Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0673%/8h= −73.7% APRpaid last 24h −0.074%

Price spread now: Phemex against Backpack−0.073%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$610.614% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.557%−$56 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.073%, 7d avg −0.039%

Together, before fees−0.502%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.034% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TAO_USDC_PERP	314.52	0.0825	pay 0.0103% / 1h	23m 38s	$312K	$890K	10x
Short	Phemex TAOUSDT	314.29	0.0152	get 0.0076% / 4h	2h 23m	$3.2M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$141.31
Price spread: −0.073% → −0.039%: −$3.41
Slippage, 4 orders: −$39.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$206.07
Costs to cover: 0.614%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; Phemex: live order book, 5 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, 25 min ago	0.32 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	6.86 bp	18.0 bp −$18	29.6 bp −$296	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.31	−0.065%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0042%	1h	315.23	+0.226%	$126K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.71	+0.379%	$90.6M	$508.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	315.30	+0.248%	$26.4M	$122.9M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	313.47	−0.333%	$167K	$333	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.30	+0.248%	$14.0M	$51.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.42	+0.286%	$109.0M	$146.1M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.60	+0.343%	$17.4M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.02	+0.159%	$35.6M	$57.2M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.26	−0.401%	$41K	$314K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	314.78	+0.083%	$90K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.38	−0.045%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.65	−0.277%	$113K	$554K	20x	as long as short
Katana Perps TAO-USD	+0.0103%	8h	315.12	+0.191%	$650	$934K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.42	−0.032%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0122%	4h	314.41	−0.035%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0128% / S +0.0140%	1h	314.29	−0.074%	$421K	—	100x	as long as short
Popdex TAOUSDT	+0.0136%	1h	315.02	+0.159%	$52K	$669K	20x	as long as short
Phemex TAOUSDTshort	+0.0152%	4h	314.29	−0.073%	$3.2M	$8.0M	50x
Aster TAOUSDT	+0.0219%	4h	315.65	+0.360%	$1.3M	$10.6M	50x	as long as short
Pacifica TAO	+0.0233%	1h	315.48	+0.305%	$359K	$419K	10x	as long as short
Nado TAO-PERP	+0.0265%	1h	315.03	+0.161%	$777K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0272%	8h	315.78	+0.399%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.36	−0.052%	$5.9M	$21.4M	50x	as long as short
Bullet TAO-USD	+0.0327%	1h	314.78	+0.082%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.97	−0.175%	$4.6M	$10.9M	100x	as long as short
GRVT TAO_USDT_Perp	+0.0348%	4h	314.02	−0.160%	$533K	$923K	10x	as long as short
ApeX Omni TAOUSDT	+0.0359%	1h	313.36	−0.369%	$44K	$256K	50x	as long as short
Bybit TAOUSDT	+0.0410%	4h	315.49	+0.308%	$68.6M	$152.5M	50x	as long as short
BingX TAO-USDT	+0.0430%	4h	315.26	+0.235%	—	$33.6M	—	as long as short
Variational Omni TAO	+0.0439%	4h	313.02	−0.477%	$5.5M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	315.68	+0.369%	$102K	$345K	5x	as long as short
Extended TAO-USD	+0.0488%	1h	315.19	+0.212%	$900K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	313.30	−0.388%	$312K	$713K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0580%	1h	314.43	−0.030%	$15K	$1.8M	25x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.71	+0.059%	$362	—	20x	as long as short
Lighter TAO	+0.0760%	1h	315.94	+0.451%	$1.5M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	315.71	+0.378%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0806%	1h	315.40	+0.280%	$92.4M	$108.7M	5x	as long as short
Backpack TAO_USDC_PERPlong	+0.0825%	1h	314.52	long leg	$312K	$890K	10x
Coinbase International TAO-PERP-INTX	+0.0928%	1h	315.59	+0.340%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	315.19	+0.213%	$456K	$650K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	319.48	+1.577%	$23K	$2K	12x	as long as short