Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h +0.005%

Price spread now: KuCoin against Deribit−0.313%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)+0.274%+$27 · spread now −0.313%, 7d avg −0.018%

Together, before fees+0.444%+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and KuCoin is 0.295% cheaper against Deribit than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.018%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.170%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TAO_USDC-PERPETUAL	314.84	0.0330	pay 0.0041% / 1h	57m 16s	$14K	$1.6M	25x
Short	KuCoin TAOUSDTM	313.85	0.0100	get 0.0050% / 4h	1h 57m	$17.9M	$30.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.313%Rate

Funding earned: −$48.3
Price spread: −0.313% → −0.018%: −$29.5
Slippage, 4 orders: −$42.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$139.6
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; KuCoin: 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	6.64 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.37 bp	16.4 bp −$16	27.1 bp −$271	75.9 bp −$7,593	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
Bulk TAO-USD	−0.0185%	1h	315.28	+0.141%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	313.99	−0.269%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0001%	1h	314.63	−0.065%	$16K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	313.90	−0.297%	$45K	$646K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.96	+0.039%	$91.0M	$466.9M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.90	+0.020%	$26.0M	$114.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.40	−0.138%	$12.9M	$49.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.66	−0.056%	$103.2M	$137.3M	300x	as long as short
KuCoin TAOUSDTMshort	+0.0100%	4h	313.85	−0.313%	$17.9M	$30.4M	75x
Bitget TAOUSDT	+0.0100%	4h	314.63	−0.065%	$35.2M	$53.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.02	+0.693%	$36K	$302K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.31	−0.167%	$75K	$722K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.83	−0.002%	$57K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.68	−0.050%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.75	−0.027%	$129K	$474K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.74	−0.030%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	315.16	+0.102%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0114%	8h	314.09	−0.237%	$2K	$730K	5x	as long as short
ApeX Omni TAOUSDT	+0.0148%	1h	316.61	+0.563%	$47K	$252K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	314.66	−0.055%	$426K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	317.15	+0.736%	$527K	$957K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0249%	1h	315.04	+0.063%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0281%	4h	314.07	−0.243%	$1.2M	$9.3M	50x	as long as short
Deribit TAO_USDC-PERPETUALlong	+0.0330%	1h	314.84	long leg	$14K	$1.6M	25x
Bullet TAO-USD	+0.0345%	1h	315.08	+0.078%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0346%	8h	314.38	−0.145%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0448%	1h	314.55	−0.091%	$372K	$393K	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	314.59	−0.078%	$99K	$489K	5x	as long as short
Phoenix TAO	+0.0588%	1h	316.10	+0.401%	$332K	$707K	5x	as long as short
01 Exchange TAOUSD	+0.0680%	1h	314.46	−0.119%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.56	−0.089%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0720%	4h	314.84	+0.001%	—	$30.3M	—	as long as short
Backpack TAO_USDC_PERP	+0.0725%	1h	314.92	+0.027%	$318K	$802K	10x	as long as short
Bybit TAOUSDT	+0.0738%	4h	315.13	+0.093%	$66.9M	$138.2M	50x	as long as short
Variational Omni TAO	+0.0848%	4h	316.96	+0.674%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0888%	1h	314.14	−0.220%	$891K	$2.3M	25x	as long as short
Lighter TAO	+0.0928%	1h	315.02	+0.060%	$1.6M	$6.1M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	317.13	+0.729%	$1.5M	$6.4M	50x	as long as short
Nado TAO-PERP	+0.1032%	1h	314.30	−0.169%	$752K	$2.1M	10x	as long as short
Hyperliquid TAO	+0.1127%	1h	314.56	−0.088%	$98.9M	$97.5M	5x	as long as short
RISEx TAO/USDC	+0.1159%	1h	314.39	−0.140%	$445K	$626K	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+1.939%	$23K	$2K	12x	as long as short