Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0451%/8h= −49.4% APRpaid last 24h −0.634%

Price spread now: Katana Perps against Injective−1.729%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Katana Perps is 1.729% cheaper against Injective than usual: you would sell low and buy high (−$173 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	Injective TAO/USDC PERP	320.46	0.0571	pay 0.0071% / 1h	1m 52s	$23K	$2K	12x
Short	Katana Perps TAO-USD	314.92	0.0120	get 0.0120% / 8h	7h 01m	$644	$648K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −1.729%Rate

Funding earned: −$94.7
Price spread: −1.729% → 0.000%: −$172.88
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$271.39
Costs to cover: 0.038%
Break-even: never at this rate

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

Injective 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	−0.1228%	1h	316.14	−1.348%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.65	−1.814%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	314.10	−1.986%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.66	−1.810%	$44K	$605K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.23	−2.256%	$89.8M	$452.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.10	−2.297%	$25.5M	$108.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.30	−2.234%	$12.7M	$51.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.37	−2.212%	$100.5M	$137.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.00	−2.328%	$18.2M	$29.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.94	−2.347%	$34.8M	$51.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.06	−1.063%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.35	−1.282%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.19	−1.957%	$56K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.88	−2.053%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.03	−2.006%	$125K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.55	−1.846%	$173K	$998	3x	as long as short
Bullet TAO-USD	+0.0109%	1h	314.49	−1.863%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0113%	1h	314.05	−2.001%	$16K	$1.5M	25x	as long as short
ApeX Omni TAOUSDT	+0.0117%	1h	316.47	−1.245%	$48K	$267K	50x	as long as short
Katana Perps TAO-USDshort	+0.0120%	8h	314.92	−1.729%	$644	$648K	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0102%	1h	314.07	−1.993%	$445K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	314.74	−1.785%	$373K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	314.57	−1.838%	$83K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	313.83	−2.070%	$1.3M	$8.9M	50x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	314.44	−1.880%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0260%	1h	314.64	−1.816%	$92K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.26	−1.935%	$4.4M	$10.7M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0488%	1h	314.08	−1.992%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	317.00	−1.080%	$332K	$624K	5x	as long as short
01 Exchange TAOUSD	+0.0560%	1h	314.68	−1.804%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERPlong	+0.0571%	1h	320.46	long leg	$23K	$2K	12x
Variational Omni TAO	+0.0571%	4h	316.78	−1.149%	$5.5M	$8.7M	—	as long as short
Phemex TAOUSDT	+0.0593%	4h	314.20	−1.953%	$3.4M	$7.8M	50x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.60	−1.828%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	313.63	−2.131%	—	$30.7M	—	as long as short
Nado TAO-PERP	+0.0746%	1h	314.59	−1.831%	$778K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0752%	4h	313.53	−2.163%	$64.5M	$134.5M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0797%	1h	313.64	−2.128%	$317K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	314.86	−1.747%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1088%	1h	313.29	−2.236%	$874K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	314.41	−1.888%	$417K	$602K	5x	as long as short
Lighter TAO	+0.1432%	1h	314.66	−1.810%	$1.6M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1725%	1h	313.99	−2.019%	$100.4M	$91.7M	5x	as long as short