Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0449%/8h= −49.2% APRpaid last 24h +0.092%

Price spread now: Kraken Futures against OKX−0.026%7-day average +0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$470.466% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.026%, 7d avg +0.074%

Together, before fees+0.377%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.100% cheaper against OKX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.074%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.274%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.274% in total (about 14.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	310.80	0.0100	pay 0.0100% / 8h	3h 25m	$25.9M	$120.2M	50x
Short	Kraken Futures PF_TAOUSD	310.72	−0.0349	pay 0.0044% / 1h	25m 12s	$5.5M	$20.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$94.37
Price spread: −0.026% → +0.074%: −$9.96
Slippage, 4 orders: −$26.64
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$150.97
Costs to cover: 0.466%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 4 min ago.

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 OKX live order book, 4 min ago	1.60 bp	10.1 bp −$10	18.3 bp −$183	64.4 bp −$6,442	doesn't fit
Sell Kraken Futures live order book, 4 min ago	6.41 bp	15.2 bp −$15	20.2 bp −$202	104.8 bp −$10.5K	doesn't fit

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
Kraken Futures PF_TAOUSDshort	−0.0349%	1h	310.72	−0.026%	$5.5M	$20.6M	50x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.57	−0.074%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0014%	1h	310.67	−0.043%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.02	+0.071%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	310.94	+0.045%	$636	$842K	5x	as long as short
Pacifica TAO	+0.0100%	1h	311.15	+0.114%	$354K	$414K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	310.83	+0.010%	$89.1M	$500.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	310.86	+0.019%	$66.9M	$150.3M	50x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	310.80	long leg	$25.9M	$120.2M	50x
Gate TAO_USDT	+0.0100%	4h	310.50	−0.097%	$13.2M	$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	310.78	−0.006%	$101.8M	$145.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	310.87	+0.023%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.59	−0.068%	$34.7M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	310.83	+0.010%	—	$33.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.00	+0.066%	$41K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.97	+0.375%	$530K	$956K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	310.75	−0.016%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.87	+0.023%	$78K	$899K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.90	+0.032%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.69	−0.035%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.98	−0.264%	$109K	$541K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	310.93	+0.043%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0110%	4h	310.79	−0.002%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0116%	4h	310.76	−0.013%	$51K	$291K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0138% / S +0.0134%	1h	310.55	−0.080%	$412K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0139%	8h	311.06	+0.082%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.32	+0.167%	$101K	$397K	5x	as long as short
Phemex TAOUSDT	+0.0240%	4h	310.80	0.000%	$3.2M	$8.0M	50x	as long as short
Bulk TAO-USD	+0.0264%	1h	312.41	+0.518%	$166K	$333	10x	as long as short
Variational Omni TAO	+0.0294%	4h	311.14	+0.109%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0296%	1h	310.79	−0.002%	$909K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	310.95	+0.048%	$4.5M	$10.7M	100x	as long as short
Nado TAO-PERP	+0.0355%	1h	310.95	+0.047%	$785K	$2.2M	10x	as long as short
Phoenix TAO	+0.0457%	1h	312.60	+0.579%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0458%	1h	310.94	+0.045%	$91.4M	$107.7M	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	311.19	+0.125%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0490%	1h	311.14	+0.109%	$309K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0504%	1h	310.88	+0.025%	$16K	$1.8M	25x	as long as short
Lighter TAO	+0.0568%	1h	311.03	+0.073%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	310.71	−0.028%	$357	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	311.08	+0.092%	$442K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	311.60	+0.257%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.24	+1.429%	$23K	$2K	12x	as long as short