Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h −0.001%

Price spread now: Phemex against Katana Perps+0.061%7-day average −0.016% · you sell dearer than you buy

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

Long on Katana Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.061%, 7d avg −0.016%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.077% dearer against Katana Perps than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.016%. Mind the row above: over the last 4 days funding on this pair cost −0.145%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	313.61	0.0103	pay 0.0103% / 8h	2h 30m	$642	$915K	5x
Short	Phemex TAOUSDT	313.80	0.0155	get 0.0078% / 4h	2h 30m	$3.2M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.061%Rate

Funding earned: $11
Price spread: +0.061% → −0.016%: $7.66
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $2.86
Costs to cover: 0.158%
Break-even: 5.2 days

Slippage unknown: Katana Perps: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	14.35 bp	21.6 bp −$22	36.4 bp −$364	doesn't fit	doesn't fit

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	313.40	−0.066%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0040%	1h	313.59	−0.006%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.85	+0.076%	$90.0M	$508.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.90	+0.092%	$26.2M	$122.3M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	313.47	−0.044%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.60	−0.003%	$13.9M	$50.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.06	+0.143%	$107.8M	$145.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.44	−0.054%	$17.3M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.64	+0.010%	$35.3M	$57.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.56	−0.017%	$41K	$316K	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	313.65	+0.013%	$90K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.86	+0.080%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.54	−0.022%	$113K	$554K	20x	as long as short
Katana Perps TAO-USDlong	+0.0103%	8h	313.61	long leg	$642	$915K	5x
Aevo TAO-PERP	+0.0104%	1h	314.02	+0.129%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0124%	4h	313.92	+0.099%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0129% / S +0.0140%	1h	313.38	−0.073%	$420K	—	100x	as long as short
Popdex TAOUSDT	+0.0144%	1h	313.72	+0.035%	$50K	$667K	20x	as long as short
Phemex TAOUSDTshort	+0.0155%	4h	313.80	+0.061%	$3.2M	$8.0M	50x
Aster TAOUSDT	+0.0204%	4h	313.74	+0.041%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	313.87	+0.083%	$357K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0269%	8h	313.91	+0.096%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0271%	1h	313.96	+0.111%	$772K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.17	+0.180%	$5.9M	$21.4M	50x	as long as short
Bullet TAO-USD	+0.0325%	1h	313.81	+0.065%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0330%	4h	313.91	+0.096%	$533K	$923K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.88	+0.086%	$4.5M	$10.9M	100x	as long as short
ApeX Omni TAOUSDT	+0.0397%	1h	313.30	−0.099%	$44K	$256K	50x	as long as short
BingX TAO-USDT	+0.0438%	4h	313.77	+0.051%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0449%	4h	314.04	+0.136%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0456%	1h	313.38	−0.074%	$897K	$2.4M	25x	as long as short
Bybit TAOUSDT	+0.0461%	4h	313.84	+0.073%	$68.2M	$152.5M	50x	as long as short
Arcus TAO-USD	+0.0483%	1h	313.88	+0.086%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.60	+0.316%	$313K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0599%	1h	313.97	+0.116%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.91	+0.095%	$361	—	20x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	314.03	+0.134%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0804%	1h	314.08	+0.150%	$91.8M	$108.9M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0822%	1h	314.19	+0.185%	$310K	$889K	10x	as long as short
Lighter TAO	+0.0840%	1h	313.98	+0.116%	$1.5M	$6.6M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	314.69	+0.344%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.68	+0.021%	$454K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	317.66	+1.291%	$23K	$2K	12x	as long as short