Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0631%/8h= −69.1% APRpaid last 24h 0.000%

Price spread now: Bullet against Bybit−0.005%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$19 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	316.24	0.0734	pay 0.0367% / 4h	3h 08m	$65.1M	$133.4M	50x
Short	Bullet TAO-USD	316.22	0.0102	get 0.0013% / 1h	8m 44s	$12K	$17K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$132.58
Price spread: −0.005% → 0.000%: −$0.48
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$152.06
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Bullet: no order-book sample. 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 Bybit live order book, 5 min ago	0.16 bp	11.6 bp −$12	19.9 bp −$199	54.9 bp −$5,492	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

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
Bulk TAO-USD	−0.1821%	1h	318.67	+0.768%	$169K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.92	−0.101%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.83	−0.130%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.37	+0.041%	$42K	$598K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	316.17	−0.022%	$90.7M	$450.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	316.40	+0.051%	$25.7M	$108.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.90	−0.108%	$12.8M	$51.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.09	−0.047%	$99.0M	$136.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.98	−0.082%	$17.9M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.21	−0.009%	$35.2M	$51.4M	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	316.43	+0.059%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.09	−0.046%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	315.92	−0.101%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.66	−0.183%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	316.28	+0.013%	$126K	$422K	20x	as long as short
Bullet TAO-USDshort	+0.0102%	1h	316.22	−0.005%	$12K	$17K	20x
Aevo TAO-PERP	+0.0104%	1h	316.17	−0.022%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0119%	8h	316.36	+0.038%	$1K	$643K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0101%	1h	315.81	−0.135%	$448K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	316.06	−0.057%	$374K	$376K	10x	as long as short
ApeX Omni TAOUSDT	+0.0185%	1h	316.14	−0.032%	$48K	$267K	50x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0194%	1h	315.79	−0.142%	$17K	$1.5M	25x	as long as short
Arcus TAO-USD	+0.0201%	1h	316.71	+0.149%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0204%	4h	316.09	−0.047%	$1.2M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0235%	8h	316.34	+0.031%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0272%	1h	316.47	+0.073%	$93K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.05	−0.060%	$4.4M	$10.7M	100x	as long as short
Phemex TAOUSDT	+0.0347%	4h	316.22	−0.006%	$3.4M	$7.8M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.0486%	1h	315.69	−0.175%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.60	+0.114%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	+0.222%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	316.46	+0.070%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.77	+0.484%	$23K	$802	12x	as long as short
BingX TAO-USDT	+0.0628%	4h	316.45	+0.066%	—	$30.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.16	−0.026%	$364	—	20x	as long as short
Bybit TAOUSDTlong	+0.0734%	4h	316.24	long leg	$65.1M	$133.4M	50x
Nado TAO-PERP	+0.0759%	1h	316.33	+0.029%	$876K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0804%	1h	315.97	−0.085%	$319K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.15	+0.288%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1120%	1h	316.12	−0.038%	$886K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.56	+0.101%	$420K	$593K	5x	as long as short
Lighter TAO	+0.1424%	1h	316.68	+0.140%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1810%	1h	316.57	+0.104%	$101.3M	$91.5M	5x	as long as short