Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0860%/8h= +94.2% APRpaid last 24h +0.042%

Price spread now: Backpack against Bitget+0.063%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now +0.063%, 7d avg +0.080%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.080%, so right now this pair is about funding alone: +$26 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% 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	Bitget TAOUSDT	319.79	0.0100	pay 0.0050% / 4h	3h 46m	$35.7M	$49.3M	50x
Short	Backpack TAO_USDC_PERP	319.99	0.0960	get 0.0120% / 1h	46m 17s	$320K	$819K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $180.68
Price spread: +0.063% → +0.080%: −$1.72
Slippage, 4 orders: −$17.59
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $139.37
Costs to cover: 0.396%
Break-even: 1.6 days

Slippage from Bitget: live order book, 3 min ago; Backpack: live order book, 28 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 Bitget live order book, 3 min ago	2.03 bp	12.2 bp −$12	21.9 bp −$219	doesn't fit	doesn't fit
Sell Backpack live order book, 28 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
Bulk TAO-USD	−0.0882%	1h	320.07	+0.088%	$170K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.81	−0.307%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.34	−0.454%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.78	−0.316%	$42K	$582K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.36	−0.136%	$92.3M	$441.7M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.90	+0.034%	$26.0M	$107.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.40	−0.435%	$12.9M	$49.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.57	−0.069%	$106.5M	$132.3M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.71	−0.338%	$18.9M	$28.4M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	319.79	long leg	$35.7M	$49.3M	50x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	320.20	+0.127%	$37K	$289K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.59	−0.063%	$48K	$269K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.61	−0.369%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.40	−0.435%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.66	−0.353%	$127K	$422K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.15	−0.200%	$3.5M	$8.0M	50x	as long as short
Katana Perps TAO-USD	+0.0102%	8h	319.09	−0.219%	$1K	$599K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.07	−0.225%	$175K	$998	3x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0089%	1h	318.28	−0.473%	$462K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	319.35	−0.138%	$378K	$373K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	319.14	−0.203%	$84K	$545K	5x	as long as short
Aster TAOUSDT	+0.0232%	4h	318.68	−0.346%	$1.1M	$8.1M	50x	as long as short
Paradex TAO-USD-PERP	+0.0233%	8h	319.04	−0.233%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0257%	1h	318.62	−0.366%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0264%	4h	320.78	+0.310%	$532K	$946K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0338%	1h	318.69	−0.344%	$21K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.00	−0.247%	$4.4M	$10.9M	100x	as long as short
Variational Omni TAO	+0.0341%	4h	319.24	−0.172%	$5.5M	$8.6M	—	as long as short
Polymarket Perps TAO-USD	+0.0365%	1h	318.93	−0.269%	$94K	$639K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0480%	1h	319.31	−0.151%	$5.8M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	319.50	−0.091%	$334K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	319.09	−0.219%	$23K	$649	12x	as long as short
BingX TAO-USDT	+0.0622%	4h	319.99	+0.063%	—	$30.8M	—	as long as short
Bybit TAOUSDT	+0.0641%	4h	319.69	−0.031%	$66.0M	$130.6M	50x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	318.50	−0.404%	$366	—	20x	as long as short
Nado TAO-PERP	+0.0781%	1h	318.89	−0.281%	$887K	$2.0M	10x	as long as short
01 Exchange TAOUSD	+0.0808%	1h	319.15	−0.200%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0960%	1h	319.99	+0.063%	$320K	$819K	10x
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.75	−0.013%	$1.5M	$6.1M	50x	as long as short
Extended TAO-USD	+0.1096%	1h	318.64	−0.360%	$929K	$2.2M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	318.88	−0.285%	$422K	$590K	5x	as long as short
Lighter TAO	+0.1640%	1h	319.93	+0.044%	$1.7M	$5.9M	5x	as long as short
Hyperliquid TAO	+0.2812%	1h	319.53	−0.081%	$104.0M	$89.4M	5x	as long as short