Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h +0.001%

Price spread now: Katana Perps against MEXC−0.107%58s7-day average +0.022% · you buy dearer than you sell

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

Long on MEXC Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.145%+$14 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.107%, 7d avg +0.022%

Together, before fees+0.236%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Katana Perps is 0.129% cheaper against MEXC than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.022%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.145%, so the current rate has only just turned against you. The two prices were read 58 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	MEXC TAO_USDT	317.24	0.0166	pay 0.0083% / 4h	33m 45s	$100.3M	$151.5M	300x
Short	Katana Perps TAO-USD	316.90	0.0107	get 0.0107% / 8h	33m 45s	$2K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee Katana PerpsbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$12.47
Price spread: −0.107% → +0.022%: −$12.89
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$29.15
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 5 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 MEXC live order book, 5 min ago	0.79 bp	1.8 bp −$2	4.1 bp −$41	21.9 bp −$2,193	72.6 bp −$36.3K
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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.06	−0.055%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0034%	1h	316.93	−0.098%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.13	−0.035%	$44K	$712K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.90	−0.107%	$26.4M	$130.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.90	−0.107%	$14.5M	$51.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.19	−0.016%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.86	−0.120%	$35.7M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	316.70	−0.170%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	−0.057%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.94	−0.095%	$1K	$2.0M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	316.75	−0.154%	$115K	$604K	20x	as long as short
Katana Perps TAO-USDshort	+0.0107%	8h	316.90	−0.107%	$2K	$1.1M	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0107% / S +0.0136%	1h	316.78	−0.144%	$404K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	317.29	+0.016%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0150%	4h	317.14	−0.032%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0164%	4h	317.27	+0.009%	$91.9M	$530.9M	75x	as long as short
MEXC TAO_USDTlong	+0.0166%	4h	317.24	long leg	$100.3M	$151.5M	300x
edgeX TAOUSDC	+0.0179%	4h	316.75	−0.155%	$42K	$319K	10x	as long as short
Paradex TAO-USD-PERP	+0.0234%	8h	317.21	−0.010%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0254%	1h	317.44	+0.063%	$12K	$17K	20x	as long as short
Bybit TAOUSDT	+0.0256%	4h	317.29	+0.016%	$69.4M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0280%	4h	317.03	−0.066%	—	$37.0M	—	as long as short
Pacifica TAO	+0.0313%	1h	317.43	+0.060%	$372K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.627%	$170K	$0	10x	as long as short
GRVT TAO_USDT_Perp	+0.0318%	4h	317.09	−0.047%	$541K	$918K	10x	as long as short
Extended TAO-USD	+0.0320%	1h	317.03	−0.066%	$903K	$2.4M	25x	as long as short
Aster TAOUSDT	+0.0324%	4h	317.26	+0.006%	$1.3M	$11.0M	50x	as long as short
BloFin TAO-USDT	+0.0407%	4h	316.79	−0.142%	$4.7M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0473%	1h	317.06	−0.056%	$788K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.19	−0.016%	$100K	$384K	5x	as long as short
Phemex TAOUSDT	+0.0489%	4h	316.94	−0.095%	$3.2M	$8.2M	50x	as long as short
Lighter TAO	+0.0504%	1h	317.52	+0.089%	$1.6M	$6.9M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0516%	1h	317.24	+0.001%	$15K	$1.9M	25x	as long as short
Variational Omni TAO	+0.0534%	4h	316.88	−0.112%	$5.5M	$10.2M	—	as long as short
Phoenix TAO	+0.0629%	1h	317.20	−0.013%	$316K	$703K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0671%	1h	317.03	−0.066%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	317.35	+0.035%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.12	−0.036%	$365	—	20x	as long as short
Hyperliquid TAO	+0.0739%	1h	317.42	+0.057%	$93.8M	$110.2M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.00	−0.075%	$444K	$673K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0835%	1h	317.29	+0.017%	$5.9M	$21.6M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.80	+0.177%	$1.4M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.797%	$23K	$2K	12x	as long as short