Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0716%/8h= −78.5% APRpaid last 24h −0.160%

Price spread now: Katana Perps against RISEx−0.024%7-day average +0.005% · you buy dearer than you sell

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

Long on RISEx Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.331%−$33 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.024%, 7d avg +0.005%

Together, before fees−0.393%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Katana Perps is 0.029% cheaper against RISEx than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx TAO/USDC	311.93	0.0816	pay 0.0102% / 1h	4m 16s	$442K	$647K	5x
Short	Katana Perps TAO-USD	311.85	0.0100	get 0.0100% / 8h	3h 04m	$638	$862K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against RISEx. 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 RISExbpFee Katana PerpsbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$150.46
Price spread: −0.024% → +0.005%: −$2.87
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$163.12
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 49 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 RISEx live order book, 49 min ago	1.59 bp	4.6 bp −$5	25.8 bp −$258	doesn't fit	doesn't fit
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
Kraken Futures PF_TAOUSD	−0.0348%	1h	311.81	−0.038%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	311.53	−0.127%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0016%	1h	311.52	−0.130%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	311.94	+0.005%	$48K	$662K	20x	as long as short
Katana Perps TAO-USDshort	+0.0100%	8h	311.85	−0.024%	$638	$862K	5x
Pacifica TAO	+0.0100%	1h	311.97	+0.014%	$355K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	311.93	+0.003%	$89.1M	$502.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	311.90	−0.008%	$26.0M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	311.50	−0.136%	$13.4M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	311.87	−0.018%	$103.3M	$145.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	311.83	−0.030%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	311.64	−0.091%	$35.1M	$56.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.50	−0.137%	$41K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	312.18	+0.083%	$530K	$942K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.06	+0.043%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	311.66	−0.085%	$81K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	311.83	−0.030%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	311.80	−0.040%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.64	−0.091%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	311.86	−0.021%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	311.95	+0.006%	$171K	$998	3x	as long as short
Aster TAOUSDT	+0.0110%	4h	311.77	−0.050%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	311.77	−0.050%	$51K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0134% / S +0.0137%	1h	311.43	−0.160%	$414K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0174%	8h	311.89	−0.012%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.23	+0.098%	$101K	$369K	5x	as long as short
BingX TAO-USDT	+0.0256%	4h	311.77	−0.050%	—	$33.8M	—	as long as short
Bybit TAOUSDT	+0.0304%	4h	311.92	−0.002%	$67.4M	$150.9M	50x	as long as short
Nado TAO-PERP	+0.0305%	1h	311.91	−0.006%	$787K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	311.83	−0.032%	$908K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0338%	4h	312.45	+0.168%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.08	+0.050%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.40	+0.152%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0461%	1h	312.00	+0.024%	$91.5M	$108.0M	5x	as long as short
Bulk TAO-USD	+0.0468%	1h	310.75	−0.377%	$165K	$333	10x	as long as short
Backpack TAO_USDC_PERP	+0.0479%	1h	312.00	+0.024%	$310K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0496%	1h	312.20	+0.088%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0563%	1h	311.80	−0.039%	$12K	$1.8M	25x	as long as short
Lighter TAO	+0.0600%	1h	312.14	+0.069%	$1.5M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	311.90	−0.007%	$359	—	20x	as long as short
RISEx TAO/USDClong	+0.0816%	1h	311.93	long leg	$442K	$647K	5x
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.20	+0.088%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	315.73	+1.220%	$23K	$2K	12x	as long as short