Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0174%/8h= +19.0% APRpaid last 24h +0.023%

Price spread now: Phoenix against BloFin+0.531%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$530.525% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)−0.610%−$61 · spread now +0.531%, 7d avg +0.099%

Together, before fees−0.833%−$83 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.432% dearer against BloFin than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of +0.099%. Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TAO-USDT	316.62	0.0405	pay 0.0202% / 4h	3h 52m	$4.8M	$10.9M	100x
Short	Phoenix TAO	318.30	0.0578	get 0.0072% / 1h	52m 39s	$320K	$714K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.531%Rate

Funding earned: $36.48
Price spread: +0.531% → +0.099%: $43.21
Slippage, 4 orders: −$33.51
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $27.18
Costs to cover: 0.525%
Break-even: 1.8 days

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 45 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, 6 min ago	3.61 bp	11.4 bp −$11	20.0 bp −$200	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	3.15 bp	18.3 bp −$18	25.6 bp −$256	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	315.63	−0.311%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.82	+0.063%	$49K	$718K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.63	+0.003%	$1K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.70	+0.025%	$26.3M	$130.9M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	+0.148%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.20	−0.133%	$14.8M	$49.0M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.38	−0.076%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.50	−0.038%	$35.7M	$57.7M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.18	−0.138%	$541K	$887K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.06	+0.139%	$87K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	316.36	−0.082%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.33	−0.092%	$115K	$590K	20x	as long as short
ApeX Omni TAOUSDT	+0.0101%	1h	315.82	−0.253%	$45K	$259K	50x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.69	+0.022%	$174K	$998	3x	as long as short
dYdX TAO-USD	+0.0122%	1h	316.17	−0.142%	$127K	$86K	5x	as long as short
MEXC TAO_USDT	+0.0164%	4h	316.49	−0.041%	$103.9M	$151.3M	300x	as long as short
Binance TAOUSDT	+0.0166%	4h	316.39	−0.072%	$92.5M	$531.5M	75x	as long as short
edgeX TAOUSDC	+0.0172%	4h	315.95	−0.213%	$42K	$320K	10x	as long as short
BingX TAO-USDT	+0.0176%	4h	316.59	−0.009%	—	$37.3M	—	as long as short
Orderly PERP_TAO_USDC	+0.0196%	4h	316.60	−0.006%	$54K	$299K	10x	as long as short
Paradex TAO-USD-PERP	+0.0251%	8h	316.31	−0.097%	$14K	$876	10x	as long as short
Bullet TAO-USD	+0.0299%	1h	316.60	−0.005%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0323%	4h	316.44	−0.057%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	316.41	−0.065%	$371K	$454K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0366% / S −0.0107%	1h	316.21	−0.129%	$372K	—	100x	as long as short
Extended TAO-USD	+0.0384%	1h	316.70	+0.024%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	316.95	+0.104%	$100K	$377K	5x	as long as short
BloFin TAO-USDTlong	+0.0405%	4h	316.62	long leg	$4.8M	$10.9M	100x
Deribit TAO_USDC-PERPETUAL	+0.0448%	1h	316.50	−0.037%	$15K	$1.9M	25x	as long as short
Hyperliquid TAO	+0.0560%	1h	316.52	−0.032%	$93.6M	$109.5M	5x	as long as short
Nado TAO-PERP	+0.0572%	1h	316.96	+0.108%	$778K	$2.0M	10x	as long as short
Phoenix TAOshort	+0.0578%	1h	318.30	+0.531%	$320K	$714K	5x
Variational Omni TAO	+0.0589%	4h	316.63	+0.004%	$5.6M	$10.1M	—	as long as short
Phemex TAOUSDT	+0.0606%	4h	316.49	−0.041%	$3.2M	$8.2M	50x	as long as short
Lighter TAO	+0.0648%	1h	316.56	−0.020%	$1.6M	$6.6M	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	317.15	+0.167%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	316.78	+0.051%	$364	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0786%	1h	316.72	+0.030%	$6.0M	$21.4M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0829%	1h	316.77	+0.047%	$317K	$1.0M	10x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.76	+0.046%	$449K	$668K	5x	as long as short
Bybit TAOUSDT	+0.0881%	4h	316.56	−0.019%	$69.7M	$156.3M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.34	+0.227%	$1.2M	$7.3M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.671%	$23K	$2K	12x	as long as short