Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.066%

Price spread now: OKX against Backpack−0.064%46s7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$370.368% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now −0.064%, 7d avg −0.075%

Together, before fees−0.305%−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.075%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 46 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	314.60	0.0262	pay 0.0033% / 1h	50m 28s	$313K	$914K	10x
Short	OKX TAO-USDT-SWAP	314.40	0.0100	get 0.0100% / 8h	4h 50m	$25.9M	$118.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$34.01
Price spread: −0.064% → −0.075%: $1.12
Slippage, 4 orders: −$16.82
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$69.71
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Backpack: live order book, 8 min ago; OKX: 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, 8 min ago	2.85 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.58 bp	11.4 bp −$11	19.4 bp −$194	58.9 bp −$5,889	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
Bulk TAO-USD	−0.0499%	1h	315.15	+0.175%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.28	−0.102%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.13	−0.150%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0057%	1h	314.31	−0.093%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.31	−0.092%	$41K	$685K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.38	−0.071%	$90.7M	$488.2M	75x	as long as short
OKX TAO-USDT-SWAPshort	+0.0100%	8h	314.40	−0.064%	$25.9M	$118.8M	50x
Gate TAO_USDT	+0.0100%	4h	314.10	−0.159%	$12.9M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.61	+0.003%	$104.5M	$142.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.27	−0.105%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.31	−0.092%	$35.1M	$55.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.19	+0.504%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.90	+0.413%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.41	−0.060%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.36	−0.078%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.21	−0.124%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.62	+0.006%	$109K	$526K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.27	−0.105%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.46	−0.045%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	313.98	−0.197%	$1K	$783K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	316.28	+0.533%	$527K	$952K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	314.35	−0.079%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0115%	1h	314.08	−0.165%	$426K	—	100x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	314.29	−0.099%	$3K	$4K	5x	as long as short
Bybit TAOUSDT	+0.0196%	4h	314.56	−0.013%	$68.8M	$145.9M	50x	as long as short
Paradex TAO-USD-PERP	+0.0201%	8h	315.06	+0.145%	$14K	$1K	10x	as long as short
Hyperliquid TAO	+0.0216%	1h	314.75	+0.048%	$94.0M	$104.8M	5x	as long as short
Aster TAOUSDT	+0.0218%	4h	314.34	−0.083%	$1.2M	$10.1M	50x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.28	−0.102%	—	$30.2M	—	as long as short
Backpack TAO_USDC_PERPlong	+0.0262%	1h	314.60	long leg	$313K	$914K	10x
Nado TAO-PERP	+0.0264%	1h	314.60	−0.001%	$806K	$2.2M	10x	as long as short
Lighter TAO	+0.0328%	1h	314.73	+0.041%	$1.5M	$6.4M	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0333%	1h	314.41	−0.062%	$13K	$1.6M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.43	−0.054%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	314.71	+0.035%	$99K	$488K	5x	as long as short
Extended TAO-USD	+0.0360%	1h	314.21	−0.124%	$922K	$2.4M	25x	as long as short
Pacifica TAO	+0.0365%	1h	314.59	−0.003%	$367K	$402K	10x	as long as short
Phoenix TAO	+0.0581%	1h	316.60	+0.636%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0651%	4h	314.33	−0.086%	$5.8M	$9.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.45	−0.047%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	314.47	−0.041%	$433K	$657K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.00	+0.127%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	319.25	+1.478%	$23K	$2K	12x	as long as short