Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.006%

Price spread now: Bullet against Katana Perps+0.297%48s7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Bullet

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 for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bullet is 0.297% dearer against Katana Perps than usual: you sell high and buy low: +$30 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	316.56	0.0106	pay 0.0106% / 8h	2m 36s	$2K	$1.2M	5x
Short	Bullet TAO-USD	317.50	0.0302	get 0.0038% / 1h	2m 36s	$12K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.297%Rate

Funding earned: $41.26
Price spread: +0.297% → 0.000%: $29.65
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: $59.11
Costs to cover: 0.118%
Break-even: from the start

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

Katana Perps and Bullet: 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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.14	+0.182%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0068%	1h	317.07	+0.162%	$127K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.95	+0.123%	$48K	$717K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.80	+0.076%	$26.4M	$131.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.10	+0.171%	$14.8M	$52.6M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.27	+0.224%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.74	+0.057%	$35.7M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.37	+0.256%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.45	+0.281%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.92	+0.114%	$116K	$590K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX TAO/USD [WBTC.b-USDC]	L +0.0102% / S +0.0138%	1h	317.11	+0.173%	$409K	—	100x	as long as short
Katana Perps TAO-USDlong	+0.0106%	8h	316.56	long leg	$2K	$1.2M	5x
Aevo TAO-PERP	+0.0128%	1h	317.53	+0.308%	$174K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0138%	1h	318.99	+0.768%	$46K	$259K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0182%	4h	317.39	+0.262%	$52K	$295K	10x	as long as short
Binance TAOUSDT	+0.0184%	4h	316.96	+0.126%	$92.7M	$532.8M	75x	as long as short
MEXC TAO_USDT	+0.0188%	4h	317.28	+0.227%	$103.9M	$153.0M	300x	as long as short
edgeX TAOUSDC	+0.0195%	4h	319.07	+0.793%	$42K	$320K	10x	as long as short
Bulk TAO-USD	+0.0217%	1h	317.92	+0.431%	$169K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0257%	8h	317.41	+0.268%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0278%	4h	317.07	+0.161%	—	$37.3M	—	as long as short
Bybit TAOUSDT	+0.0284%	4h	316.95	+0.123%	$69.7M	$157.1M	50x	as long as short
Bullet TAO-USDshort	+0.0302%	1h	317.50	+0.297%	$12K	$17K	20x
Pacifica TAO	+0.0313%	1h	317.33	+0.242%	$372K	$465K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0314%	4h	318.68	+0.668%	$542K	$896K	10x	as long as short
Aster TAOUSDT	+0.0341%	4h	317.00	+0.139%	$1.3M	$11.1M	50x	as long as short
Extended TAO-USD	+0.0376%	1h	317.16	+0.188%	$901K	$2.4M	25x	as long as short
BloFin TAO-USDT	+0.0429%	4h	317.56	+0.316%	$4.7M	$10.9M	100x	as long as short
Phemex TAOUSDT	+0.0466%	4h	317.56	+0.316%	$3.2M	$8.1M	50x	as long as short
Arcus TAO-USD	+0.0473%	1h	317.35	+0.250%	$100K	$383K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0483%	1h	317.46	+0.284%	$15K	$1.9M	25x	as long as short
Nado TAO-PERP	+0.0484%	1h	317.00	+0.137%	$773K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0574%	4h	318.65	+0.661%	$5.6M	$10.1M	—	as long as short
Phoenix TAO	+0.0629%	1h	319.30	+0.866%	$321K	$703K	5x	as long as short
Lighter TAO	+0.0640%	1h	317.49	+0.293%	$1.6M	$6.9M	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	317.06	+0.158%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0683%	1h	317.58	+0.322%	$94.0M	$110.2M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.39	+0.262%	$365	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0724%	1h	317.75	+0.376%	$434K	$981K	10x	as long as short
RISEx TAO/USDC	+0.0831%	1h	316.86	+0.095%	$448K	$669K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0834%	1h	317.63	+0.339%	$6.0M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.64	+0.657%	$1.3M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.44	+1.857%	$23K	$2K	12x	as long as short