Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0009%/8h= −0.9% APRpaid last 24h +0.001%

Price spread now: Polymarket Perps against Katana Perps+0.012%7-day average −0.019% · you sell dearer than you buy

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

Long on Katana Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.142%−$14 on $10k

Price spread, last 4 days (all we have)+0.246%+$25 · spread now +0.012%, 7d avg −0.019%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.032% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps TAO-USD	322.14	0.0109	pay 0.0109% / 8h	1h 26m	$731	$1.0M	5x
Short	Polymarket Perps TAO-USD	322.18	0.0100	get 0.0013% / 1h	26m 28s	$89K	$1.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$1.81
Price spread: +0.012% → −0.019%: $3.15
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$10.45
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	2.82 bp	6.8 bp −$7	7.2 bp −$72	doesn't fit	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	−0.1995%	1h	319.47	−0.829%	$170K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.65	−0.154%	$128K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	321.77	−0.116%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	322.24	+0.031%	$43K	$705K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	322.20	+0.019%	$26.9M	$130.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.40	−0.230%	$14.4M	$52.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	322.27	+0.040%	$18.0M	$32.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	322.06	−0.025%	$36.2M	$58.4M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.84	−0.714%	$45K	$259K	50x	as long as short
Polymarket Perps TAO-USDshort	+0.0100%	1h	322.18	+0.012%	$89K	$1.2M	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	321.03	−0.345%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	320.00	−0.664%	$119K	$597K	20x	as long as short
Katana Perps TAO-USDlong	+0.0109%	8h	322.14	long leg	$731	$1.0M	5x
GMX TAO/USD [WBTC.b-USDC]	L +0.0118% / S +0.0150%	1h	320.83	−0.405%	$429K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	321.15	−0.309%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0125%	4h	321.22	−0.286%	$53K	$292K	10x	as long as short
MEXC TAO_USDT	+0.0170%	4h	322.24	+0.031%	$107.3M	$150.3M	300x	as long as short
edgeX TAOUSDC	+0.0170%	4h	319.71	−0.755%	$42K	$316K	10x	as long as short
Binance TAOUSDT	+0.0171%	4h	322.23	+0.028%	$93.3M	$529.3M	75x	as long as short
Paradex TAO-USD-PERP	+0.0278%	8h	321.99	−0.048%	$15K	$1K	10x	as long as short
Phemex TAOUSDT	+0.0278%	4h	320.92	−0.379%	$3.3M	$8.1M	50x	as long as short
BingX TAO-USDT	+0.0324%	4h	322.15	+0.003%	—	$34.5M	—	as long as short
Aster TAOUSDT	+0.0347%	4h	322.07	−0.023%	$1.3M	$10.9M	50x	as long as short
Bybit TAOUSDT	+0.0350%	4h	322.54	+0.124%	$70.8M	$156.2M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0396%	4h	319.57	−0.797%	$544K	$940K	10x	as long as short
Bullet TAO-USD	+0.0399%	1h	322.20	+0.019%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0411%	4h	321.16	−0.304%	$4.7M	$11.1M	100x	as long as short
Extended TAO-USD	+0.0464%	1h	322.03	−0.034%	$913K	$2.4M	25x	as long as short
Pacifica TAO	+0.0525%	1h	321.51	−0.197%	$366K	$423K	10x	as long as short
Nado TAO-PERP	+0.0533%	1h	322.16	+0.005%	$804K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0541%	4h	320.05	−0.649%	$5.7M	$10.2M	—	as long as short
Phoenix TAO	+0.0567%	1h	319.40	−0.851%	$318K	$709K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	322.21	+0.022%	$104K	$389K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	322.81	+0.208%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0655%	1h	322.50	+0.112%	$95.2M	$110.4M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	322.16	+0.007%	$370	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0718%	1h	321.37	−0.239%	$299K	$905K	10x	as long as short
Lighter TAO	+0.0760%	1h	321.51	−0.195%	$1.5M	$6.7M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	321.15	−0.307%	$1.5M	$6.9M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0952%	1h	321.24	−0.279%	$15K	$1.9M	25x	as long as short
RISEx TAO/USDC	+0.1077%	1h	322.13	−0.002%	$461K	$666K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1149%	1h	321.36	−0.243%	$6.0M	$21.8M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.44	+0.404%	$24K	$2K	12x	as long as short