Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0088%/8h= −9.7% APRpaid last 24h 0.000%

Price spread now: Phemex against ApeX Omni−0.380%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$740.743% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.516%−$52 on $10k

Price spread, last 3 days (all we have)+0.494%+$49 · spread now −0.380%, 7d avg −0.005%

Together, before fees−0.022%−$2 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 Phemex is 0.374% cheaper against ApeX Omni than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni TAOUSDT	318.70	0.0188	pay 0.0024% / 1h	1m 26s	$48K	$252K	50x
Short	Phemex TAOUSDT	317.49	0.0100	get 0.0050% / 4h	2h 01m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.380%Rate

Funding earned: −$18.53
Price spread: −0.380% → −0.005%: −$37.42
Slippage, 4 orders: −$52.3
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$130.25
Costs to cover: 0.743%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 66 min ago; Phemex: live order book, 2 min ago.

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 ApeX Omni live order book, 66 min ago	5.51 bp	12.7 bp −$13	108.4 bp −$1,084	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	6.59 bp	22.8 bp −$23	doesn't fit	doesn't fit	doesn't fit

TAO on 42 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	−0.0185%	1h	315.28	−1.073%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.60	−0.659%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.63	−0.650%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.10	−0.502%	$43K	$646K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.80	−0.596%	$91.4M	$466.2M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.00	−0.533%	$26.2M	$114.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.70	−0.628%	$12.9M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.93	−0.555%	$103.5M	$140.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.06	−0.515%	$18.0M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.65	−0.643%	$35.3M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	318.38	−0.101%	$36K	$301K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.81	−0.593%	$76K	$721K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.77	−0.292%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.57	−0.355%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.75	−0.298%	$130K	$471K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	317.49	−0.380%	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	318.09	−0.191%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	317.01	−0.530%	$674	$727K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0103%	1h	317.55	−0.360%	$432K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0166%	1h	317.56	−0.358%	$5.6M	$20.5M	50x	as long as short
ApeX Omni TAOUSDTlong	+0.0188%	1h	318.70	long leg	$48K	$252K	50x
GRVT TAO_USDT_Perp	+0.0198%	4h	317.41	−0.405%	$528K	$957K	10x	as long as short
Bullet TAO-USD	+0.0221%	1h	316.91	−0.561%	$12K	$18K	20x	as long as short
Aster TAOUSDT	+0.0281%	4h	316.82	−0.590%	$1.2M	$9.3M	50x	as long as short
Pacifica TAO	+0.0285%	1h	316.92	−0.559%	$369K	$396K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	317.12	−0.496%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0355%	8h	316.66	−0.640%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	321.23	+0.794%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0539%	1h	316.99	−0.537%	$757K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	318.30	−0.126%	$334K	$681K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0627%	1h	317.85	−0.268%	$14K	$1.6M	25x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	317.20	−0.471%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.84	−0.584%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0712%	4h	316.87	−0.574%	$67.2M	$138.0M	50x	as long as short
BingX TAO-USDT	+0.0720%	4h	316.88	−0.571%	—	$30.9M	—	as long as short
Variational Omni TAO	+0.0857%	4h	316.54	−0.678%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0896%	1h	316.62	−0.654%	$899K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0920%	1h	317.80	−0.282%	$321K	$806K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	318.74	+0.013%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	316.97	−0.543%	$448K	$626K	5x	as long as short
Hyperliquid TAO	+0.1336%	1h	317.21	−0.468%	$99.8M	$97.3M	5x	as long as short
Lighter TAO	+0.1344%	1h	317.12	−0.496%	$1.6M	$6.1M	5x	as long as short