Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0117%/8h= −12.9% APRpaid last 24h +0.005%

Price spread now: Arcus against Bybit−0.166%56s7-day average +0.050% · 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—prices read too far apart to compare

costs, in and out, $10k−$500.496% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$1 on $10k

Price spread, last 4 days (all we have)+0.614%+$61 · spread now −0.166%, 7d avg +0.050%

Together, before fees+0.628%+$63 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 Arcus is 0.216% cheaper against Bybit than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.050%). Swap the legs. The two prices were read 56 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	Bybit TAOUSDT	320.20	0.0626	pay 0.0313% / 4h	1h 38m	$68.3M	$140.3M	50x
Short	Arcus TAO-USD	319.67	0.0509	get 0.0064% / 1h	38m 45s	$101K	$489K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$24.66
Price spread: −0.166% → +0.050%: −$21.56
Slippage, 4 orders: −$34.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$95.81
Costs to cover: 0.496%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Arcus: live order book, 25 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 Bybit live order book, 5 min ago	0.16 bp	12.6 bp −$13	20.5 bp −$205	49.3 bp −$4,926	doesn't fit
Sell Arcus live order book, 25 min ago	7.52 bp	11.8 bp −$12	25.3 bp −$253	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
Bulk TAO-USD	−0.3652%	1h	316.49	−1.159%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.53	−0.209%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.31	−0.590%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.20	−0.312%	$44K	$655K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	320.05	−0.046%	$92.7M	$473.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	320.00	−0.062%	$26.4M	$117.2M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.30	−0.281%	$13.1M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.18	−0.006%	$107.3M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.32	−0.275%	$18.0M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.75	−0.141%	$35.7M	$54.0M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	319.73	−0.146%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.01	−0.372%	$72K	$771K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.25	−0.297%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.81	−0.434%	$130K	$479K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.34	−0.269%	$3.4M	$7.8M	50x	as long as short
Orderly PERP_TAO_USDC	+0.0103%	4h	318.64	−0.487%	$58K	$282K	10x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.93	−0.397%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	319.23	−0.303%	$2K	$754K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0163% / S +0.0106%	1h	318.26	−0.605%	$433K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.95	−0.390%	$526K	$955K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0246%	1h	319.41	−0.246%	$5.6M	$20.5M	50x	as long as short
Bullet TAO-USD	+0.0303%	1h	318.38	−0.570%	$12K	$18K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0307%	1h	319.33	−0.272%	$17K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0326%	8h	320.07	−0.042%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0328%	4h	319.52	−0.211%	$1.2M	$9.3M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.17	−0.322%	$4.5M	$10.7M	100x	as long as short
Pacifica TAO	+0.0448%	1h	320.13	−0.021%	$378K	$396K	10x	as long as short
Phoenix TAO	+0.0504%	1h	318.90	−0.406%	$333K	$707K	5x	as long as short
Arcus TAO-USDshort	+0.0509%	1h	319.67	−0.166%	$101K	$489K	5x
Nado TAO-PERP	+0.0558%	1h	319.25	−0.297%	$771K	$2.1M	10x	as long as short
Bybit TAOUSDTlong	+0.0626%	4h	320.20	long leg	$68.3M	$140.3M	50x
BingX TAO-USDT	+0.0642%	4h	319.72	−0.150%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	319.11	−0.341%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0792%	1h	319.48	−0.225%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0878%	4h	320.22	+0.005%	$5.9M	$9.7M	—	as long as short
ApeX Omni TAOUSDT	+0.0883%	1h	318.78	−0.443%	$47K	$253K	50x	as long as short
Lighter TAO	+0.0912%	1h	320.40	+0.064%	$1.6M	$6.3M	5x	as long as short
Extended TAO-USD	+0.0920%	1h	319.22	−0.305%	$938K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.1002%	1h	319.88	−0.100%	$440K	$860K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.48	−0.225%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	319.31	−0.278%	$454K	$627K	5x	as long as short
Hyperliquid TAO	+0.1394%	1h	320.42	+0.069%	$100.7M	$98.5M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	319.69	−0.159%	$23K	$2K	12x	as long as short