Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.314%

Price spread now: Bulk against Katana Perps+0.141%7-day average −0.121% · you sell dearer than you buy

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

Long on Katana Perps Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.514%−$51 on $10k

Price spread, last 4 days (all we have)−0.275%−$28 · spread now +0.141%, 7d avg −0.121%

Together, before fees−0.789%−$79 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.262% dearer against Katana Perps than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of −0.121%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	313.03	0.0103	pay 0.0103% / 8h	2h 26m	$641	$923K	5x
Short	Bulk TAO-USD	313.47	0.0100	get 0.0013% / 1h	26m 17s	$167K	$333	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.141%Rate

Funding earned: −$0.55
Price spread: +0.141% → −0.121%: $26.19
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $14.84
Costs to cover: 0.108%
Break-even: from the start

Slippage unknown: Katana Perps: no order-book sample; Bulk: live order book, 23 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 Bulk live order book, 23 min ago	0.32 bp	4.0 bp −$4	4.4 bp −$44	4.5 bp −$445	12.3 bp −$6,155

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	312.54	−0.158%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0046%	1h	312.85	−0.058%	$125K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.87	−0.051%	$89.8M	$508.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.80	−0.073%	$26.2M	$121.9M	50x	as long as short
Bulk TAO-USDshort	+0.0100%	1h	313.47	+0.141%	$167K	$333	10x
Gate TAO_USDT	+0.0100%	4h	312.60	−0.137%	$13.9M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.05	+0.006%	$107.3M	$145.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.93	−0.032%	$17.3M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.63	−0.128%	$35.2M	$57.0M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.21	+0.378%	$42K	$314K	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	312.86	−0.054%	$89K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.70	−0.105%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.24	−0.252%	$113K	$554K	20x	as long as short
Katana Perps TAO-USDlong	+0.0103%	8h	313.03	long leg	$641	$923K	5x
Aevo TAO-PERP	+0.0104%	1h	312.96	−0.022%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0121%	4h	312.76	−0.086%	$52K	$290K	10x	as long as short
Popdex TAOUSDT	+0.0128%	1h	313.09	+0.019%	$51K	$668K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0129% / S +0.0140%	1h	312.56	−0.151%	$419K	—	100x	as long as short
Phemex TAOUSDT	+0.0201%	4h	312.75	−0.089%	$3.1M	$8.0M	50x	as long as short
Aster TAOUSDT	+0.0207%	4h	313.08	+0.016%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	313.05	+0.007%	$356K	$419K	10x	as long as short
Paradex TAO-USD-PERP	+0.0267%	8h	312.97	−0.020%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0275%	1h	312.93	−0.031%	$771K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0304%	1h	313.05	+0.006%	$5.9M	$21.4M	50x	as long as short
Bullet TAO-USD	+0.0323%	1h	312.97	−0.019%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.29	+0.083%	$4.6M	$10.9M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0348%	4h	314.02	+0.316%	$533K	$923K	10x	as long as short
ApeX Omni TAOUSDT	+0.0400%	1h	314.32	+0.412%	$44K	$256K	50x	as long as short
Bybit TAOUSDT	+0.0420%	4h	312.86	−0.054%	$68.0M	$152.4M	50x	as long as short
BingX TAO-USDT	+0.0430%	4h	312.91	−0.038%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0449%	4h	314.04	+0.321%	$5.5M	$10.1M	—	as long as short
Extended TAO-USD	+0.0472%	1h	312.78	−0.080%	$896K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	313.39	+0.115%	$101K	$345K	5x	as long as short
Phoenix TAO	+0.0513%	1h	314.20	+0.374%	$313K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0592%	1h	312.77	−0.082%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.03	0.000%	$360	—	20x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	313.49	+0.147%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0768%	1h	313.13	+0.033%	$1.5M	$6.6M	5x	as long as short
Hyperliquid TAO	+0.0800%	1h	313.20	+0.054%	$91.5M	$109.0M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0812%	1h	313.26	+0.073%	$311K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	313.93	+0.288%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.15	+0.038%	$454K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	319.48	+2.061%	$23K	$2K	12x	as long as short