Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h 0.000%

Price spread now: Bullet against Katana Perps+0.125%7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Bullet is 0.125% dearer against Katana Perps than usual: you sell high and buy low (spread +0.125% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 45 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	311.35	0.0109	pay 0.0109% / 8h	22m 52s	$3K	$555K	5x
Short	Bullet TAO-USD	311.74	0.0100	get 0.0013% / 1h	22m 52s	$11K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$1.95
Price spread: +0.125% → 0.000%: $12.53
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$1.22
Costs to cover: 0.118%
Break-even: from the start

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

Katana Perps and Bullet: 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	−0.4493%	1h	315.57	+1.355%	$169K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	310.91	−0.140%	$124K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.54	+0.062%	$20K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+1.156%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.46	+0.035%	$35K	$563K	20x	as long as short
Pacifica TAO	+0.0100%	1h	311.15	−0.064%	$368K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.49	+0.366%	$88.6M	$427.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.59	+0.398%	$61.4M	$125.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	+0.337%	$25.1M	$101.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.30	+0.305%	$12.4M	$50.1M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	312.54	+0.382%	$109.8M	$130.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.36	+0.324%	$18.5M	$27.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.23	+0.283%	$34.8M	$46.7M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	312.40	+0.337%	—	$30.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.02	+0.216%	$40K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.92	+0.825%	$521K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.97	+0.199%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.66	+0.100%	$76K	$466K	5x	as long as short
Bullet TAO-USDshort	+0.0100%	1h	311.74	+0.125%	$11K	$17K	20x
Orderly PERP_TAO_USDC	+0.0100%	4h	311.92	+0.183%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.56	+0.067%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.48	+0.042%	$127K	$408K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.08	+0.234%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.84	+0.157%	$171K	$998	3x	as long as short
Katana Perps TAO-USDlong	+0.0109%	8h	311.35	long leg	$3K	$555K	5x
Aster TAOUSDT	+0.0169%	4h	312.15	+0.256%	$1.1M	$7.9M	50x	as long as short
Arcus TAO-USD	+0.0186%	1h	311.61	+0.084%	$82K	$565K	5x	as long as short
Paradex TAO-USD-PERP	+0.0187%	8h	311.36	+0.003%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0199%	4h	312.46	+0.356%	$4.0M	$7.0M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.12	+0.247%	$4.4M	$10.5M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0404%	1h	312.18	+0.265%	$21K	$1.5M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0450%	1h	312.21	+0.278%	$5.7M	$19.9M	50x	as long as short
Nado TAO-PERP	+0.0467%	1h	311.33	−0.007%	$819K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0475% / S −0.0175%	1h	311.47	+0.038%	$446K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0516%	1h	312.45	+0.353%	$292K	$803K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.50	+0.369%	$327K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0608%	1h	311.60	+0.080%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	311.36	+0.004%	$358	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	312.45	+0.352%	$855K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	313.04	+0.543%	$1.5M	$5.8M	50x	as long as short
Lighter TAO	+0.1232%	1h	312.70	+0.432%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	311.50	+0.048%	$433K	$567K	5x	as long as short
Hyperliquid TAO	+0.1684%	1h	312.81	+0.469%	$97.4M	$83.9M	5x	as long as short