Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h +0.002%

Price spread now: Katana Perps against Orderly−0.238%7-day average +0.015% · you buy dearer than you sell

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)+0.149%+$15 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.238%, 7d avg +0.015%

Together, before fees+0.308%+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Katana Perps is 0.253% cheaper against Orderly than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.015%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.149%, 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	315.70	0.0127	pay 0.0063% / 4h	37m 28s	$57K	$275K	10x
Short	Katana Perps TAO-USD	314.95	0.0101	get 0.0101% / 8h	4h 37m	$645	$787K	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 −0.238%Rate

Funding earned: −$5.46
Price spread: −0.238% → +0.015%: −$25.31
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: −$40.57
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
Bulk TAO-USD	−0.0482%	1h	315.13	−0.181%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.34	−0.114%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.72	−0.310%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.47	−0.073%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.82	−0.279%	$42K	$688K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.74	−0.304%	$90.7M	$491.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.00	−0.222%	$25.9M	$119.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.10	−0.190%	$12.9M	$49.7M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.15	−0.174%	$106.1M	$142.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.71	−0.314%	$17.5M	$31.7M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.93	−0.244%	$35.2M	$55.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.76	+0.020%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.75	+0.016%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.99	−0.225%	$89K	$790K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.08	−0.196%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.72	+0.006%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.42	−0.089%	$109K	$527K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.53	−0.054%	$3.2M	$8.1M	50x	as long as short
Katana Perps TAO-USDshort	+0.0101%	8h	314.95	−0.238%	$645	$787K	5x
GRVT TAO_USDT_Perp	+0.0104%	4h	316.85	+0.365%	$528K	$944K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.68	−0.006%	$173K	$998	3x	as long as short
Bybit TAOUSDT	+0.0110%	4h	314.74	−0.304%	$68.4M	$146.9M	50x	as long as short
Orderly PERP_TAO_USDClong	+0.0127%	4h	315.70	long leg	$57K	$275K	10x
BingX TAO-USDT	+0.0128%	4h	315.26	−0.139%	—	$30.0M	—	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0151% / S +0.0123%	1h	315.51	−0.060%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0184%	8h	315.51	−0.061%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0185%	1h	315.02	−0.215%	$803K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0207%	4h	315.33	−0.118%	$1.2M	$10.2M	50x	as long as short
01 Exchange TAOUSD	+0.0256%	1h	315.19	−0.162%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0263%	1h	314.87	−0.264%	$93.2M	$105.6M	5x	as long as short
Extended TAO-USD	+0.0280%	1h	315.09	−0.194%	$922K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0339%	1h	315.78	+0.025%	$316K	$913K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	315.25	−0.143%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.49	−0.067%	$99K	$488K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.46	−0.077%	$360K	$411K	10x	as long as short
Lighter TAO	+0.0392%	1h	315.68	−0.006%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0395%	1h	315.90	+0.064%	$11K	$1.6M	25x	as long as short
Phoenix TAO	+0.0581%	1h	317.30	+0.507%	$316K	$697K	5x	as long as short
Variational Omni TAO	+0.0615%	4h	315.95	+0.078%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	315.10	−0.190%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.16	−0.171%	$437K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	318.13	+0.770%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.61	+1.239%	$23K	$2K	12x	as long as short