Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.045%

Price spread now: Deribit against BloFin−0.491%57s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.380% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.543%−$54 on $10k

Price spread, last 4 days (all we have)+0.501%+$50 · spread now −0.491%, 7d avg +0.004%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.495% cheaper against BloFin than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of +0.004%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TAO-USDT	318.98	0.0424	pay 0.0212% / 4h	39m 23s	$4.7M	$10.9M	100x
Short	Deribit TAO_USDC-PERPETUAL	317.41	0.0306	get 0.0038% / 1h	39m 23s	$15K	$2.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.491%Rate

Funding earned: −$24.81
Price spread: −0.491% → +0.004%: −$49.54
Slippage, 4 orders: −$18.96
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$112.3
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Deribit: live order book, 5 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 BloFin live order book, 4 min ago	0.63 bp	8.2 bp −$8	12.6 bp −$126	29.1 bp −$2,911	doesn't fit
Sell Deribit live order book, 5 min ago	3.45 bp	7.3 bp −$7	13.7 bp −$137	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
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.22	−0.552%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0045%	1h	317.12	−0.583%	$126K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.10	−0.589%	$44K	$709K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.30	−0.527%	$26.3M	$130.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.20	−0.558%	$14.4M	$51.2M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.05	−0.605%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.10	−0.589%	$35.7M	$57.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.26	−0.539%	$88K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.16	−0.571%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.95	−0.636%	$116K	$604K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps TAO-USD	+0.0107%	8h	317.14	−0.577%	$2K	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0108% / S +0.0133%	1h	317.16	−0.571%	$408K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	317.50	−0.464%	$174K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0149%	4h	317.48	−0.470%	$52K	$294K	10x	as long as short
Binance TAOUSDT	+0.0179%	4h	317.09	−0.593%	$92.0M	$529.9M	75x	as long as short
MEXC TAO_USDT	+0.0184%	4h	317.30	−0.527%	$99.9M	$151.3M	300x	as long as short
edgeX TAOUSDC	+0.0184%	4h	318.91	−0.021%	$42K	$319K	10x	as long as short
ApeX Omni TAOUSDT	+0.0187%	1h	318.97	−0.003%	$46K	$260K	50x	as long as short
Paradex TAO-USD-PERP	+0.0245%	8h	317.17	−0.568%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0280%	4h	317.16	−0.571%	$69.4M	$156.7M	50x	as long as short
BingX TAO-USDT	+0.0298%	4h	317.06	−0.602%	—	$37.0M	—	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0306%	1h	317.41	−0.491%	$15K	$2.0M	25x
Pacifica TAO	+0.0313%	1h	317.32	−0.521%	$372K	$452K	10x	as long as short
Bulk TAO-USD	+0.0317%	1h	319.23	+0.078%	$170K	$0	10x	as long as short
Bullet TAO-USD	+0.0324%	1h	317.30	−0.527%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0332%	4h	318.74	−0.076%	$543K	$918K	10x	as long as short
Aster TAOUSDT	+0.0335%	4h	317.16	−0.571%	$1.3M	$11.0M	50x	as long as short
Extended TAO-USD	+0.0352%	1h	316.93	−0.644%	$903K	$2.4M	25x	as long as short
BloFin TAO-USDTlong	+0.0424%	4h	318.98	long leg	$4.7M	$10.9M	100x
Arcus TAO-USD	+0.0473%	1h	317.42	−0.489%	$102K	$381K	5x	as long as short
Nado TAO-PERP	+0.0523%	1h	317.17	−0.567%	$786K	$2.0M	10x	as long as short
Phemex TAOUSDT	+0.0537%	4h	317.20	−0.558%	$3.2M	$8.2M	50x	as long as short
Variational Omni TAO	+0.0537%	4h	318.96	−0.005%	$5.6M	$10.2M	—	as long as short
Lighter TAO	+0.0584%	1h	317.46	−0.476%	$1.6M	$6.9M	5x	as long as short
Phoenix TAO	+0.0629%	1h	319.50	+0.163%	$318K	$703K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.35	−0.510%	$365	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0731%	1h	317.33	−0.517%	$292K	$906K	10x	as long as short
01 Exchange TAOUSD	+0.0736%	1h	317.23	−0.549%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0762%	1h	317.45	−0.480%	$93.9M	$110.1M	5x	as long as short
RISEx TAO/USDC	+0.0831%	1h	317.06	−0.602%	$447K	$668K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0835%	1h	317.39	−0.499%	$5.9M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	319.03	+0.016%	$1.5M	$6.9M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.94	+1.241%	$23K	$2K	12x	as long as short