Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.200%

Price spread now: Gate against Coinbase International+0.033%7-day average −0.214% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$670.667% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.529%−$53 on $10k

Price spread, last 3 days (all we have)−0.166%−$17 · spread now +0.033%, 7d avg −0.214%

Together, before fees−0.695%−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.247% dearer against Coinbase International than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.214%): +$25 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.529% in total) that is about 3.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.529% in total (about -27.6% 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	307.40	0.0960	pay 0.0120% / 1h	34m 15s	$1.5M	$5.4M	50x
Short	Gate TAO_USDT	307.50	0.0100	get 0.0050% / 4h	2h 34m	$12.1M	$47.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now +0.033%Rate

Funding earned: −$180.6
Price spread: +0.033% → −0.214%: $24.7
Slippage, 4 orders: −$41.74
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$222.64
Costs to cover: 0.667%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Gate: live order book, 5 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, 5 min ago	6.53 bp	14.7 bp −$15	21.0 bp −$210	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	3.27 bp	20.7 bp −$21	33.7 bp −$337	65.6 bp −$6,562	115.2 bp −$57.6K

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	307.25	−0.049%	$129K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	307.46	+0.018%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.51	+0.036%	$41K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.48	+0.027%	$363K	$400K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.60	+0.065%	$86.3M	$401.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.72	+0.104%	$59.2M	$117.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.50	+0.033%	$25.1M	$92.7M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.62	+0.072%	$137K	$594K	5x	as long as short
Gate TAO_USDTshort	+0.0100%	4h	307.50	+0.033%	$12.1M	$47.8M	50x
MEXC TAO_USDT	+0.0100%	4h	307.55	+0.049%	$113.2M	$122.6M	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	307.41	+0.003%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.20	−0.065%	$34.5M	$44.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.65	+0.081%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.77	−0.530%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.09	−0.753%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.96	−0.469%	$536K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	305.64	−0.573%	$46K	$268K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.61	+0.069%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.46	+0.020%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.15	−0.081%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.36	−0.013%	$121K	$351K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	307.16	−0.078%	$3.3M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	307.44	+0.013%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	307.63	+0.075%	$879	$428K	5x	as long as short
Polymarket Perps TAO-USD	+0.0127%	1h	307.61	+0.068%	$86K	$669K	5x	as long as short
Aster TAOUSDT	+0.0140%	4h	307.67	+0.087%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0167%	8h	307.51	+0.036%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.46	+0.019%	$439K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0189%	1h	307.41	+0.004%	$14K	$1.3M	25x	as long as short
Phoenix TAO	+0.0234%	1h	306.20	−0.390%	$324K	$462K	5x	as long as short
Nado TAO-PERP	+0.0251%	1h	307.53	+0.043%	$852K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.55	−0.277%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	308.12	+0.234%	$3K	$4K	5x	as long as short
Bulk TAO-USD	+0.0668%	1h	304.81	−0.843%	$200K	$57K	10x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.52	+0.040%	$354	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	307.29	−0.037%	$877K	$1.9M	25x	as long as short
Lighter TAO	+0.0888%	1h	307.80	+0.129%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0960%	1h	307.40	long leg	$1.5M	$5.4M	50x
Kraken Futures PF_TAOUSD	+0.1025%	1h	307.54	+0.046%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.73	+0.106%	$412K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1280%	1h	307.27	−0.042%	$470K	$683K	10x	as long as short
Hyperliquid TAO	+0.1674%	1h	308.16	+0.247%	$93.8M	$75.6M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	308.62	+0.397%	$22K	$138	12x	as long as short