Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.3612%/8h= −395.5% APRpaid last 24h −0.670%

Price spread now: Katana Perps against Injective−1.403%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$108 a day on $10k at the current rate, and Katana Perps is 1.403% cheaper against Injective than usual: you would sell low and buy high (−$140 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	315.73	0.3711	pay 0.0464% / 1h	53m 51s	$23K	$2K	12x
Short	Katana Perps TAO-USD	311.30	0.0100	get 0.0100% / 8h	2h 53m	$2K	$869K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −1.403%Rate

Funding earned: −$758.48
Price spread: −1.403% → 0.000%: −$140.31
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$902.61
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Injective and 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
dYdX TAO-USD	0.0000%	1h	311.20	−1.435%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.55	−1.324%	$20K	—	150x	as long as short
Katana Perps TAO-USDshort	+0.0100%	8h	311.30	−1.403%	$2K	$869K	5x
Binance TAOUSDT	+0.0100%	4h	312.10	−1.150%	$89.2M	$504.5M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.10	−1.150%	$26.1M	$121.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.80	−1.245%	$13.4M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.14	−1.137%	$103.9M	$144.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.89	−1.216%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.81	−1.242%	$35.1M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.84	−0.916%	$41K	$313K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	311.39	−1.375%	$81K	$907K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.41	−1.368%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.22	−1.428%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.85	−1.229%	$171K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0118%	4h	311.89	−1.216%	$52K	$290K	10x	as long as short
Aster TAOUSDT	+0.0132%	4h	311.98	−1.188%	$1.3M	$10.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0133% / S +0.0136%	1h	311.44	−1.358%	$417K	—	100x	as long as short
Popdex TAOUSDT	+0.0192%	1h	311.52	−1.333%	$48K	$662K	20x	as long as short
Paradex TAO-USD-PERP	+0.0203%	8h	311.39	−1.375%	$14K	$1K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0204%	4h	313.11	−0.831%	$532K	$942K	10x	as long as short
Pacifica TAO	+0.0233%	1h	311.51	−1.337%	$355K	$419K	10x	as long as short
Bulk TAO-USD	+0.0253%	1h	311.89	−1.216%	$166K	$333	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0306%	1h	311.74	−1.262%	$5.5M	$20.7M	50x	as long as short
Bullet TAO-USD	+0.0314%	1h	311.86	−1.226%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.87	−1.223%	$4.5M	$10.8M	100x	as long as short
BingX TAO-USDT	+0.0348%	4h	312.05	−1.166%	—	$33.7M	—	as long as short
Bybit TAOUSDT	+0.0358%	4h	312.18	−1.124%	$67.6M	$151.2M	50x	as long as short
Extended TAO-USD	+0.0368%	1h	312.01	−1.177%	$903K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0371%	4h	312.91	−0.893%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERP	+0.0384%	1h	311.45	−1.356%	$774K	$2.2M	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0418%	1h	311.84	−1.231%	$11K	$1.8M	25x	as long as short
Phoenix TAO	+0.0457%	1h	312.80	−0.928%	$311K	$713K	5x	as long as short
Arcus TAO-USD	+0.0483%	1h	311.82	−1.238%	$100K	$370K	5x	as long as short
Phemex TAOUSDT	+0.0561%	4h	311.96	−1.194%	$3.1M	$7.9M	50x	as long as short
Hyperliquid TAO	+0.0663%	1h	312.26	−1.099%	$91.4M	$108.2M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.61	−1.305%	$358	—	20x	as long as short
Lighter TAO	+0.0760%	1h	312.07	−1.158%	$1.5M	$6.5M	5x	as long as short
01 Exchange TAOUSD	+0.0776%	1h	311.64	−1.295%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0826%	1h	311.90	−1.213%	$310K	$885K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	312.88	−0.903%	$1.5M	$6.7M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	311.43	−1.361%	$445K	$649K	5x	as long as short
ApeX Omni TAOUSDT	+0.1940%	1h	312.51	−1.020%	$46K	$254K	50x	as long as short
Injective TAO/USDC PERPlong	+0.3711%	1h	315.73	long leg	$23K	$2K	12x