TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0615%/8h= −67.4% APRnext payment −$3.08 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bybit−0.192%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.501%−$50 on $10k

Price spread, last 3 days (all we have)+0.188%+$19 · spread now −0.192%, 7d avg −0.019%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.173% cheaper against Bybit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TAOUSDT	318.37	0.0715	pay 0.0358% / 4h	3h 07m	$65.5M	$133.5M	50x
Short	Phemex TAOUSDT	317.76	0.0100	get 0.0050% / 4h	3h 07m	$3.4M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$129.23
Price spread: −0.192% → −0.019%: −$17.28
Slippage, 4 orders: −$50.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$220.12
Costs to cover: 0.736%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Phemex: 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	12.2 bp −$12	21.1 bp −$211	47.4 bp −$4,740	doesn't fit
Sell Phemex live order book, 2 min ago	14.55 bp	21.1 bp −$21	doesn't fit	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	−0.1228%	1h	316.14	−0.700%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	316.78	−0.500%	$127K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	316.76	−0.504%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.00	−0.430%	$42K	$600K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.05	−0.100%	$91.1M	$450.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.90	−0.148%	$25.8M	$109.6M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.60	−0.556%	$12.8M	$51.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	316.86	−0.474%	$99.6M	$136.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	316.94	−0.449%	$18.0M	$29.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.62	−0.236%	$35.3M	$51.5M	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	316.12	−0.707%	$40K	$293K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.81	−0.804%	$523K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.90	−0.148%	$57K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.70	−0.525%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.76	−0.192%	$127K	$422K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	317.76	−0.192%	$3.4M	$7.8M	50x
Bullet TAO-USD	+0.0102%	1h	316.93	−0.451%	$12K	$17K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	317.42	−0.297%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	316.90	−0.462%	$2K	$644K	5x	as long as short
ApeX Omni TAOUSDT	+0.0154%	1h	316.14	−0.700%	$48K	$267K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0101%	1h	316.66	−0.536%	$449K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	316.91	−0.460%	$375K	$376K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	317.20	−0.367%	$84K	$550K	5x	as long as short
Aster TAOUSDT	+0.0202%	4h	316.94	−0.448%	$1.3M	$8.8M	50x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	316.99	−0.433%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0267%	1h	317.17	−0.377%	$93K	$633K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0292%	1h	317.77	−0.189%	$17K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.23	−0.044%	$4.5M	$10.8M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0482%	1h	317.90	−0.149%	$5.7M	$20.3M	50x	as long as short
Phoenix TAO	+0.0525%	1h	316.20	−0.682%	$331K	$624K	5x	as long as short
Variational Omni TAO	+0.0546%	4h	316.94	−0.448%	$5.5M	$8.7M	—	as long as short
01 Exchange TAOUSD	+0.0560%	1h	317.04	−0.418%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	316.59	−0.559%	$23K	$902	12x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.81	−0.489%	$364	—	20x	as long as short
BingX TAO-USDT	+0.0702%	4h	316.95	−0.446%	—	$30.7M	—	as long as short
Bybit TAOUSDTlong	+0.0715%	4h	318.37	long leg	$65.5M	$133.5M	50x
Nado TAO-PERP	+0.0752%	1h	317.10	−0.400%	$877K	$2.0M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0805%	1h	316.65	−0.540%	$320K	$816K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	317.23	−0.358%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1112%	1h	317.84	−0.166%	$885K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	316.94	−0.448%	$421K	$593K	5x	as long as short
Lighter TAO	+0.1408%	1h	318.42	+0.015%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1792%	1h	317.31	−0.333%	$101.5M	$91.5M	5x	as long as short