Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0437%/8h= +47.9% APRpaid last 24h +0.085%

Price spread now: Phoenix against Bitget+0.172%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now +0.172%, 7d avg +0.185%

Together, before fees+0.285%+$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.185%, so right now this pair is about funding alone: +$13 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 0.134% in total (about 7.0% 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	313.66	0.0100	pay 0.0050% / 4h	28m 57s	$35.0M	$46.5M	50x
Short	Phoenix TAO	314.20	0.0537	get 0.0067% / 1h	28m 57s	$329K	$521K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.172%Rate

Funding earned: $91.82
Price spread: +0.172% → +0.185%: −$1.26
Slippage, 4 orders: −$34.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $37.25
Costs to cover: 0.533%
Break-even: 4.2 days

Slippage from Bitget: live order book, 5 min ago; Phoenix: live order book, 48 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, 5 min ago	0.64 bp	12.8 bp −$13	24.1 bp −$241	doesn't fit	doesn't fit
Sell Phoenix live order book, 48 min ago	3.27 bp	18.9 bp −$19	24.6 bp −$246	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	−0.4493%	1h	315.57	+0.609%	$169K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.54	−0.039%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.15	+0.155%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.95	+0.411%	$23K	$361	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.66	0.000%	$34K	$571K	20x	as long as short
Pacifica TAO	+0.0100%	1h	313.92	+0.082%	$372K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.98	+0.102%	$89.2M	$426.8M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	313.96	+0.096%	$61.6M	$124.9M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.80	+0.045%	$25.3M	$101.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.20	+0.172%	$12.8M	$49.6M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	313.82	+0.051%	$109.7M	$129.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.48	+0.261%	$18.9M	$27.7M	75x	as long as short
Bitget TAOUSDTlong	+0.0100%	4h	313.66	long leg	$35.0M	$46.5M	50x
BingX TAO-USDT	+0.0100%	4h	314.26	+0.191%	—	$30.3M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.36	+0.541%	$41K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.05	−0.195%	$519K	$956K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.35	+0.219%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.26	+0.191%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.29	+0.201%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	313.73	+0.022%	$127K	$401K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.41	+0.239%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.52	+0.275%	$173K	$998	3x	as long as short
Polymarket Perps TAO-USD	+0.0106%	1h	314.08	+0.134%	$77K	$489K	5x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	313.78	+0.038%	$1K	$552K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	314.07	+0.131%	$83K	$606K	5x	as long as short
ApeX Omni TAOUSDT	+0.0192%	1h	315.38	+0.548%	$47K	$267K	50x	as long as short
Paradex TAO-USD-PERP	+0.0193%	8h	313.71	+0.017%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0196%	4h	314.11	+0.143%	$1.1M	$7.9M	50x	as long as short
Variational Omni TAO	+0.0200%	4h	313.88	+0.070%	$4.0M	$7.0M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0336%	1h	314.44	+0.248%	$21K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.04	+0.121%	$4.3M	$10.5M	100x	as long as short
Nado TAO-PERP	+0.0446%	1h	313.78	+0.037%	$830K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0447%	1h	314.47	+0.259%	$5.8M	$19.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0476% / S −0.0175%	1h	314.19	+0.169%	$449K	—	100x	as long as short
Backpack TAO_USDC_PERP	+0.0529%	1h	314.41	+0.239%	$298K	$801K	10x	as long as short
Phoenix TAOshort	+0.0537%	1h	314.20	+0.172%	$329K	$521K	5x
01 Exchange TAOUSD	+0.0648%	1h	314.07	+0.131%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	314.21	+0.175%	$361	—	20x	as long as short
Extended TAO-USD	+0.0864%	1h	313.74	+0.025%	$859K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.55	+0.284%	$1.5M	$5.8M	50x	as long as short
Lighter TAO	+0.1216%	1h	314.68	+0.325%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	313.98	+0.100%	$437K	$567K	5x	as long as short
Hyperliquid TAO	+0.1760%	1h	314.74	+0.344%	$98.1M	$83.8M	5x	as long as short