Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0578%/8h= +63.2% APRpaid last 24h +0.332%

Price spread now: Phemex against Bulk−0.196%7-day average +0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.381%+$38 on $10k

Price spread, last 4 days (all we have)+0.386%+$39 · spread now −0.196%, 7d avg +0.112%

Together, before fees+0.767%+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.307% cheaper against Bulk than usual: you would sell low and buy high (spread −0.196% now, against its 7-day average of +0.112%). If the spread goes back, that is −$31 on $10k: about 43 hours of funding at the current rate (+$17 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk TAO-USD	317.09	0.0100	pay 0.0013% / 1h	55m 47s	$168K	$0	10x
Short	Phemex TAOUSDT	316.47	0.0678	get 0.0339% / 4h	3h 55m	$3.2M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.196%Rate

Funding earned: $121.29
Price spread: −0.196% → +0.112%: −$30.71
Slippage, 4 orders: −$26.12
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $45.46
Costs to cover: 0.451%
Break-even: 4.4 days

Slippage from Bulk: live order book, 43 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 Bulk live order book, 43 min ago	0.16 bp	3.9 bp −$4	4.0 bp −$40	4.0 bp −$397	doesn't fit
Sell Phemex live order book, 3 min ago	9.59 bp	16.4 bp −$16	35.3 bp −$353	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	317.35	+0.083%	$127K	$86K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.23	−0.271%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.77	−0.101%	$49K	$718K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	316.50	−0.186%	$2K	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.00	−0.344%	$26.3M	$130.8M	50x	as long as short
Bulk TAO-USDlong	+0.0100%	1h	317.09	long leg	$168K	$0	10x
Gate TAO_USDT	+0.0100%	4h	315.70	−0.438%	$14.7M	$48.9M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.02	−0.337%	$17.8M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.75	−0.423%	$35.6M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	316.85	−0.076%	$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	316.46	−0.199%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.26	−0.262%	$116K	$591K	20x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0101% / S +0.0141%	1h	316.21	−0.277%	$403K	—	100x	as long as short
Aevo TAO-PERP	+0.0120%	1h	316.76	−0.106%	$174K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0157%	1h	317.94	+0.268%	$46K	$259K	50x	as long as short
Binance TAOUSDT	+0.0172%	4h	316.02	−0.338%	$92.4M	$532.7M	75x	as long as short
MEXC TAO_USDT	+0.0174%	4h	315.96	−0.356%	$103.7M	$151.2M	300x	as long as short
edgeX TAOUSDC	+0.0178%	4h	317.94	+0.269%	$42K	$319K	10x	as long as short
BingX TAO-USDT	+0.0184%	4h	315.97	−0.353%	—	$37.4M	—	as long as short
Orderly PERP_TAO_USDC	+0.0189%	4h	316.49	−0.189%	$54K	$299K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.19	+0.345%	$545K	$887K	10x	as long as short
Paradex TAO-USD-PERP	+0.0248%	8h	316.95	−0.046%	$14K	$1K	10x	as long as short
Bullet TAO-USD	+0.0253%	1h	316.67	−0.131%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0276%	1h	316.40	−0.217%	$15K	$1.9M	25x	as long as short
Aster TAOUSDT	+0.0329%	4h	316.08	−0.319%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	317.34	+0.080%	$372K	$454K	10x	as long as short
Extended TAO-USD	+0.0352%	1h	315.83	−0.396%	$899K	$2.4M	25x	as long as short
Arcus TAO-USD	+0.0404%	1h	317.16	+0.022%	$100K	$377K	5x	as long as short
Hyperliquid TAO	+0.0410%	1h	316.15	−0.297%	$93.5M	$110.4M	5x	as long as short
BloFin TAO-USDT	+0.0415%	4h	318.04	+0.300%	$3.8M	$10.9M	100x	as long as short
Nado TAO-PERP	+0.0446%	1h	316.76	−0.103%	$775K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0589%	4h	316.63	−0.144%	$5.6M	$10.1M	—	as long as short
Phoenix TAO	+0.0629%	1h	318.30	+0.382%	$320K	$714K	5x	as long as short
01 Exchange TAOUSD	+0.0632%	1h	317.12	+0.009%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0648%	1h	316.46	−0.200%	$1.6M	$6.6M	5x	as long as short
Phemex TAOUSDTshort	+0.0678%	4h	316.47	−0.196%	$3.2M	$8.1M	50x
Reya TAORUSDPERP	+0.0698%	1h	316.59	−0.157%	$364	—	20x	as long as short
Bybit TAOUSDT	+0.0706%	4h	316.11	−0.309%	$69.6M	$156.8M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0786%	1h	316.52	−0.179%	$5.9M	$21.6M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0820%	1h	316.23	−0.271%	$432K	$987K	10x	as long as short
RISEx TAO/USDC	+0.0840%	1h	316.73	−0.114%	$445K	$669K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	317.52	+0.136%	$1.2M	$7.3M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.520%	$23K	$2K	12x	as long as short