Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.218%

Price spread now: Bitget against Coinbase International−0.462%7-day average −0.219% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$460.465% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.503%−$50 on $10k

Price spread, last 3 days (all we have)+0.253%+$25 · spread now −0.462%, 7d avg −0.219%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bitget is 0.243% cheaper against Coinbase International than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.219%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.503% in total (about -26.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	313.96	0.0960	pay 0.0120% / 1h	6m 48s	$1.5M	$5.8M	50x
Short	Bitget TAOUSDT	312.51	0.0100	get 0.0050% / 4h	6m 48s	$34.9M	$47.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.462%Rate

Funding earned: −$180.6
Price spread: −0.462% → −0.219%: −$24.26
Slippage, 4 orders: −$24.47
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$251.33
Costs to cover: 0.465%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bitget: 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 Coinbase International live order book, 2 min ago	4.63 bp	14.4 bp −$14	18.6 bp −$186	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.92 bp	12.3 bp −$12	20.2 bp −$202	28.8 bp −$2,885	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	−0.2086%	1h	311.96	−0.637%	$167K	$47K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	312.46	−0.479%	$125K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	313.45	−0.163%	$27K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	312.08	−0.599%	$23K	$362	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.68	−0.408%	$37K	$565K	20x	as long as short
Pacifica TAO	+0.0100%	1h	312.90	−0.338%	$370K	$363K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.72	−0.395%	$88.7M	$429.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	312.80	−0.369%	$61.6M	$125.5M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.60	−0.433%	$25.2M	$101.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.60	−0.433%	$12.5M	$50.4M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	312.82	−0.363%	$111.0M	$131.7M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	312.98	−0.312%	$18.5M	$27.8M	75x	as long as short
Bitget TAOUSDTshort	+0.0100%	4h	312.51	−0.462%	$34.9M	$47.1M	50x
BingX TAO-USDT	+0.0100%	4h	312.71	−0.398%	—	$30.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.12	−0.267%	$41K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.31	−0.206%	$524K	$952K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	312.79	−0.373%	$47K	$268K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.98	−0.312%	$77K	$450K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	313.42	−0.170%	$12K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	313.61	−0.111%	$60K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.39	−0.500%	$2K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.80	−0.369%	$128K	$417K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	313.25	−0.226%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.76	−0.065%	$172K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0109%	8h	312.86	−0.350%	$1K	$565K	5x	as long as short
Aster TAOUSDT	+0.0164%	4h	312.91	−0.335%	$1.1M	$7.9M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	313.25	−0.226%	$446K	—	100x	as long as short
Arcus TAO-USD	+0.0186%	1h	313.08	−0.280%	$83K	$545K	5x	as long as short
Paradex TAO-USD-PERP	+0.0193%	8h	312.88	−0.344%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0216%	4h	312.58	−0.440%	$3.9M	$7.1M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0297%	1h	313.69	−0.085%	$20K	$1.5M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.62	−0.108%	$4.4M	$10.5M	100x	as long as short
Nado TAO-PERP	+0.0433%	1h	312.80	−0.369%	$822K	$2.0M	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0448%	1h	313.52	−0.141%	$5.7M	$19.8M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0527%	1h	313.42	−0.172%	$292K	$803K	10x	as long as short
Phoenix TAO	+0.0537%	1h	312.50	−0.465%	$327K	$521K	5x	as long as short
01 Exchange TAOUSD	+0.0584%	1h	313.07	−0.283%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	313.10	−0.273%	$360	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	313.01	−0.302%	$859K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	313.96	long leg	$1.5M	$5.8M	50x
Lighter TAO	+0.1208%	1h	314.02	+0.018%	$1.6M	$5.8M	5x	as long as short
RISEx TAO/USDC	+0.1238%	1h	312.82	−0.362%	$414K	$585K	5x	as long as short
Hyperliquid TAO	+0.1590%	1h	313.74	−0.070%	$98.4M	$84.6M	5x	as long as short