Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0109%/8h= −12.0% APRpaid last 24h +0.001%

Price spread now: dYdX against Katana Perps−0.119%7-day average −0.066% · you buy dearer than you sell

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

Long on Katana Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.119%, 7d avg −0.066%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.052% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	320.04	0.0109	pay 0.0109% / 8h	1h 40m	$726	$1.0M	5x
Short	dYdX TAO-USD	319.66	0	get 0.0000% / 1h	40m 05s	$127K	$85K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$22.95
Price spread: −0.119% → −0.066%: −$5.23
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$41.98
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: live order book, 4 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 dYdX live order book, 4 min ago	44.87 bp	49.9 bp −$50	57.1 bp −$571	185.6 bp −$18.6K	503.1 bp −$251.6K

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	−0.2019%	1h	319.65	−0.122%	$170K	$333	10x	as long as short
dYdX TAO-USDshort	0.0000%	1h	319.66	−0.119%	$127K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.54	−0.157%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	320.22	+0.056%	$41K	$696K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.30	−0.231%	$26.5M	$129.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.40	−0.200%	$14.2M	$51.7M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.38	−0.206%	$17.8M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.06	−0.306%	$35.8M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.81	−0.072%	$45K	$258K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	320.00	−0.012%	$79K	$1.1M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	319.33	−0.222%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.46	−0.181%	$118K	$588K	20x	as long as short
Katana Perps TAO-USDlong	+0.0109%	8h	320.04	long leg	$726	$1.0M	5x
Phemex TAOUSDT	+0.0117%	4h	319.86	−0.056%	$3.3M	$8.1M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	319.66	−0.119%	$53K	$292K	10x	as long as short
Aevo TAO-PERP	+0.0120%	1h	319.73	−0.095%	$176K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0120% / S +0.0157%	1h	319.48	−0.174%	$432K	—	100x	as long as short
edgeX TAOUSDC	+0.0152%	4h	320.03	−0.002%	$42K	$318K	10x	as long as short
MEXC TAO_USDT	+0.0156%	4h	319.49	−0.172%	$104.9M	$149.7M	300x	as long as short
Binance TAOUSDT	+0.0158%	4h	319.41	−0.197%	$92.4M	$527.3M	75x	as long as short
Paradex TAO-USD-PERP	+0.0262%	8h	320.06	+0.007%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0314%	4h	319.53	−0.160%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0380%	4h	319.43	−0.191%	$69.7M	$155.8M	50x	as long as short
Bullet TAO-USD	+0.0389%	1h	319.84	−0.061%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0398%	4h	319.77	−0.084%	$4.7M	$11.1M	100x	as long as short
BingX TAO-USDT	+0.0398%	4h	319.38	−0.206%	—	$34.5M	—	as long as short
GRVT TAO_USDT_Perp	+0.0408%	4h	319.70	−0.107%	$544K	$940K	10x	as long as short
Extended TAO-USD	+0.0488%	1h	319.59	−0.141%	$917K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	320.13	+0.028%	$365K	$423K	10x	as long as short
Variational Omni TAO	+0.0535%	4h	319.70	−0.107%	$5.6M	$10.2M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0540%	1h	319.62	−0.131%	$14K	$1.9M	25x	as long as short
Phoenix TAO	+0.0567%	1h	320.30	+0.081%	$319K	$709K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	320.41	+0.116%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	320.45	+0.128%	$103K	$394K	5x	as long as short
Nado TAO-PERP	+0.0646%	1h	320.14	+0.032%	$802K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0654%	1h	319.69	−0.109%	$94.4M	$110.2M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0677%	1h	319.53	−0.159%	$300K	$904K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.82	−0.068%	$368	—	20x	as long as short
Lighter TAO	+0.0864%	1h	319.89	−0.047%	$1.5M	$6.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	320.89	+0.266%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	320.06	+0.007%	$462K	$663K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1154%	1h	319.80	−0.075%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.63	+1.122%	$24K	$2K	12x	as long as short