Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0508%/8h= −55.7% APRpaid last 24h −0.008%

Price spread now: Katana Perps against Deribit−0.099%7-day average +0.001% · you buy dearer than you sell

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

Long on Deribit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.164%+$16 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.099%, 7d avg +0.001%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Katana Perps is 0.100% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.164%, 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 4 days it paid 0.164% in total (about 15.5% 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	Deribit TAO_USDC-PERPETUAL	312.32	0.0608	pay 0.0076% / 1h	6m 17s	$12K	$1.8M	25x
Short	Katana Perps TAO-USD	312.01	0.0100	get 0.0100% / 8h	3h 06m	$639	$858K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Deribit. 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 DeribitbpFee Katana PerpsbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$106.77
Price spread: −0.099% → +0.001%: −$9.97
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$127.54
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 3 min ago; 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 Deribit live order book, 3 min ago	6.74 bp	10.6 bp −$11	18.6 bp −$186	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

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	312.28	−0.013%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.14	−0.057%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0011%	1h	311.82	−0.159%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.30	−0.006%	$48K	$661K	20x	as long as short
Katana Perps TAO-USDshort	+0.0100%	8h	312.01	−0.099%	$639	$858K	5x
Pacifica TAO	+0.0100%	1h	312.41	+0.029%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.47	+0.049%	$89.2M	$502.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	+0.026%	$26.0M	$121.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.10	−0.070%	$13.4M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.47	+0.049%	$103.4M	$145.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.27	−0.015%	$17.5M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.10	−0.070%	$35.0M	$56.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.50	−0.263%	$41K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.94	−0.122%	$530K	$942K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.33	−0.316%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.23	−0.028%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.45	+0.041%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.16	−0.051%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.54	−0.249%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	311.72	−0.192%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.42	+0.032%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0105%	4h	312.11	−0.067%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	312.24	−0.025%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0135% / S +0.0137%	1h	312.12	−0.063%	$415K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0170%	8h	312.26	−0.020%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.47	+0.049%	$101K	$369K	5x	as long as short
BingX TAO-USDT	+0.0256%	4h	312.42	+0.033%	—	$33.8M	—	as long as short
Bybit TAOUSDT	+0.0293%	4h	312.44	+0.039%	$67.5M	$150.9M	50x	as long as short
Nado TAO-PERP	+0.0309%	1h	312.44	+0.040%	$789K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	312.34	+0.007%	$909K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0325%	4h	312.94	+0.198%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.18	−0.044%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	311.70	−0.198%	$310K	$711K	5x	as long as short
Hyperliquid TAO	+0.0462%	1h	312.55	+0.074%	$91.7M	$108.0M	5x	as long as short
Bulk TAO-USD	+0.0468%	1h	310.75	−0.502%	$165K	$333	10x	as long as short
Backpack TAO_USDC_PERP	+0.0480%	1h	312.01	−0.099%	$310K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.48	+0.052%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0608%	1h	312.60	+0.089%	$1.5M	$6.6M	5x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0608%	1h	312.32	long leg	$12K	$1.8M	25x
Reya TAORUSDPERP	+0.0697%	1h	312.41	+0.028%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.25	−0.022%	$443K	$648K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.076%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.393%	$23K	$2K	12x	as long as short