Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.070%

Price spread now: Backpack against BingX+0.016%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.016%, 7d avg +0.048%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.032% cheaper against BingX than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.048%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.060% in total) that is about 3.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.060% in total (about 3.1% 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	BingX TAO-USDT	312.58	0.0104	pay 0.0052% / 4h	3h 13m	—	$33.7M	—
Short	Backpack TAO_USDC_PERP	312.63	0.0500	get 0.0063% / 1h	13m 26s	$311K	$885K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.016%Rate

Funding earned: $83.24
Price spread: +0.016% → +0.048%: −$3.18
Slippage, 4 orders: −$10.98
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $49.08
Costs to cover: 0.310%
Break-even: 2.9 days

Slippage from BingX: live order book, 10 min ago; Backpack: live order book, 40 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 BingX live order book, 10 min ago	0.48 bp	6.1 bp −$6	10.9 bp −$109	22.2 bp −$2,217	47.4 bp −$23.7K
Sell Backpack live order book, 40 min ago	2.55 bp	10.0 bp −$10	635.4 bp −$6,354	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
Kraken Futures PF_TAOUSD	−0.0347%	1h	312.44	−0.044%	$5.5M	$20.7M	50x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.31	−0.085%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0010%	1h	312.24	−0.109%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.41	−0.054%	$46K	$657K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.34	−0.077%	$639	$851K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.53	−0.017%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.51	−0.023%	$89.4M	$501.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	−0.058%	$26.1M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.20	−0.122%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.45	−0.042%	$103.0M	$145.6M	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	312.43	−0.048%	$17.7M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.22	−0.115%	$35.0M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.81	+0.072%	$42K	$315K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.61	+0.330%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.41	−0.054%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.61	+0.010%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.41	−0.054%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.12	−0.147%	$110K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.53	−0.016%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDTlong	+0.0104%	4h	312.58	long leg	—	$33.7M	—
Aevo TAO-PERP	+0.0104%	1h	312.65	+0.022%	$172K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0112%	4h	312.64	+0.020%	$531K	$956K	10x	as long as short
Aster TAOUSDT	+0.0114%	4h	312.52	−0.020%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0114%	4h	312.49	−0.029%	$52K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0132%	1h	312.12	−0.148%	$421K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	312.44	−0.045%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0179%	4h	312.62	+0.013%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.82	+0.077%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0320%	1h	312.52	−0.018%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0323%	4h	312.65	+0.022%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERP	+0.0330%	1h	312.49	−0.028%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.54	−0.013%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	312.70	+0.038%	$311K	$711K	5x	as long as short
Hyperliquid TAO	+0.0479%	1h	312.75	+0.054%	$91.9M	$107.9M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.53	−0.016%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0500%	1h	312.63	+0.016%	$311K	$885K	10x
Deribit TAO_USDC-PERPETUAL	+0.0530%	1h	312.58	−0.001%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0640%	1h	312.75	+0.055%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.58	−0.001%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.56	−0.005%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.531%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.90	+0.102%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.308%	$23K	$2K	12x	as long as short