Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0445%/8h= +48.7% APRpaid last 24h +0.033%

Price spread now: Backpack against Gate−0.067%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.067%, 7d avg +0.076%

Together, before fees+0.105%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.142% cheaper against Gate than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of +0.076%). If the spread goes back, that is −$14 on $10k: about 26 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.052% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% 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	Gate TAO_USDT	314.90	0.0100	pay 0.0050% / 4h	35m 29s	$12.8M	$49.4M	50x
Short	Backpack TAO_USDC_PERP	314.69	0.0545	get 0.0068% / 1h	35m 29s	$302K	$799K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.067%Rate

Funding earned: $93.37
Price spread: −0.067% → +0.076%: −$14.23
Slippage, 4 orders: −$24.25
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $29.89
Costs to cover: 0.493%
Break-even: 4.8 days

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 43 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 Gate live order book, 3 min ago	4.77 bp	18.0 bp −$18	35.6 bp −$356	56.5 bp −$5,649	94.0 bp −$47.0K
Sell Backpack live order book, 43 min ago	1.96 bp	7.3 bp −$7	20.8 bp −$208	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	−0.4478%	1h	313.97	−0.295%	$168K	$48K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	315.17	+0.086%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.48	−0.133%	$21K	—	150x	as long as short
Injective TAO/USDC PERP	+0.0033%	1h	314.40	−0.159%	$23K	$261	12x	as long as short
Popdex TAOUSDT	+0.0096%	1h	315.27	+0.117%	$43K	$553K	20x	as long as short
Pacifica TAO	+0.0100%	1h	315.42	+0.165%	$374K	$369K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.87	−0.011%	$89.0M	$423.9M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	314.80	−0.032%	$61.8M	$124.2M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.60	−0.095%	$25.3M	$101.3M	50x	as long as short
Gate TAO_USDTlong	+0.0100%	4h	314.90	long leg	$12.8M	$49.4M	50x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TAO_USDT	+0.0100%	4h	315.56	+0.210%	$121.7M	$128.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	315.31	+0.130%	$19.1M	$27.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	315.12	+0.070%	$35.1M	$46.3M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.80	−0.032%	—	$30.2M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.20	−0.221%	$41K	$280K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	313.97	−0.297%	$521K	$956K	10x	as long as short
Bullet TAO-USD	+0.0100%	1h	315.19	+0.092%	$11K	$17K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.56	−0.108%	$61K	$275K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.19	−0.225%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.62	−0.089%	$129K	$395K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.39	−0.162%	$3.4M	$7.9M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.67	−0.073%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0110%	8h	315.39	+0.156%	$1K	$546K	5x	as long as short
ApeX Omni TAOUSDT	+0.0123%	1h	314.07	−0.264%	$47K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0137%	1h	315.45	+0.175%	$77K	$518K	5x	as long as short
Arcus TAO-USD	+0.0186%	1h	315.57	+0.213%	$83K	$606K	5x	as long as short
Paradex TAO-USD-PERP	+0.0193%	8h	315.21	+0.099%	$14K	$1K	10x	as long as short
Variational Omni TAO	+0.0194%	4h	314.76	−0.045%	$4.0M	$7.0M	—	as long as short
Aster TAOUSDT	+0.0214%	4h	315.12	+0.069%	$1.1M	$7.8M	50x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.35	−0.175%	$4.4M	$10.3M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0359%	1h	314.43	−0.148%	$52K	$1.5M	25x	as long as short
Kraken Futures PF_TAOUSD	+0.0447%	1h	314.43	−0.149%	$5.8M	$19.8M	50x	as long as short
Nado TAO-PERP	+0.0454%	1h	315.18	+0.089%	$836K	$2.0M	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0478% / S −0.0175%	1h	314.58	−0.100%	$452K	—	100x	as long as short
Phoenix TAO	+0.0537%	1h	314.20	−0.222%	$329K	$521K	5x	as long as short
Backpack TAO_USDC_PERPshort	+0.0545%	1h	314.69	−0.067%	$302K	$799K	10x
Reya TAORUSDPERP	+0.0695%	1h	315.23	+0.106%	$363	—	20x	as long as short
01 Exchange TAOUSD	+0.0696%	1h	315.25	+0.111%	$3K	$4K	5x	as long as short
Extended TAO-USD	+0.0872%	1h	315.40	+0.157%	$867K	$2.1M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	314.93	+0.010%	$1.5M	$5.8M	50x	as long as short
RISEx TAO/USDC	+0.1238%	1h	315.37	+0.149%	$456K	$559K	5x	as long as short
Lighter TAO	+0.1352%	1h	315.70	+0.254%	$1.7M	$5.8M	5x	as long as short
Hyperliquid TAO	+0.1841%	1h	315.74	+0.267%	$98.4M	$83.4M	5x	as long as short