Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.102%

Price spread now: Kraken Futures against Bybit−0.025%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.025%, 7d avg +0.022%

Together, before fees+0.360%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.047% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.022%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.223%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	315.91	0.0100	pay 0.0050% / 4h	23m 09s	$68.2M	$148.5M	50x
Short	Kraken Futures PF_TAOUSD	315.83	0.0056	get 0.0007% / 1h	23m 09s	$5.6M	$20.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$9.19
Price spread: −0.025% → +0.022%: −$4.67
Slippage, 4 orders: −$29.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$64.2
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 1 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, 1 min ago	0.79 bp	9.2 bp −$9	15.9 bp −$159	37.2 bp −$3,722	doesn't fit
Sell Kraken Futures live order book, 1 min ago	6.82 bp	14.7 bp −$15	28.3 bp −$283	115.7 bp −$11.6K	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	315.28	−0.199%	$126K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	315.63	−0.090%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSDshort	+0.0056%	1h	315.83	−0.025%	$5.6M	$20.7M	50x
Popdex TAOUSDT	+0.0096%	1h	315.50	−0.130%	$43K	$668K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	315.16	−0.237%	$645	$795K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	315.83	−0.025%	$91.2M	$494.1M	75x	as long as short
Bybit TAOUSDTlong	+0.0100%	4h	315.91	long leg	$68.2M	$148.5M	50x
OKX TAO-USDT-SWAP	+0.0100%	8h	315.80	−0.035%	$26.1M	$120.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	315.60	−0.098%	$13.0M	$50.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	315.88	−0.009%	$110.8M	$144.0M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	315.82	−0.028%	$17.7M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.63	−0.089%	$35.3M	$56.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	315.78	−0.041%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.91	−0.317%	$42K	$311K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	314.20	−0.542%	$520K	$955K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.16	−0.237%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	315.58	−0.104%	$77K	$859K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.82	−0.030%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	315.81	−0.032%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	315.31	−0.190%	$110K	$535K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	315.65	−0.082%	$3.2M	$8.1M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.89	−0.007%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0132%	4h	315.81	−0.032%	$57K	$268K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0147% / S +0.0125%	1h	315.63	−0.089%	$420K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0165%	8h	315.51	−0.127%	$14K	$1K	10x	as long as short
Nado TAO-PERP	+0.0189%	1h	315.86	−0.017%	$803K	$2.2M	10x	as long as short
Aster TAOUSDT	+0.0199%	4h	315.70	−0.066%	$1.2M	$10.3M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	315.89	−0.006%	$922K	$2.4M	25x	as long as short
Hyperliquid TAO	+0.0256%	1h	316.01	+0.033%	$93.0M	$106.4M	5x	as long as short
01 Exchange TAOUSD	+0.0296%	1h	315.70	−0.066%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	316.11	+0.063%	$1.5M	$6.5M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	316.00	+0.028%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.65	−0.082%	$99K	$438K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0350%	1h	315.95	+0.013%	$316K	$913K	10x	as long as short
Pacifica TAO	+0.0365%	1h	315.51	−0.127%	$360K	$412K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0419%	1h	315.89	−0.006%	$31K	$1.7M	25x	as long as short
Variational Omni TAO	+0.0526%	4h	314.38	−0.485%	$5.7M	$9.9M	—	as long as short
Phoenix TAO	+0.0581%	1h	315.50	−0.130%	$314K	$697K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	315.66	−0.078%	$363	—	20x	as long as short
Bulk TAO-USD	+0.0933%	1h	314.34	−0.497%	$167K	$2K	10x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.43	−0.152%	$436K	$650K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	316.02	+0.035%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4222%	1h	318.85	+0.931%	$23K	$2K	12x	as long as short