Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0716%/8h= −78.4% APRpaid last 24h −0.020%

Price spread now: Phemex against Extended−0.145%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.591%−$59 on $10k

Price spread, last 3 days (all we have)+0.277%+$28 · spread now −0.145%, 7d avg +0.051%

Together, before fees−0.314%+ Points / potential airdropExtended: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phemex is 0.195% cheaper against Extended than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended TAO-USD	303.50	0.0816	pay 0.0102% / 1h	29m 47s	$825K	$2.0M	25x
Short	Phemex TAOUSDT	303.06	0.0100	get 0.0050% / 4h	1h 29m	$3.2M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.145%Rate

Funding earned: −$150.36
Price spread: −0.145% → +0.051%: −$19.54
Slippage, 4 orders: −$32.1
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$219
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from Extended: live order book, 4 min ago; Phemex: live order book, 4 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 Extended live order book, 4 min ago	3.30 bp	5.8 bp −$6	7.7 bp −$77	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.11 bp	17.5 bp −$17	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
dYdX TAO-USD	0.0000%	1h	302.58	−0.302%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	302.95	−0.181%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.04	−0.152%	$45K	$537K	20x	as long as short
Aster TAOUSDT	+0.0100%	4h	303.42	−0.026%	$1.1M	$7.7M	50x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.52	+0.007%	$84.9M	$413.7M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.54	+0.013%	$58.7M	$121.1M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.50	0.000%	$24.4M	$95.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.29	−0.069%	$79K	$643K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	303.38	−0.041%	$162K	$54K	10x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.20	−0.099%	$12.1M	$48.8M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	303.45	−0.016%	$110.9M	$125.2M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	303.52	+0.007%	$18.4M	$27.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.57	+0.023%	$33.9M	$46.0M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.47	−0.010%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.79	+0.095%	$3.7M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.27	−0.077%	$39K	$279K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	302.58	−0.302%	$500K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.45	−0.016%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.30	−0.066%	$74K	$595K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.27	−0.076%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.01	−0.161%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	302.98	−0.171%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	303.25	−0.082%	$122K	$364K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	303.06	−0.145%	$3.2M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	303.22	−0.094%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	302.95	−0.181%	$620	$496K	5x	as long as short
Paradex TAO-USD-PERP	+0.0154%	8h	303.02	−0.157%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.01	−0.161%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	302.95	−0.180%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0276%	1h	303.05	−0.147%	$21K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.24	−0.086%	$4.2M	$9.3M	100x	as long as short
Nado TAO-PERP	+0.0344%	1h	302.91	−0.194%	$817K	$1.9M	10x	as long as short
Lighter TAO	+0.0376%	1h	303.37	−0.043%	$1.6M	$5.3M	5x	as long as short
01 Exchange TAOUSD	+0.0392%	1h	303.21	−0.095%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0435%	1h	303.53	+0.010%	$378K	$756K	10x	as long as short
Phoenix TAO	+0.0521%	1h	304.00	+0.165%	$322K	$491K	5x	as long as short
Reya TAORUSDPERP	+0.0695%	1h	303.07	−0.142%	$349	—	20x	as long as short
Extended TAO-USDlong	+0.0816%	1h	303.50	long leg	$825K	$2.0M	25x
Coinbase International TAO-PERP-INTX	+0.1008%	1h	303.21	−0.095%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1042%	1h	303.09	−0.136%	$5.7M	$19.7M	50x	as long as short
Hyperliquid TAO	+0.1058%	1h	303.88	+0.125%	$92.2M	$80.5M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.28	−0.071%	$410K	$545K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.723%	$22K	$264	12x	as long as short