Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Phemex against Bitget−0.039%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$670.665% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.539%−$54 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.039%, 7d avg +0.041%

Together, before fees−0.412%−$41 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.080% cheaper against Bitget than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TAOUSDT	307.38	0.0100	pay 0.0050% / 4h	2h 30m	$34.5M	$44.4M	50x
Short	Phemex TAOUSDT	307.26	0.0100	get 0.0050% / 4h	2h 30m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → +0.041%: −$7.97
Slippage, 4 orders: −$42.54
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$74.51
Costs to cover: 0.665%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Phemex: live order book, 3 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	1.63 bp	11.3 bp −$11	19.4 bp −$194	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	7.49 bp	20.1 bp −$20	doesn't fit	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
dYdX TAO-USD	0.0000%	1h	307.10	−0.091%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	307.27	−0.037%	$20K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0058%	1h	307.45	+0.024%	$14K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.23	−0.049%	$42K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.38	0.000%	$363K	$400K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.54	+0.052%	$86.0M	$402.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.60	+0.072%	$59.2M	$117.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.50	+0.039%	$25.1M	$92.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.44	+0.020%	$136K	$594K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	−0.101%	$201K	$57K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	307.50	+0.039%	$12.1M	$47.9M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.71	+0.107%	$113.7M	$122.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.61	+0.075%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	307.38	long leg	$34.5M	$44.4M	50x
BingX TAO-USDT	+0.0100%	4h	307.61	+0.075%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.77	−0.524%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.38	0.000%	$40K	$277K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.30	−0.025%	$539K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.14	−0.078%	$46K	$267K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.41	+0.011%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.32	−0.020%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.25	−0.042%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.35	−0.010%	$121K	$351K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	307.26	−0.039%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	307.56	+0.059%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.39	+0.003%	$2K	$430K	5x	as long as short
Polymarket Perps TAO-USD	+0.0116%	1h	307.56	+0.059%	$86K	$669K	5x	as long as short
Aster TAOUSDT	+0.0163%	4h	307.57	+0.062%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0164%	8h	307.35	−0.010%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.21	−0.055%	$438K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	308.30	+0.299%	$327K	$462K	5x	as long as short
Nado TAO-PERP	+0.0283%	1h	307.42	+0.012%	$846K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.28	−0.033%	$4.2M	$9.5M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.53	+0.049%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.41	+0.010%	$354	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	307.73	+0.115%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0936%	1h	308.01	+0.206%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.45	+0.348%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1025%	1h	307.61	+0.075%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.36	−0.006%	$411K	$535K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1309%	1h	308.02	+0.208%	$471K	$681K	10x	as long as short
Hyperliquid TAO	+0.1689%	1h	308.22	+0.273%	$94.1M	$75.8M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.62	+0.403%	$22K	$138	12x	as long as short