Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.007%

Price spread now: Bybit against Bullet−0.026%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on Bybit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.026% cheaper against Bullet than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet TAO-USD	318.01	0.0291	pay 0.0036% / 1h	59m 59s	$12K	$17K	20x
Short	Bybit TAOUSDT	317.93	0.0289	get 0.0144% / 4h	3h 59m	$69.9M	$157.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bullet. 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 BulletbpFee BybitbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$0.45
Price spread: −0.026% → 0.000%: −$2.61
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.07
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Bybit: live order book, 4 min ago. 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 Bullet no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.16 bp	10.1 bp −$10	16.3 bp −$163	41.4 bp −$4,138	doesn't fit

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	317.83	−0.058%	$22K	—	150x	as long as short
dYdX TAO-USD	+0.0066%	1h	318.15	+0.042%	$128K	$86K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.26	+0.078%	$50K	$716K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.80	−0.067%	$26.4M	$131.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.70	−0.098%	$14.8M	$52.7M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.92	−0.029%	$17.8M	$32.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.58	−0.136%	$35.8M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.00	−0.004%	$87K	$1.2M	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.75	−0.083%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.76	−0.080%	$117K	$590K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX TAO/USD [WBTC.b-USDC]	L +0.0102% / S +0.0140%	1h	317.73	−0.088%	$405K	—	100x	as long as short
Katana Perps TAO-USD	+0.0106%	8h	317.99	−0.007%	$651	$1.2M	5x	as long as short
Aevo TAO-PERP	+0.0128%	1h	318.27	+0.081%	$175K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0137%	1h	317.45	−0.177%	$46K	$259K	50x	as long as short
MEXC TAO_USDT	+0.0176%	4h	318.06	+0.015%	$104.2M	$153.1M	300x	as long as short
Binance TAOUSDT	+0.0178%	4h	317.83	−0.058%	$93.0M	$533.1M	75x	as long as short
Orderly PERP_TAO_USDC	+0.0184%	4h	317.94	−0.023%	$52K	$295K	10x	as long as short
edgeX TAOUSDC	+0.0189%	4h	317.56	−0.142%	$42K	$321K	10x	as long as short
Bulk TAO-USD	+0.0217%	1h	317.92	−0.028%	$169K	$0	10x	as long as short
Paradex TAO-USD-PERP	+0.0252%	8h	318.32	+0.095%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0280%	4h	317.90	−0.036%	—	$37.3M	—	as long as short
Bybit TAOUSDTshort	+0.0289%	4h	317.93	−0.026%	$69.9M	$157.1M	50x
Bullet TAO-USDlong	+0.0291%	1h	318.01	long leg	$12K	$17K	20x
GRVT TAO_USDT_Perp	+0.0302%	4h	317.66	−0.111%	$540K	$896K	10x	as long as short
Pacifica TAO	+0.0313%	1h	318.32	+0.095%	$374K	$465K	10x	as long as short
Aster TAOUSDT	+0.0335%	4h	317.88	−0.042%	$1.3M	$11.1M	50x	as long as short
Extended TAO-USD	+0.0360%	1h	317.72	−0.093%	$906K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0370%	1h	318.21	+0.062%	$15K	$1.9M	25x	as long as short
BloFin TAO-USDT	+0.0418%	4h	318.84	+0.260%	$4.8M	$11.0M	100x	as long as short
Phemex TAOUSDT	+0.0422%	4h	317.92	−0.029%	$3.2M	$8.1M	50x	as long as short
Arcus TAO-USD	+0.0473%	1h	318.62	+0.191%	$100K	$383K	5x	as long as short
Nado TAO-PERP	+0.0477%	1h	317.98	−0.010%	$778K	$2.0M	10x	as long as short
Variational Omni TAO	+0.0581%	4h	318.88	+0.273%	$5.6M	$10.1M	—	as long as short
Phoenix TAO	+0.0629%	1h	319.30	+0.405%	$321K	$703K	5x	as long as short
Lighter TAO	+0.0632%	1h	318.30	+0.091%	$1.6M	$6.9M	5x	as long as short
Hyperliquid TAO	+0.0667%	1h	318.05	+0.012%	$94.1M	$110.3M	5x	as long as short
01 Exchange TAOUSD	+0.0672%	1h	318.36	+0.109%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	317.88	−0.042%	$366	—	20x	as long as short
Backpack TAO_USDC_PERP	+0.0725%	1h	317.96	−0.017%	$434K	$992K	10x	as long as short
RISEx TAO/USDC	+0.0831%	1h	318.32	+0.096%	$449K	$668K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0833%	1h	317.98	−0.010%	$6.0M	$21.7M	50x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	318.22	+0.065%	$1.3M	$7.2M	50x	as long as short
Injective TAO/USDC PERP	+0.4513%	1h	322.44	+1.392%	$23K	$2K	12x	as long as short