Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0019%/8h= −2.0% APRpaid last 24h −0.001%

Price spread now: Binance against Katana Perps−0.219%7-day average −0.026% · you buy dearer than you sell

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

Long on Katana Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.150%−$15 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.219%, 7d avg −0.026%

Together, before fees−0.278%−$28 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 Binance is 0.193% cheaper against Katana Perps than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	323.99	0.0119	pay 0.0119% / 8h	5h 26m	$689	$776K	5x
Short	Binance TAOUSDT	323.28	0.0100	get 0.0050% / 4h	1h 26m	$94.5M	$480.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Katana Perps. 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 Katana PerpsbpFee BinancebpOrdersPrice spread, now −0.219%Rate

Funding earned: −$3.89
Price spread: −0.219% → −0.026%: −$19.33
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$37.01
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Binance: live order book, 3 min ago. 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.15 bp	8.1 bp −$8	16.1 bp −$161	41.3 bp −$4,129	doesn't fit

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	−0.5583%	1h	316.49	−2.315%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	323.00	−0.306%	$129K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	323.32	−0.207%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	324.09	+0.031%	$34K	$676K	20x	as long as short
Binance TAOUSDTshort	+0.0100%	4h	323.28	−0.219%	$94.5M	$480.0M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	323.20	−0.244%	$26.6M	$119.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	323.00	−0.306%	$13.2M	$49.8M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	323.19	−0.247%	$100.3M	$141.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	323.17	−0.253%	$18.1M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	323.00	−0.306%	$36.1M	$54.6M	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	323.11	−0.273%	$36K	$301K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	323.84	−0.046%	$87K	$792K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	323.46	−0.164%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	323.73	−0.080%	$131K	$482K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	323.17	−0.253%	$3.5M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	323.70	−0.090%	$178K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0115%	4h	323.41	−0.179%	$58K	$282K	10x	as long as short
Katana Perps TAO-USDlong	+0.0119%	8h	323.99	long leg	$689	$776K	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0160% / S +0.0126%	1h	323.37	−0.190%	$449K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0243%	1h	323.26	−0.224%	$5.7M	$20.7M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0254%	4h	323.03	−0.297%	$536K	$964K	10x	as long as short
Bullet TAO-USD	+0.0266%	1h	323.74	−0.076%	$12K	$18K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0280%	1h	323.34	−0.201%	$20K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0302%	8h	323.59	−0.124%	$15K	$1K	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	323.71	−0.086%	$4.6M	$11.4M	100x	as long as short
Aster TAOUSDT	+0.0371%	4h	323.53	−0.142%	$1.1M	$9.6M	50x	as long as short
Pacifica TAO	+0.0448%	1h	323.52	−0.144%	$383K	$402K	10x	as long as short
Phoenix TAO	+0.0504%	1h	324.30	+0.096%	$339K	$707K	5x	as long as short
Arcus TAO-USD	+0.0509%	1h	324.29	+0.093%	$101K	$487K	5x	as long as short
Bybit TAOUSDT	+0.0546%	4h	323.32	−0.207%	$70.8M	$143.7M	50x	as long as short
BingX TAO-USDT	+0.0558%	4h	323.29	−0.216%	—	$30.3M	—	as long as short
Nado TAO-PERP	+0.0575%	1h	323.90	−0.029%	$793K	$2.2M	10x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	323.67	−0.100%	$372	—	20x	as long as short
ApeX Omni TAOUSDT	+0.0723%	1h	323.82	−0.052%	$48K	$253K	50x	as long as short
01 Exchange TAOUSD	+0.0768%	1h	324.51	+0.160%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0832%	1h	323.29	−0.217%	$949K	$2.3M	25x	as long as short
Variational Omni TAO	+0.0868%	4h	323.85	−0.044%	$6.0M	$9.8M	—	as long as short
Lighter TAO	+0.0912%	1h	323.69	−0.093%	$1.6M	$6.3M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	324.38	+0.120%	$1.5M	$6.8M	50x	as long as short
Backpack TAO_USDC_PERP	+0.1064%	1h	323.38	−0.188%	$445K	$860K	10x	as long as short
RISEx TAO/USDC	+0.1159%	1h	324.16	+0.053%	$468K	$647K	5x	as long as short
Hyperliquid TAO	+0.1247%	1h	323.60	−0.120%	$101.8M	$99.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	323.37	−0.191%	$24K	$2K	12x	as long as short