Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0884%/8h= −96.8% APRpaid last 24h −0.215%

Price spread now: Phemex against Coinbase International−0.387%7-day average −0.170% · you buy dearer than you sell

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1241.241% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−1.042%−$104 on $10k

Price spread, last 3 days (all we have)+0.247%+$25 · spread now −0.387%, 7d avg −0.170%

Together, before fees−0.795%−$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Phemex is 0.216% cheaper against Coinbase International than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.170%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International TAO-PERP-INTX	320.81	0.0984	pay 0.0123% / 1h	56m 36s	$1.5M	$6.0M	50x
Short	Phemex TAOUSDT	319.57	0.0100	get 0.0050% / 4h	3h 56m	$3.5M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.387%Rate

Funding earned: −$185.64
Price spread: −0.387% → −0.170%: −$21.62
Slippage, 4 orders: −$102.05
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$331.31
Costs to cover: 1.241%
Break-even: never at this rate

Slippage from Coinbase International: 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 Coinbase International live order book, 2 min ago	11.09 bp	16.1 bp −$16	16.1 bp −$161	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	24.94 bp	52.4 bp −$52	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	−0.1799%	1h	311.96	−2.759%	$167K	$44K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	318.95	−0.579%	$128K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	319.94	−0.270%	$21K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.27	−0.792%	$40K	$576K	20x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	318.51	−0.717%	$1K	$588K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.05	−0.550%	$91.2M	$437.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.20	−0.814%	$25.8M	$105.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.30	−0.782%	$12.8M	$49.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.30	−0.782%	$104.1M	$130.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.93	−0.586%	$19.0M	$28.2M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	318.21	−0.810%	$35.6M	$48.6M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	319.13	−0.524%	$42K	$281K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	317.42	−1.055%	$531K	$942K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.82	−1.555%	$47K	$268K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	320.04	−0.240%	$57K	$314K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.98	−0.259%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	319.89	−0.287%	$128K	$423K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	319.57	−0.387%	$3.5M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	321.87	+0.330%	$177K	$998	3x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0170%	1h	319.99	−0.255%	$27K	$1.5M	25x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0071%	1h	319.83	−0.306%	$454K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	318.78	−0.633%	$377K	$371K	10x	as long as short
Arcus TAO-USD	+0.0201%	1h	318.71	−0.655%	$84K	$545K	5x	as long as short
Aster TAOUSDT	+0.0206%	4h	319.30	−0.471%	$1.1M	$8.1M	50x	as long as short
Paradex TAO-USD-PERP	+0.0214%	8h	318.28	−0.789%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0233%	4h	316.35	−1.390%	$5.4M	$8.5M	—	as long as short
BloFin TAO-USDT	+0.0340%	4h	320.00	−0.252%	$4.4M	$10.8M	100x	as long as short
Bullet TAO-USD	+0.0360%	1h	320.19	−0.193%	$12K	$17K	20x	as long as short
BingX TAO-USDT	+0.0398%	4h	318.41	−0.748%	—	$30.7M	—	as long as short
Kraken Futures PF_TAOUSD	+0.0479%	1h	319.95	−0.268%	$5.8M	$20.2M	50x	as long as short
Polymarket Perps TAO-USD	+0.0523%	1h	319.54	−0.396%	$118K	$613K	5x	as long as short
Phoenix TAO	+0.0537%	1h	319.30	−0.471%	$335K	$624K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	317.85	−0.923%	$23K	$370	12x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	319.40	−0.439%	$367	—	20x	as long as short
Bybit TAOUSDT	+0.0718%	4h	318.73	−0.648%	$65.4M	$129.7M	50x	as long as short
01 Exchange TAOUSD	+0.0864%	1h	318.81	−0.623%	$3K	$4K	5x	as long as short
Nado TAO-PERP	+0.0901%	1h	319.24	−0.489%	$884K	$2.0M	10x	as long as short
Extended TAO-USD	+0.0968%	1h	318.27	−0.791%	$927K	$2.2M	25x	as long as short
Coinbase International TAO-PERP-INTXlong	+0.0984%	1h	320.81	long leg	$1.5M	$6.0M	50x
RISEx TAO/USDC	+0.1141%	1h	318.47	−0.729%	$419K	$586K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1201%	1h	319.68	−0.352%	$317K	$817K	10x	as long as short
Lighter TAO	+0.1912%	1h	319.60	−0.377%	$1.7M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.2948%	1h	320.43	−0.118%	$104.6M	$88.2M	5x	as long as short