Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0248%/8h= +27.1% APRpaid last 24h +0.005%

Price spread now: Bybit against Deribit+0.057%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now +0.057%, 7d avg +0.005%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.053% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	314.52	0.0574	pay 0.0072% / 1h	27m 07s	$24K	$1.5M	25x
Short	Bybit TAOUSDT	314.70	0.0822	get 0.0411% / 4h	2h 27m	$65.9M	$137.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.057%Rate

Funding earned: $52.01
Price spread: +0.057% → +0.005%: $5.26
Slippage, 4 orders: −$28.3
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $10.97
Costs to cover: 0.463%
Break-even: 5.5 days

Slippage from Deribit: live order book, 2 min ago; Bybit: 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 Deribit live order book, 2 min ago	5.60 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.16 bp	10.6 bp −$11	16.5 bp −$165	36.1 bp −$3,606	doesn't fit

TAO on 42 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	314.00	−0.165%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	314.22	−0.096%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.00	−0.165%	$39K	$626K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.51	−0.003%	$90.1M	$464.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.80	+0.089%	$25.8M	$112.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.30	−0.070%	$12.8M	$50.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.54	+0.006%	$108.9M	$138.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.65	+0.041%	$18.1M	$30.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.30	−0.070%	$35.1M	$53.3M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	312.67	−0.588%	$35K	$298K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TAOUSDT	+0.0100%	1h	313.06	−0.464%	$47K	$256K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.54	+0.006%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.35	−0.054%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.34	−0.057%	$129K	$472K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.26	−0.083%	$3.4M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.86	+0.109%	$173K	$998	3x	as long as short
GRVT TAO_USDT_Perp	+0.0116%	4h	313.32	−0.383%	$516K	$966K	10x	as long as short
Katana Perps TAO-USD	+0.0121%	8h	314.17	−0.111%	$1K	$700K	5x	as long as short
Polymarket Perps TAO-USD	+0.0151%	1h	314.44	−0.025%	$82K	$679K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.0168%	1h	314.46	−0.018%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0169% / S +0.0091%	1h	314.13	−0.124%	$439K	—	100x	as long as short
Bullet TAO-USD	+0.0224%	1h	314.52	0.000%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0231%	4h	314.57	+0.016%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	314.14	−0.121%	$369K	$381K	10x	as long as short
Paradex TAO-USD-PERP	+0.0325%	8h	314.42	−0.031%	$14K	$1K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	314.27	−0.079%	$99K	$529K	5x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	312.28	−0.712%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0515%	1h	314.38	−0.046%	$779K	$2.1M	10x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0574%	1h	314.52	long leg	$24K	$1.5M	25x
Phoenix TAO	+0.0588%	1h	312.30	−0.706%	$326K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0648%	1h	314.34	−0.057%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.43	−0.030%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0760%	4h	314.59	+0.022%	—	$31.0M	—	as long as short
Variational Omni TAO	+0.0774%	4h	311.95	−0.818%	$5.4M	$8.8M	—	as long as short
Bybit TAOUSDTshort	+0.0822%	4h	314.70	+0.057%	$65.9M	$137.5M	50x
Extended TAO-USD	+0.0896%	1h	314.54	+0.005%	$898K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0897%	1h	314.73	+0.067%	$318K	$814K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	315.37	+0.270%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	314.19	−0.105%	$449K	$630K	5x	as long as short
Hyperliquid TAO	+0.1229%	1h	315.00	+0.153%	$99.6M	$94.8M	5x	as long as short
Lighter TAO	+0.1424%	1h	314.92	+0.126%	$1.6M	$6.0M	5x	as long as short
Bulk TAO-USD	+0.4286%	1h	309.11	−1.721%	$164K	$40K	10x	as long as short