Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0019%/8h= −2.0% APRpaid last 24h 0.000%

Price spread now: Katana Perps against Orderly+0.019%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 Orderly Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.143%+$14 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.019%, 7d avg +0.016%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.143%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	311.82	0.0117	pay 0.0059% / 4h	3h 28m	$51K	$291K	10x
Short	Katana Perps TAO-USD	311.88	0.0098	get 0.0098% / 8h	3h 28m	$1K	$836K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Orderly. 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 OrderlybpFee Katana PerpsbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$3.91
Price spread: +0.019% → +0.016%: $0.32
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$13.38
Costs to cover: 0.098%
Break-even: never at this rate

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

Orderly 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
Kraken Futures PF_TAOUSD	−0.0348%	1h	311.90	+0.025%	$5.5M	$20.6M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.71	−0.036%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0015%	1h	311.68	−0.045%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.05	+0.074%	$46K	$656K	20x	as long as short
Katana Perps TAO-USDshort	+0.0098%	8h	311.88	+0.019%	$1K	$836K	5x
Pacifica TAO	+0.0100%	1h	312.13	+0.098%	$356K	$414K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.00	+0.058%	$89.4M	$499.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.13	+0.099%	$67.1M	$150.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.00	+0.058%	$26.0M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.60	−0.071%	$13.2M	$50.0M	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	311.91	+0.029%	$102.2M	$144.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.97	+0.048%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.71	−0.035%	$34.9M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	311.95	+0.042%	—	$33.4M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.34	+0.167%	$41K	$314K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.03	+0.067%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.78	−0.013%	$79K	$901K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.89	+0.021%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.97	+0.048%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.04	+0.071%	$109K	$539K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.02	+0.063%	$171K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0114%	4h	312.40	+0.187%	$531K	$956K	10x	as long as short
Aster TAOUSDT	+0.0115%	4h	312.04	+0.069%	$1.3M	$10.4M	50x	as long as short
Orderly PERP_TAO_USDClong	+0.0117%	4h	311.82	long leg	$51K	$291K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0138% / S +0.0134%	1h	311.69	−0.043%	$414K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0160%	8h	311.94	+0.038%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.36	+0.173%	$101K	$397K	5x	as long as short
Phemex TAOUSDT	+0.0246%	4h	312.09	+0.087%	$3.2M	$8.0M	50x	as long as short
Bulk TAO-USD	+0.0264%	1h	312.41	+0.189%	$166K	$333	10x	as long as short
Extended TAO-USD	+0.0280%	1h	311.87	+0.016%	$909K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0308%	4h	312.74	+0.295%	$5.5M	$10.0M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0337%	1h	311.85	+0.011%	$17K	$1.8M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.95	+0.042%	$4.5M	$10.7M	100x	as long as short
Nado TAO-PERP	+0.0349%	1h	312.04	+0.071%	$791K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0451%	1h	312.14	+0.103%	$91.8M	$107.7M	5x	as long as short
Phoenix TAO	+0.0457%	1h	312.60	+0.250%	$311K	$711K	5x	as long as short
01 Exchange TAOUSD	+0.0480%	1h	312.27	+0.144%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0489%	1h	312.13	+0.099%	$310K	$886K	10x	as long as short
Lighter TAO	+0.0568%	1h	312.32	+0.161%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.88	+0.020%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.12	+0.095%	$444K	$658K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	313.31	+0.478%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	314.53	+0.869%	$23K	$2K	12x	as long as short