Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h −0.001%

Price spread now: Bullet against Katana Perps+0.030%48s7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bullet is 0.030% dearer against Katana Perps than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	308.87	0.0124	pay 0.0124% / 8h	6h 35m	$692	$682K	5x
Short	Bullet TAO-USD	308.96	0.0213	get 0.0027% / 1h	35m 34s	$12K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.030%Rate

Funding earned: $18.67
Price spread: +0.030% → 0.000%: $2.95
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: $9.82
Costs to cover: 0.118%
Break-even: 3.3 days

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

Katana Perps and Bullet: 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
dYdX TAO-USD	0.0000%	1h	308.44	−0.139%	$123K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	308.62	−0.081%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.64	−0.074%	$37K	$622K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.63	−0.078%	$88.6M	$460.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.50	−0.120%	$25.3M	$108.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.40	−0.152%	$12.6M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.58	−0.094%	$103.9M	$137.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.71	−0.052%	$17.9M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.39	−0.155%	$34.4M	$53.1M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	308.03	−0.271%	$34K	$299K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	308.55	−0.102%	$508K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.00	+0.042%	$46K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.55	−0.104%	$56K	$283K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.75	−0.039%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	308.71	−0.052%	$126K	$471K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	309.01	+0.045%	$170K	$998	3x	as long as short
Katana Perps TAO-USDlong	+0.0124%	8h	308.87	long leg	$692	$682K	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0169% / S +0.0092%	1h	308.57	−0.097%	$429K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	308.62	−0.079%	$5.5M	$20.4M	50x	as long as short
Polymarket Perps TAO-USD	+0.0179%	1h	308.82	−0.016%	$75K	$645K	5x	as long as short
Aster TAOUSDT	+0.0181%	4h	308.52	−0.115%	$1.3M	$9.2M	50x	as long as short
Bullet TAO-USDshort	+0.0213%	1h	308.96	+0.030%	$12K	$17K	20x
Deribit TAO_USDC-PERPETUAL	+0.0279%	1h	308.58	−0.094%	$10K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0285%	8h	308.82	−0.018%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	308.87	+0.001%	$365K	$381K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	309.00	+0.042%	$97K	$562K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.16	+0.741%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0459%	4h	308.75	−0.039%	$3.3M	$8.0M	50x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+2.189%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0567%	1h	308.74	−0.043%	$752K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	308.80	−0.023%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	308.97	+0.032%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.94	+0.022%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	308.62	−0.081%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0748%	4h	309.04	+0.054%	$5.3M	$8.9M	—	as long as short
Bybit TAOUSDT	+0.0756%	4h	308.66	−0.068%	$63.5M	$136.1M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0837%	1h	308.80	−0.023%	$312K	$814K	10x	as long as short
Extended TAO-USD	+0.0920%	1h	308.48	−0.127%	$885K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	309.46	+0.191%	$1.4M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	308.70	−0.055%	$441K	$621K	5x	as long as short
Hyperliquid TAO	+0.1216%	1h	309.10	+0.074%	$97.3M	$93.5M	5x	as long as short
Lighter TAO	+0.1320%	1h	309.01	+0.045%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.4286%	1h	309.11	+0.077%	$164K	$40K	10x	as long as short