Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0924%/8h= −101.2% APRpaid last 24h −0.230%

Price spread now: KuCoin against Coinbase International−0.271%51s7-day average −0.180% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as 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−$590.592% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.557%−$56 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.271%, 7d avg −0.180%

Together, before fees−0.421%−$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and KuCoin is 0.091% cheaper against Coinbase International than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.180%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.557% in total (about -29.0% 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	310.07	0.1024	pay 0.0128% / 1h	43m 24s	$1.5M	$6.3M	50x
Short	KuCoin TAOUSDTM	309.23	0.0100	get 0.0050% / 4h	2h 43m	$17.9M	$30.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$194.04
Price spread: −0.271% → −0.180%: −$9.14
Slippage, 4 orders: −$37.25
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$262.43
Costs to cover: 0.592%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; KuCoin: live order book, 11 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, 6 min ago	8.68 bp	14.9 bp −$15	22.0 bp −$220	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	2.09 bp	20.2 bp −$20	40.9 bp −$409	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
dYdX TAO-USD	0.0000%	1h	308.91	−0.374%	$123K	$87K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	308.57	−0.484%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	309.19	−0.284%	$46K	$605K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	309.15	−0.297%	$89.2M	$458.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	309.00	−0.345%	$25.2M	$108.1M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	308.90	−0.377%	$12.6M	$49.5M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	309.07	−0.323%	$101.6M	$136.9M	300x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	309.23	−0.271%	$17.9M	$30.0M	75x
Bitget TAOUSDT	+0.0100%	4h	308.81	−0.406%	$34.4M	$52.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	309.63	−0.143%	$34K	$300K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT TAO_USDT_Perp	+0.0100%	4h	309.02	−0.338%	$515K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	309.89	−0.058%	$46K	$267K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	309.58	−0.158%	$56K	$289K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	309.36	−0.229%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	309.80	−0.087%	$127K	$470K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	310.12	+0.016%	$170K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0116%	8h	309.36	−0.229%	$1K	$674K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0170% / S +0.0092%	1h	309.18	−0.286%	$426K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0171%	1h	309.50	−0.185%	$5.5M	$20.3M	50x	as long as short
Aster TAOUSDT	+0.0172%	4h	309.35	−0.233%	$1.3M	$9.1M	50x	as long as short
Bullet TAO-USD	+0.0241%	1h	309.08	−0.318%	$12K	$17K	20x	as long as short
Polymarket Perps TAO-USD	+0.0262%	1h	309.06	−0.326%	$77K	$643K	5x	as long as short
Paradex TAO-USD-PERP	+0.0274%	8h	309.34	−0.237%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0285%	1h	309.31	−0.245%	$365K	$378K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	309.48	−0.190%	$82K	$551K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	311.16	+0.352%	$4.4M	$10.7M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0354%	1h	309.60	−0.152%	$15K	$1.5M	25x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	315.63	+1.793%	$23K	$2K	12x	as long as short
Phemex TAOUSDT	+0.0474%	4h	309.36	−0.229%	$3.4M	$8.0M	50x	as long as short
Nado TAO-PERP	+0.0573%	1h	308.96	−0.356%	$756K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	309.80	−0.087%	$324K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0664%	1h	309.75	−0.103%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0696%	4h	309.05	−0.330%	$5.4M	$8.8M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	309.01	−0.342%	$355	—	20x	as long as short
BingX TAO-USDT	+0.0740%	4h	309.18	−0.287%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0779%	4h	309.26	−0.261%	$63.2M	$135.3M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0853%	1h	309.75	−0.103%	$313K	$814K	10x	as long as short
Extended TAO-USD	+0.0976%	1h	309.08	−0.319%	$890K	$2.4M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.1024%	1h	310.07	long leg	$1.5M	$6.3M	50x
RISEx TAO/USDC	+0.1132%	1h	309.36	−0.230%	$411K	$605K	5x	as long as short
Hyperliquid TAO	+0.1287%	1h	309.37	−0.226%	$98.1M	$93.0M	5x	as long as short
Lighter TAO	+0.1408%	1h	309.19	−0.282%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.3743%	1h	312.40	+0.751%	$166K	$40K	10x	as long as short