Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0257%/8h= −28.1% APRpaid last 24h −0.066%

Price spread now: Gate against Backpack−0.159%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.159%, 7d avg −0.080%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.079% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.102% in total (about -5.3% 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	315.00	0.0357	pay 0.0045% / 1h	4m 49s	$313K	$914K	10x
Short	Gate TAO_USDT	314.50	0.0100	get 0.0050% / 4h	4m 49s	$12.9M	$50.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.159%Rate

Funding earned: −$53.98
Price spread: −0.159% → −0.080%: −$7.86
Slippage, 4 orders: −$27.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$114.78
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; Gate: 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, 54 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.18 bp	13.6 bp −$14	30.2 bp −$302	67.5 bp −$6,747	114.4 bp −$57.2K

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	314.41	−0.187%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.56	−0.141%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0056%	1h	314.77	−0.072%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.70	−0.095%	$43K	$669K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.56	−0.140%	$644	$801K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.79	−0.067%	$91.0M	$495.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.68	−0.102%	$67.8M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.60	−0.127%	$26.0M	$120.5M	50x	as long as short
Gate TAO_USDTshort	+0.0100%	4h	314.50	−0.159%	$12.9M	$50.2M	50x
MEXC TAO_USDT	+0.0100%	4h	314.85	−0.048%	$100.1M	$144.4M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	314.66	−0.108%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.29	−0.225%	$35.1M	$56.6M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.80	−0.063%	—	$32.8M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.77	−0.073%	$42K	$312K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.68	−0.101%	$533K	$969K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	314.59	−0.130%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.60	−0.127%	$77K	$861K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.90	−0.033%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.64	−0.114%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.21	−0.251%	$109K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.87	−0.041%	$3.2M	$8.1M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.68	−0.102%	$167K	$2K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.90	−0.032%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	314.75	−0.079%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0144% / S +0.0123%	1h	314.56	−0.139%	$427K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0151%	8h	314.82	−0.056%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0157%	4h	314.69	−0.099%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0200%	1h	314.68	−0.101%	$923K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0217%	1h	314.81	−0.061%	$800K	$2.2M	10x	as long as short
Hyperliquid TAO	+0.0283%	1h	314.81	−0.060%	$92.6M	$106.6M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.64	−0.114%	$4.6M	$10.9M	100x	as long as short
01 Exchange TAOUSD	+0.0344%	1h	315.00	0.000%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.05	+0.016%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0357%	1h	315.00	long leg	$313K	$914K	10x
Pacifica TAO	+0.0365%	1h	314.66	−0.107%	$359K	$412K	10x	as long as short
Lighter TAO	+0.0384%	1h	315.10	+0.031%	$1.5M	$6.5M	5x	as long as short
Variational Omni TAO	+0.0413%	4h	314.58	−0.132%	$5.7M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0541%	1h	314.93	−0.024%	$22K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	314.50	−0.159%	$313K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.77	−0.073%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.80	−0.062%	$437K	$652K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.19	+0.060%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.19	+1.013%	$23K	$2K	12x	as long as short