Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.006%

Price spread now: BloFin against Backpack−0.035%66s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.402% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.325%+$32 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now −0.035%, 7d avg −0.027%

Together, before fees+0.350%+$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.325%, so the current rate has only just turned against you. The two prices were read 66 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	Backpack TAO_USDC_PERP	315.26	0.0364	pay 0.0045% / 1h	1m 49s	$313K	$913K	10x
Short	BloFin TAO-USDT	315.15	0.0340	get 0.0170% / 4h	1m 49s	$4.6M	$10.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$5
Price spread: −0.035% → −0.027%: −$0.76
Slippage, 4 orders: −$18.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$45.97
Costs to cover: 0.402%
Break-even: never at this rate

Slippage from Backpack: live order book, 57 min ago; BloFin: 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 Backpack live order book, 57 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	3.01 bp	12.8 bp −$13	19.0 bp −$190	35.5 bp −$3,555	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	314.94	−0.101%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.92	−0.108%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	315.19	−0.021%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.01	−0.079%	$43K	$669K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.77	−0.155%	$2K	$800K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.20	−0.019%	$91.1M	$495.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.28	+0.006%	$68.0M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.20	−0.019%	$26.0M	$120.7M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.80	−0.146%	$167K	$2K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.00	−0.082%	$13.0M	$50.2M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	315.21	−0.016%	$100.9M	$144.5M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.04	−0.070%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.88	−0.121%	$35.2M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.14	−0.038%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.70	−0.179%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.68	−0.183%	$533K	$969K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.73	−0.168%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.88	−0.121%	$77K	$862K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.16	−0.030%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.73	−0.168%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.71	−0.174%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.23	−0.010%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.26	−0.002%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0128%	4h	315.16	−0.032%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0144% / S +0.0123%	1h	314.91	−0.113%	$428K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0150%	8h	315.01	−0.080%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0159%	4h	315.25	−0.004%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	315.13	−0.040%	$923K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0213%	1h	314.97	−0.091%	$800K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0289%	1h	315.39	+0.041%	$92.7M	$106.6M	5x	as long as short
BloFin TAO-USDTshort	+0.0340%	4h	315.15	−0.035%	$4.6M	$10.9M	100x
Arcus TAO-USD	+0.0345%	1h	315.25	−0.003%	$99K	$438K	5x	as long as short
01 Exchange TAOUSD	+0.0352%	1h	315.06	−0.063%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0364%	1h	315.26	long leg	$313K	$913K	10x
Pacifica TAO	+0.0365%	1h	315.00	−0.081%	$359K	$412K	10x	as long as short
Lighter TAO	+0.0384%	1h	315.48	+0.069%	$1.5M	$6.5M	5x	as long as short
Variational Omni TAO	+0.0413%	4h	314.58	−0.214%	$5.7M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0527%	1h	315.29	+0.008%	$22K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	314.50	−0.241%	$313K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.05	−0.066%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.99	−0.086%	$438K	$653K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.59	+0.105%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	317.67	+0.764%	$23K	$2K	12x	as long as short