Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0122%/8h= −13.4% APRpaid last 24h +0.088%

Price spread now: Phoenix against Bybit−0.338%65s7-day average +0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.429% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 4 days (all we have)+1.012%+$101 · spread now −0.338%, 7d avg +0.109%

Together, before fees+1.178%+$118 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 Phoenix is 0.447% cheaper against Bybit than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of +0.109%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.166%, so the current rate has only just turned against you. The two prices were read 65 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	319.98	0.0626	pay 0.0313% / 4h	1h 38m	$68.2M	$140.3M	50x
Short	Phoenix TAO	318.90	0.0504	get 0.0063% / 1h	38m 22s	$333K	$707K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.338%Rate

Funding earned: −$25.67
Price spread: −0.338% → +0.109%: −$44.7
Slippage, 4 orders: −$24.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$113.28
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Phoenix: live order book, 24 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, 6 min ago	0.16 bp	12.6 bp −$13	20.5 bp −$205	49.3 bp −$4,926	doesn't fit
Sell Phoenix live order book, 24 min ago	1.57 bp	15.2 bp −$15	29.7 bp −$297	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	−1.091%	$168K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.53	−0.141%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.67	−0.097%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.60	−0.119%	$45K	$657K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.99	+0.003%	$92.7M	$473.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.80	−0.056%	$26.3M	$117.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.70	−0.088%	$13.1M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	320.00	+0.006%	$107.3M	$139.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.86	−0.038%	$18.0M	$30.9M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.63	−0.109%	$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	−0.078%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.82	−0.050%	$72K	$771K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.25	−0.228%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.81	−0.366%	$130K	$479K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	319.34	−0.200%	$3.4M	$7.8M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	320.02	+0.011%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0104%	4h	319.98	0.000%	$58K	$282K	10x	as long as short
Katana Perps TAO-USD	+0.0117%	8h	319.80	−0.056%	$680	$759K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0163% / S +0.0106%	1h	319.62	−0.113%	$434K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0224%	4h	318.95	−0.321%	$526K	$955K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0246%	1h	319.41	−0.178%	$5.6M	$20.5M	50x	as long as short
Bullet TAO-USD	+0.0306%	1h	319.99	+0.003%	$12K	$18K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0307%	1h	319.33	−0.204%	$17K	$1.6M	25x	as long as short
Paradex TAO-USD-PERP	+0.0326%	8h	320.07	+0.027%	$15K	$1K	10x	as long as short
Aster TAOUSDT	+0.0328%	4h	319.93	−0.016%	$1.2M	$9.3M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	319.17	−0.253%	$4.5M	$10.7M	100x	as long as short
Pacifica TAO	+0.0448%	1h	320.13	+0.048%	$378K	$396K	10x	as long as short
Phoenix TAOshort	+0.0504%	1h	318.90	−0.338%	$333K	$707K	5x
Arcus TAO-USD	+0.0509%	1h	320.42	+0.138%	$101K	$489K	5x	as long as short
Nado TAO-PERP	+0.0544%	1h	319.87	−0.034%	$775K	$2.1M	10x	as long as short
Bybit TAOUSDTlong	+0.0626%	4h	319.98	long leg	$68.2M	$140.3M	50x
BingX TAO-USDT	+0.0642%	4h	319.88	−0.031%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	319.94	−0.014%	$368	—	20x	as long as short
01 Exchange TAOUSD	+0.0784%	1h	320.26	+0.088%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0878%	4h	320.22	+0.074%	$5.9M	$9.7M	—	as long as short
ApeX Omni TAOUSDT	+0.0883%	1h	318.78	−0.375%	$47K	$253K	50x	as long as short
Lighter TAO	+0.0912%	1h	320.40	+0.133%	$1.6M	$6.3M	5x	as long as short
Extended TAO-USD	+0.0920%	1h	319.74	−0.074%	$938K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.1002%	1h	319.88	−0.031%	$440K	$860K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.48	−0.156%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	320.01	+0.011%	$455K	$627K	5x	as long as short
Hyperliquid TAO	+0.1389%	1h	320.00	+0.006%	$100.5M	$98.5M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	319.69	−0.091%	$23K	$2K	12x	as long as short