Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0195%/8h= −21.4% APRpaid last 24h −0.067%

Price spread now: Bullet against BloFin−0.022%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.022% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TAO-USDT	316.33	0.0405	pay 0.0202% / 4h	3h 45m	$4.8M	$10.8M	100x
Short	Bullet TAO-USD	316.26	0.0210	get 0.0026% / 1h	45m 05s	$12K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BloFin. 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 BloFinbpFee BulletbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$40.97
Price spread: −0.022% → 0.000%: −$2.17
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$63.14
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 min ago; Bullet: no order-book sample. Net counts fees only.

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 BloFin live order book, 4 min ago	3.79 bp	12.9 bp −$13	20.5 bp −$205	37.2 bp −$3,722	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	315.91	−0.132%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0061%	1h	316.46	+0.040%	$127K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.69	+0.114%	$50K	$715K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.39	+0.019%	$647	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	+0.022%	$26.4M	$131.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.10	−0.073%	$14.8M	$49.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.25	−0.025%	$17.7M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.09	−0.076%	$35.6M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.40	+0.022%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.40	+0.022%	$1K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	315.77	−0.177%	$116K	$589K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	316.33	0.000%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.46	+0.041%	$174K	$998	3x	as long as short
MEXC TAO_USDT	+0.0164%	4h	316.37	+0.013%	$104.3M	$151.6M	300x	as long as short
edgeX TAOUSDC	+0.0164%	4h	316.63	+0.096%	$42K	$321K	10x	as long as short
Binance TAOUSDT	+0.0165%	4h	316.34	+0.003%	$92.4M	$531.9M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0206%	4h	316.26	−0.022%	$54K	$299K	10x	as long as short
Bullet TAO-USDshort	+0.0210%	1h	316.26	−0.022%	$12K	$17K	20x
GRVT TAO_USDT_Perp	+0.0228%	4h	316.92	+0.186%	$542K	$887K	10x	as long as short
Bulk TAO-USD	+0.0233%	1h	316.19	−0.044%	$168K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0247%	8h	316.50	+0.053%	$14K	$876	10x	as long as short
ApeX Omni TAOUSDT	+0.0291%	1h	317.19	+0.272%	$46K	$257K	50x	as long as short
Bybit TAOUSDT	+0.0319%	4h	316.36	+0.009%	$69.7M	$156.2M	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0325%	1h	316.26	−0.021%	$15K	$1.9M	25x	as long as short
Aster TAOUSDT	+0.0327%	4h	316.32	−0.003%	$1.2M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.52	+0.059%	$371K	$442K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0362% / S −0.0107%	1h	315.88	−0.143%	$372K	—	100x	as long as short
Extended TAO-USD	+0.0376%	1h	316.31	−0.005%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.79	+0.145%	$100K	$376K	5x	as long as short
BloFin TAO-USDTlong	+0.0405%	4h	316.33	long leg	$4.8M	$10.8M	100x
Hyperliquid TAO	+0.0497%	1h	316.44	+0.035%	$93.2M	$110.2M	5x	as long as short
BingX TAO-USDT	+0.0568%	4h	316.33	0.000%	—	$37.4M	—	as long as short
Nado TAO-PERP	+0.0568%	1h	316.40	+0.024%	$768K	$2.0M	10x	as long as short
Phoenix TAO	+0.0578%	1h	315.60	−0.231%	$317K	$714K	5x	as long as short
Lighter TAO	+0.0592%	1h	316.59	+0.083%	$1.6M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0616%	1h	317.02	+0.218%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0622%	4h	316.65	+0.102%	$5.6M	$10.1M	—	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.19	−0.044%	$364	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0757%	1h	316.39	+0.019%	$316K	$1.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0787%	1h	316.43	+0.031%	$6.0M	$21.3M	50x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.52	+0.060%	$446K	$673K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	316.61	+0.089%	$1.2M	$7.3M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	319.36	+0.958%	$23K	$2K	12x	as long as short