Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0884%/8h= +96.8% APRpaid last 24h +0.039%

Price spread now: Backpack against Binance−0.017%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.017%, 7d avg +0.044%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.061% cheaper against Binance than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.044%). If the spread goes back, that is −$6 on $10k: about 6 hours of funding at the current rate (+$27 a day). At the pace of the last 7 days (+0.086% in total) that is about 5.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% 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	Binance TAOUSDT	321.75	0.0100	pay 0.0050% / 4h	3h 42m	$93.0M	$442.5M	75x
Short	Backpack TAO_USDC_PERP	321.70	0.0984	get 0.0123% / 1h	42m 21s	$324K	$820K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.017%Rate

Funding earned: $185.63
Price spread: −0.017% → +0.044%: −$6.14
Slippage, 4 orders: −$12.59
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $146.9
Costs to cover: 0.326%
Break-even: 1.5 days

Slippage from Binance: live order book, 1 min ago; Backpack: live order book, 32 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 Binance live order book, 1 min ago	0.62 bp	9.4 bp −$9	17.1 bp −$171	35.3 bp −$3,527	doesn't fit
Sell Backpack live order book, 32 min ago	2.57 bp	7.9 bp −$8	128.6 bp −$1,286	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
Phemex TAOUSDT	−0.1640%	4h	321.47	−0.089%	$3.5M	$7.9M	50x	as long as short
Bulk TAO-USD	−0.0882%	1h	320.07	−0.524%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	321.66	−0.030%	$129K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	321.55	−0.063%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	321.75	−0.002%	$42K	$583K	20x	as long as short
Binance TAOUSDTlong	+0.0100%	4h	321.75	long leg	$93.0M	$442.5M	75x
OKX TAO-USDT-SWAP	+0.0100%	8h	321.70	−0.017%	$26.3M	$108.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	321.60	−0.048%	$13.1M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	321.73	−0.008%	$107.6M	$132.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	321.57	−0.057%	$18.8M	$28.5M	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	321.82	+0.020%	$35.9M	$49.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	320.03	−0.537%	$37K	$290K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	320.32	−0.446%	$49K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	321.84	+0.026%	$58K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	321.70	−0.017%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	321.62	−0.042%	$129K	$423K	20x	as long as short
Katana Perps TAO-USD	+0.0101%	8h	321.95	+0.061%	$659	$605K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	322.19	+0.135%	$177K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	321.56	−0.060%	$467K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	322.08	+0.101%	$381K	$373K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	322.06	+0.095%	$85K	$545K	5x	as long as short
Bullet TAO-USD	+0.0218%	1h	321.86	+0.032%	$12K	$18K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0222%	4h	321.18	−0.179%	$532K	$958K	10x	as long as short
Paradex TAO-USD-PERP	+0.0240%	8h	321.95	+0.060%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0259%	4h	321.82	+0.020%	$1.1M	$8.1M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0286%	1h	321.83	+0.024%	$23K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	322.28	+0.163%	$4.5M	$10.9M	100x	as long as short
Variational Omni TAO	+0.0341%	4h	319.24	−0.781%	$5.5M	$8.6M	—	as long as short
Polymarket Perps TAO-USD	+0.0403%	1h	321.80	+0.014%	$95K	$637K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0476%	1h	321.75	−0.002%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	319.70	−0.639%	$335K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.76	−0.309%	$23K	$651	12x	as long as short
Bybit TAOUSDT	+0.0592%	4h	321.97	+0.067%	$66.5M	$130.9M	50x	as long as short
BingX TAO-USDT	+0.0622%	4h	321.83	+0.023%	—	$30.8M	—	as long as short
Reya TAORUSDPERP	+0.0695%	1h	321.63	−0.038%	$370	—	20x	as long as short
Nado TAO-PERP	+0.0741%	1h	321.70	−0.018%	$895K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0752%	1h	322.08	+0.101%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0984%	1h	321.70	−0.017%	$324K	$820K	10x
Coinbase International TAO-PERP-INTX	+0.0984%	1h	322.30	+0.169%	$1.5M	$6.1M	50x	as long as short
Extended TAO-USD	+0.1112%	1h	321.92	+0.050%	$943K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	321.99	+0.073%	$426K	$595K	5x	as long as short
Lighter TAO	+0.1560%	1h	322.64	+0.276%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2772%	1h	322.35	+0.185%	$104.8M	$90.0M	5x	as long as short