Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0101%/8h= −11.0% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Bullet+0.126%7-day average — · you sell dearer than you buy

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

Long on Bullet 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—needs both histories

The price spread pays, funding is against you. Katana Perps is 0.126% dearer against Bullet than usual: you sell high and buy low (spread +0.126% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet TAO-USD	307.81	0.0215	pay 0.0027% / 1h	38m 00s	$12K	$17K	20x
Short	Katana Perps TAO-USD	308.20	0.0115	get 0.0115% / 8h	6h 38m	$2K	$682K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bullet. 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 BulletbpFee Katana PerpsbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$21.13
Price spread: +0.126% → 0.000%: $12.55
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$20.38
Costs to cover: 0.118%
Break-even: from the start

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

Bullet 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
dYdX TAO-USD	0.0000%	1h	307.84	+0.009%	$123K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	307.53	−0.092%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.89	+0.025%	$36K	$620K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.35	+0.174%	$88.5M	$461.0M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.60	+0.255%	$25.2M	$108.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.00	+0.061%	$12.5M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	308.32	+0.165%	$103.8M	$137.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.27	+0.148%	$17.9M	$30.0M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.04	+0.074%	$34.3M	$53.2M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.15	+0.433%	$34K	$298K	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	308.37	+0.180%	$508K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.11	+0.421%	$46K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.69	−0.040%	$56K	$283K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.56	−0.082%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.57	−0.079%	$126K	$471K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.89	+0.023%	$169K	$998	3x	as long as short
Katana Perps TAO-USDshort	+0.0115%	8h	308.20	+0.126%	$2K	$682K	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0170% / S +0.0093%	1h	307.44	−0.121%	$426K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0172%	1h	307.27	−0.176%	$5.5M	$20.4M	50x	as long as short
Aster TAOUSDT	+0.0175%	4h	308.03	+0.072%	$1.2M	$9.2M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0177%	1h	307.44	−0.122%	$10K	$1.6M	25x	as long as short
Polymarket Perps TAO-USD	+0.0191%	1h	308.08	+0.087%	$76K	$644K	5x	as long as short
Bullet TAO-USDlong	+0.0215%	1h	307.81	long leg	$12K	$17K	20x
Paradex TAO-USD-PERP	+0.0276%	8h	308.02	+0.067%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	308.26	+0.145%	$364K	$381K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	308.18	+0.119%	$81K	$547K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.16	+1.087%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0453%	4h	307.44	−0.121%	$3.3M	$8.0M	50x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+2.539%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0578%	1h	308.25	+0.141%	$751K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	308.80	+0.320%	$323K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	308.10	+0.093%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	308.28	+0.151%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0723%	4h	308.41	+0.194%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0734%	4h	308.15	+0.108%	$5.3M	$8.9M	—	as long as short
Bybit TAOUSDT	+0.0736%	4h	308.68	+0.281%	$63.4M	$136.2M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0834%	1h	307.93	+0.038%	$311K	$814K	10x	as long as short
Extended TAO-USD	+0.0936%	1h	308.28	+0.153%	$885K	$2.4M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	308.66	+0.275%	$1.4M	$6.3M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	307.96	+0.049%	$410K	$606K	5x	as long as short
Hyperliquid TAO	+0.1222%	1h	308.36	+0.178%	$97.1M	$93.4M	5x	as long as short
Lighter TAO	+0.1312%	1h	307.92	+0.034%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.3743%	1h	312.40	+1.490%	$166K	$40K	10x	as long as short