Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h +0.013%

Price spread now: dYdX against Katana Perps−0.264%7-day average −0.068% · you buy dearer than you sell

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

Long on Katana Perps Short on dYdX

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)+0.190%+$19 · spread now −0.264%, 7d avg −0.068%

Together, before fees+0.201%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.196% cheaper against Katana Perps than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.068%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	318.19	0.0114	pay 0.0114% / 8h	5h 55m	$2K	$730K	5x
Short	dYdX TAO-USD	317.35	0	get 0.0000% / 1h	55m 53s	$127K	$84K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.264%Rate

Funding earned: −$23.88
Price spread: −0.264% → −0.068%: −$19.58
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$57.26
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: live order book, 8 min ago. 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 dYdX live order book, 8 min ago	38.70 bp	43.7 bp −$44	58.9 bp −$589	210.2 bp −$21.0K	437.5 bp −$218.8K

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 42 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	−0.0185%	1h	315.28	−0.915%	$167K	$40K	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	317.35	−0.264%	$127K	$84K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.63	+0.138%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.55	+0.113%	$45K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.79	−0.126%	$91.8M	$467.4M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.90	−0.091%	$26.3M	$115.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.80	−0.123%	$13.0M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.06	−0.041%	$104.7M	$137.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.03	−0.050%	$18.0M	$30.6M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.78	−0.129%	$35.5M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.02	−0.368%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.69	+0.157%	$76K	$722K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.92	+0.229%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.34	+0.047%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.68	+0.154%	$131K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.21	+0.006%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.92	+0.230%	$175K	$998	3x	as long as short
Katana Perps TAO-USDlong	+0.0114%	8h	318.19	long leg	$2K	$730K	5x
ApeX Omni TAOUSDT	+0.0148%	1h	316.61	−0.497%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	318.90	+0.222%	$433K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	317.15	−0.326%	$527K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0246%	1h	318.63	+0.137%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0265%	4h	318.01	−0.057%	$1.2M	$9.3M	50x	as long as short
Paradex TAO-USD-PERP	+0.0351%	8h	318.09	−0.031%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0381%	1h	319.04	+0.267%	$12K	$18K	20x	as long as short
Pacifica TAO	+0.0448%	1h	317.56	−0.197%	$375K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	318.52	+0.104%	$100K	$489K	5x	as long as short
Nado TAO-PERP	+0.0560%	1h	318.94	+0.237%	$763K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	−0.657%	$332K	$707K	5x	as long as short
BingX TAO-USDT	+0.0686%	4h	317.90	−0.091%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	318.93	+0.232%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0696%	1h	318.75	+0.176%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0729%	1h	318.91	+0.226%	$14K	$1.6M	25x	as long as short
Bybit TAOUSDT	+0.0743%	4h	317.88	−0.097%	$67.5M	$138.3M	50x	as long as short
Variational Omni TAO	+0.0865%	4h	319.02	+0.262%	$6.0M	$9.6M	—	as long as short
Backpack TAO_USDC_PERP	+0.0871%	1h	318.65	+0.145%	$322K	$802K	10x	as long as short
Extended TAO-USD	+0.0904%	1h	317.92	−0.085%	$900K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.28	+0.343%	$1.5M	$6.5M	50x	as long as short
Lighter TAO	+0.1104%	1h	318.72	+0.166%	$1.6M	$6.1M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	318.32	+0.040%	$450K	$626K	5x	as long as short
Hyperliquid TAO	+0.1381%	1h	318.78	+0.185%	$100.7M	$98.0M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+0.864%	$23K	$2K	12x	as long as short