%	4h	312.27	−0.086%	—	$37.6M	—	as long as short
Bullet TAO-USD	+0.0364%	1h	312.93	+0.125%	$12K	$16K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0367% / S −0.0112%	1h	312.54	+0.001%	$374K	—	100x	as long as short
Bybit TAOUSDT	+0.0374%	4h	312.34	−0.064%	$69.2M	$154.1M	50x	as long as short
BloFin TAO-USDT	+0.0412%	4h	313.23	+0.221%	$4.9M	$10.4M	100x	as long as short
Phemex TAOUSDT	+0.0452%	4h	313.01	+0.150%	$3.1M	$8.3M	50x	as long as short
Lighter TAO	+0.0472%	1h	312.31	−0.074%	$1.5M	$6.7M	5x	as long as short
Nado TAO-PERP	+0.0557%	1h	312.98	+0.142%	$663K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0587%	1h	312.43	−0.035%	$98K	$284K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0589%	1h	312.91	+0.118%	$27K	$1.9M	25x	as long as short
Variational Omni TAO	+0.0597%	4h	314.17	+0.522%	$5.8M	$9.7M	—	as long as short
Hyperliquid TAOlong	+0.0632%	1h	312.54	long leg	$93.6M	$105.0M	5x
Phoenix TAO	+0.0636%	1h	314.40	+0.595%	$316K	$701K	5x	as long as short
RISEx TAO/USDC	+0.0694%	1h	312.08	−0.147%	$436K	$657K	5x	as long as short
Reya TAORUSDPERP	+0.0699%	1h	312.90	+0.115%	$360	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0728%	1h	313.16	+0.198%	$1.1M	$7.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0863%	1h	313.21	+0.215%	$6.3M	$19.5M	50x	as long as short
01 Exchange TAOUSD	+0.0896%	1h	313.22	+0.218%	$3K	$2K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0957%	1h	313.07	+0.170%	$294K	$1.1M	10x	as long as short
Bulk TAO-USD	+0.1436%	1h	313.89	+0.432%	$166K	$662	10x	as long as short
Injective TAO/USDC PERP	+0.4136%	1h	318.16	+1.798%	$23K	$2K	12x	as long as short