Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.077%

Price spread now: Katana Perps against GMX−0.036%7-day average +0.038% · you buy dearer than you sell

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

Long on GMX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now −0.036%, 7d avg +0.038%

Together, before fees−0.323%−$32 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 0.073% cheaper against GMX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TAO/USD [WBTC.b-USDC]	312.12	L +0.0135% / S +0.0137%	pay 0.0017% / 1h	6m 05s	$415K	—	100x
Short	Katana Perps TAO-USD	312.01	0.0100	get 0.0100% / 8h	3h 06m	$639	$858K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against GMX. 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 GMXbpFee Katana PerpsbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$7.35
Price spread: −0.036% → +0.038%: −$7.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$30.49
Costs to cover: 0.158%
Break-even: never at this rate

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

GMX 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	−0.0348%	1h	312.28	+0.050%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.14	+0.006%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0011%	1h	311.82	−0.097%	$124K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.30	+0.057%	$48K	$661K	20x	as long as short
Katana Perps TAO-USDshort	+0.0100%	8h	312.01	−0.036%	$639	$858K	5x
Pacifica TAO	+0.0100%	1h	312.41	+0.091%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.51	+0.124%	$89.3M	$502.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	+0.089%	$26.0M	$121.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.10	−0.007%	$13.4M	$50.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.36	+0.076%	$103.4M	$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	312.28	+0.051%	$17.5M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.08	−0.013%	$35.0M	$56.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	311.50	−0.200%	$41K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	311.94	−0.059%	$530K	$942K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	311.33	−0.254%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.23	+0.035%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.45	+0.104%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.16	+0.012%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	311.32	−0.257%	$110K	$541K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.24	+0.038%	$3.1M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.42	+0.094%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0105%	4h	312.20	+0.024%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	312.24	+0.038%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]long	L +0.0135% / S +0.0137%	1h	312.12	long leg	$415K	—	100x
Paradex TAO-USD-PERP	+0.0170%	8h	312.26	+0.043%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.47	+0.112%	$101K	$369K	5x	as long as short
BingX TAO-USDT	+0.0256%	4h	312.37	+0.080%	—	$33.8M	—	as long as short
Bybit TAOUSDT	+0.0293%	4h	312.51	+0.124%	$67.5M	$150.9M	50x	as long as short
Nado TAO-PERP	+0.0309%	1h	312.44	+0.103%	$789K	$2.2M	10x	as long as short
Extended TAO-USD	+0.0312%	1h	312.30	+0.056%	$909K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0338%	4h	312.45	+0.105%	$5.5M	$10.1M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.18	+0.019%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	311.70	−0.135%	$310K	$711K	5x	as long as short
Hyperliquid TAO	+0.0463%	1h	312.52	+0.128%	$91.7M	$108.0M	5x	as long as short
Bulk TAO-USD	+0.0468%	1h	310.75	−0.440%	$165K	$333	10x	as long as short
Backpack TAO_USDC_PERP	+0.0481%	1h	312.48	+0.115%	$310K	$885K	10x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.48	+0.115%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0608%	1h	312.64	+0.166%	$1.5M	$6.6M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0608%	1h	312.32	+0.063%	$12K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.41	+0.091%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.25	+0.041%	$443K	$648K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.08	−0.013%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.457%	$23K	$2K	12x	as long as short