Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Arcus−0.214%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 3 days (all we have)+0.234%+$23 · spread now −0.214%, 7d avg −0.066%

Together, before fees+0.226%+$23 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: Phemex is 0.148% cheaper against Arcus than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus TAO-USD	308.85	0.0100	pay 0.0013% / 1h	21m 22s	$137K	$599K	5x
Short	Phemex TAOUSDT	308.19	0.0100	get 0.0050% / 4h	2h 21m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now −0.214%Rate

Funding earned: $0
Price spread: −0.214% → −0.066%: −$14.76
Slippage, 4 orders: −$43.85
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$75.11
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Phemex: live order book, 3 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 Arcus live order book, 2 min ago	4.70 bp	15.8 bp −$16	28.2 bp −$282	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.41 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit

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
dYdX TAO-USD	0.0000%	1h	308.50	−0.113%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.94	−0.296%	$26K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0034%	1h	308.35	−0.162%	$16K	$1.3M	25x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−1.104%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	308.37	−0.155%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	308.72	−0.042%	$365K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	308.13	−0.232%	$86.1M	$404.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	308.41	−0.142%	$59.5M	$118.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	308.40	−0.146%	$25.3M	$93.5M	50x	as long as short
Arcus TAO-USDlong	+0.0100%	1h	308.85	long leg	$137K	$599K	5x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	308.00	−0.275%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.69	−0.376%	$115.3M	$124.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	308.23	−0.201%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	308.20	−0.210%	$34.5M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	308.10	−0.243%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.955%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.92	−0.301%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.12	−0.560%	$538K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.95	−0.291%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	308.45	−0.130%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	308.16	−0.223%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	308.28	−0.185%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	308.23	−0.201%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.77	−0.350%	$121K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	308.19	−0.214%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	308.48	−0.118%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	308.50	−0.113%	$882	$438K	5x	as long as short
Aster TAOUSDT	+0.0162%	4h	308.37	−0.154%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	308.71	−0.046%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.98	−0.283%	$440K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.90	−0.308%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0290%	1h	308.33	−0.168%	$846K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.69	−0.376%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.78	−0.023%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.72	−0.366%	$354	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	308.28	−0.184%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0928%	1h	309.00	+0.049%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	309.18	+0.107%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1022%	1h	308.52	−0.107%	$6.3M	$19.2M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	308.67	−0.060%	$413K	$539K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1094%	1h	308.20	−0.210%	$445K	$715K	10x	as long as short
Hyperliquid TAO	+0.1741%	1h	308.37	−0.155%	$94.4M	$75.7M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.936%	$22K	$171	12x	as long as short