Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0895%/8h= −98.0% APRpaid last 24h −0.019%

Price spread now: Bybit against Backpack−0.006%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.218%−$22 · spread now −0.006%, 7d avg −0.015%

Together, before fees−0.213%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$27 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	309.60	0.0995	pay 0.0124% / 1h	14m 41s	$447K	$716K	10x
Short	Bybit TAOUSDT	309.58	0.0100	get 0.0050% / 4h	2h 14m	$60.2M	$119.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$187.91
Price spread: −0.006% → −0.015%: $0.9
Slippage, 4 orders: −$30.4
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$238.41
Costs to cover: 0.514%
Break-even: never at this rate

Slippage from Backpack: live order book, 9 min ago; Bybit: live order book, 4 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, 9 min ago	0.16 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.81 bp	12.8 bp −$13	23.1 bp −$231	53.2 bp −$5,324	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	309.27	−0.107%	$130K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	309.69	+0.030%	$27K	—	150x	as long as short
Bulk TAO-USD	+0.0052%	1h	305.44	−1.344%	$200K	$57K	10x	as long as short
Popdex TAOUSDT	+0.0096%	1h	309.85	+0.081%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	309.61	+0.003%	$366K	$367K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	309.57	−0.011%	$86.8M	$404.7M	75x	as long as short
Bybit TAOUSDTshort	+0.0100%	4h	309.58	−0.006%	$60.2M	$119.2M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	309.50	−0.032%	$25.6M	$93.9M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	310.02	+0.136%	$138K	$603K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	309.50	−0.032%	$12.3M	$48.5M	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	309.48	−0.039%	$118.0M	$125.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	309.56	−0.013%	$18.8M	$26.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	309.77	+0.055%	$34.7M	$44.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	309.50	−0.032%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	309.10	−0.163%	$3.7M	$6.6M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.62	+0.007%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	309.81	+0.069%	$551K	$965K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.61	+0.003%	$46K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	310.05	+0.145%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	309.83	+0.074%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.43	−0.055%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.71	+0.036%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.80	+0.065%	$122K	$353K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	309.58	−0.006%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	309.85	+0.081%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	310.04	+0.142%	$1K	$446K	5x	as long as short
Paradex TAO-USD-PERP	+0.0161%	8h	309.46	−0.045%	$14K	$1K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0168%	1h	309.71	+0.037%	$15K	$1.3M	25x	as long as short
Aster TAOUSDT	+0.0170%	4h	309.49	−0.036%	$1.1M	$7.5M	50x	as long as short
Phoenix TAO	+0.0234%	1h	307.60	−0.646%	$326K	$462K	5x	as long as short
Nado TAO-PERP	+0.0291%	1h	309.91	+0.101%	$857K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	309.85	+0.081%	$4.3M	$9.5M	100x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0486% / S −0.0184%	1h	309.61	+0.005%	$455K	—	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	310.26	+0.213%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	309.87	+0.087%	$356	—	20x	as long as short
Extended TAO-USD	+0.0712%	1h	309.54	−0.020%	$911K	$2.0M	25x	as long as short
Lighter TAO	+0.0904%	1h	309.89	+0.093%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	310.65	+0.339%	$1.5M	$5.4M	50x	as long as short
Backpack TAO_USDC_PERPlong	+0.0995%	1h	309.60	long leg	$447K	$716K	10x
Kraken Futures PF_TAOUSD	+0.1017%	1h	309.88	+0.090%	$6.4M	$19.1M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	310.01	+0.132%	$414K	$540K	5x	as long as short
Hyperliquid TAO	+0.1785%	1h	310.59	+0.320%	$97.1M	$77.3M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.73	−0.281%	$22K	$271	12x	as long as short