Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0598%/8h= −65.5% APRpaid last 24h −0.176%

Price spread now: Katana Perps against Reya−0.029%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Katana Perps

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Katana Perps is 0.029% cheaper against Reya than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya TAORUSDPERP	311.04	0.0697	pay 0.0087% / 1h	40m 13s	$358	—	20x
Short	Katana Perps TAO-USD	310.95	0.0098	get 0.0098% / 8h	3h 40m	$1K	$818K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Reya. 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 ReyabpFee Katana PerpsbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$125.68
Price spread: −0.029% → 0.000%: −$2.93
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$138.41
Costs to cover: 0.098%
Break-even: never at this rate

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

Reya 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
Kraken Futures PF_TAOUSD	−0.0349%	1h	310.77	−0.086%	$5.5M	$20.7M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	311.14	+0.033%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	310.62	−0.137%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.01	−0.010%	$46K	$656K	20x	as long as short
Katana Perps TAO-USDshort	+0.0098%	8h	310.95	−0.029%	$1K	$818K	5x
Pacifica TAO	+0.0100%	1h	311.23	+0.061%	$355K	$413K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.06	+0.008%	$89.3M	$499.5M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	311.29	+0.080%	$67.0M	$150.3M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.30	+0.083%	$25.9M	$120.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	310.80	−0.078%	$13.0M	$49.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	311.08	+0.013%	$101.3M	$144.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	311.08	+0.013%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	310.90	−0.045%	$34.8M	$56.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	311.16	+0.038%	—	$33.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.57	+0.170%	$41K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.95	+0.291%	$529K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.53	+0.157%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.89	−0.049%	$81K	$889K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	310.95	−0.029%	$11K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	310.64	−0.129%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	310.72	−0.103%	$108K	$539K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.00	−0.012%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0107%	4h	311.09	+0.016%	$1.2M	$10.4M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	310.78	−0.084%	$52K	$272K	10x	as long as short
Bulk TAO-USD	+0.0125%	1h	311.89	+0.273%	$166K	$333	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0140% / S +0.0132%	1h	310.60	−0.142%	$413K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0147%	8h	311.00	−0.014%	$14K	$1K	10x	as long as short
Extended TAO-USD	+0.0216%	1h	310.77	−0.086%	$908K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0231%	1h	311.33	+0.093%	$101K	$394K	5x	as long as short
Hyperliquid TAO	+0.0278%	1h	311.31	+0.086%	$91.4M	$107.5M	5x	as long as short
Nado TAO-PERP	+0.0292%	1h	311.10	+0.018%	$790K	$2.2M	10x	as long as short
Variational Omni TAO	+0.0303%	4h	311.43	+0.125%	$5.5M	$10.0M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.38	+0.109%	$4.5M	$10.8M	100x	as long as short
Backpack TAO_USDC_PERP	+0.0438%	1h	311.15	+0.035%	$309K	$888K	10x	as long as short
01 Exchange TAOUSD	+0.0440%	1h	311.30	+0.083%	$3K	$4K	5x	as long as short
Phoenix TAO	+0.0457%	1h	312.50	+0.469%	$311K	$711K	5x	as long as short
Lighter TAO	+0.0480%	1h	311.09	+0.015%	$1.5M	$6.5M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0495%	1h	310.82	−0.072%	$19K	$1.8M	25x	as long as short
Phemex TAOUSDT	+0.0605%	4h	310.97	−0.023%	$3.2M	$8.0M	50x	as long as short
Reya TAORUSDPERPlong	+0.0697%	1h	311.04	long leg	$358	—	20x
RISEx TAO/USDC	+0.0816%	1h	311.07	+0.008%	$439K	$659K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	311.53	+0.157%	$1.5M	$6.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	317.38	+2.038%	$23K	$2K	12x	as long as short