Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.027%

Price spread now: Deribit against Bybit−0.114%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.114%, 7d avg −0.006%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.108% cheaper against Bybit than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of −0.006%). If the spread goes back, that is −$11 on $10k: about 45 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.136%, 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	Bybit TAOUSDT	318.30	0.0244	pay 0.0122% / 4h	3h 57m	$70.0M	$157.0M	50x
Short	Deribit TAO_USDC-PERPETUAL	317.94	0.0435	get 0.0054% / 1h	57m 15s	$15K	$1.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.114%Rate

Funding earned: $40.06
Price spread: −0.114% → −0.006%: −$10.85
Slippage, 4 orders: −$22.95
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.74
Costs to cover: 0.410%
Break-even: 9.1 days

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	0.16 bp	9.5 bp −$9	17.6 bp −$176	43.1 bp −$4,306	doesn't fit
Sell Deribit live order book, 2 min ago	7.07 bp	11.0 bp −$11	287.6 bp −$2,876	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	317.92	−0.119%	$128K	$86K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	317.82	−0.151%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.27	−0.009%	$49K	$718K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	317.97	−0.104%	$651	$1.2M	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.90	−0.126%	$26.5M	$131.6M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	317.09	−0.380%	$168K	$0	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	317.90	−0.126%	$14.8M	$48.8M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.11	−0.060%	$17.9M	$32.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.70	−0.189%	$35.7M	$57.8M	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	318.00	−0.094%	$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	318.07	−0.072%	$2K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.68	−0.195%	$116K	$590K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	317.93	−0.116%	$3.2M	$8.1M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0102% / S +0.0141%	1h	317.93	−0.115%	$405K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	318.18	−0.039%	$175K	$998	3x	as long as short
ApeX Omni TAOUSDT	+0.0157%	1h	317.94	−0.113%	$46K	$259K	50x	as long as short
MEXC TAO_USDT	+0.0174%	4h	318.21	−0.028%	$104.4M	$151.1M	300x	as long as short
Binance TAOUSDT	+0.0175%	4h	318.22	−0.025%	$93.1M	$532.6M	75x	as long as short
edgeX TAOUSDC	+0.0178%	4h	317.94	−0.113%	$42K	$319K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0187%	4h	317.70	−0.189%	$54K	$295K	10x	as long as short
Bullet TAO-USD	+0.0216%	1h	318.35	+0.016%	$12K	$17K	20x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.19	−0.036%	$545K	$887K	10x	as long as short
Bybit TAOUSDTlong	+0.0244%	4h	318.30	long leg	$70.0M	$157.0M	50x
Paradex TAO-USD-PERP	+0.0249%	8h	318.33	+0.010%	$14K	$1K	10x	as long as short
BingX TAO-USDT	+0.0280%	4h	318.23	−0.022%	—	$37.3M	—	as long as short
Aster TAOUSDT	+0.0330%	4h	318.21	−0.028%	$1.3M	$11.1M	50x	as long as short
Pacifica TAO	+0.0349%	1h	318.36	+0.019%	$373K	$454K	10x	as long as short
Extended TAO-USD	+0.0352%	1h	317.90	−0.127%	$904K	$2.4M	25x	as long as short
Nado TAO-PERP	+0.0360%	1h	318.20	−0.032%	$778K	$2.0M	10x	as long as short
Arcus TAO-USD	+0.0404%	1h	318.44	+0.044%	$100K	$377K	5x	as long as short
BloFin TAO-USDT	+0.0415%	4h	318.04	−0.082%	$3.8M	$10.9M	100x	as long as short
Hyperliquid TAO	+0.0432%	1h	318.37	+0.022%	$94.1M	$110.3M	5x	as long as short
Deribit TAO_USDC-PERPETUALshort	+0.0435%	1h	317.94	−0.114%	$15K	$1.9M	25x
Variational Omni TAO	+0.0581%	4h	318.88	+0.183%	$5.6M	$10.1M	—	as long as short
01 Exchange TAOUSD	+0.0592%	1h	318.50	+0.063%	$3K	$4K	5x	as long as short
Phoenix TAO	+0.0629%	1h	318.30	0.000%	$320K	$714K	5x	as long as short
Lighter TAO	+0.0696%	1h	318.13	−0.054%	$1.6M	$6.6M	5x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	318.08	−0.069%	$366	—	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0783%	1h	317.95	−0.109%	$6.0M	$21.7M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0832%	1h	317.71	−0.185%	$434K	$992K	10x	as long as short
RISEx TAO/USDC	+0.0840%	1h	318.26	−0.013%	$447K	$669K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	318.26	−0.013%	$1.2M	$7.3M	50x	as long as short
Injective TAO/USDC PERP	+0.3512%	1h	321.91	+1.134%	$23K	$2K	12x	as long as short