Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.092%

Price spread now: Phoenix against GRVT+0.249%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.249%, 7d avg +0.112%

Together, before fees−0.059%+ Points / potential airdropGRVT: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.137% dearer against GRVT than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT TAO_USDT_Perp	315.91	0.0374	pay 0.0187% / 4h	2h 18m	$537K	$923K	10x
Short	Phoenix TAO	316.70	0.0513	get 0.0064% / 1h	18m 30s	$315K	$713K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. 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 GRVTbpFee PhoenixbpOrdersPrice spread, now +0.249%Rate

Funding earned: $29.15
Price spread: +0.249% → +0.112%: $13.68
Slippage, 4 orders: −$33.74
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.91
Costs to cover: 0.497%
Break-even: 8.7 days

Slippage from GRVT: live order book, 29 min ago; Phoenix: live order book, 29 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 GRVT live order book, 29 min ago	1.43 bp	9.2 bp −$9	19.0 bp −$190	doesn't fit	doesn't fit
Sell Phoenix live order book, 29 min ago	3.18 bp	14.9 bp −$15	18.0 bp −$180	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	−0.0038%	1h	313.74	−0.688%	$167K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.80	+0.914%	$21K	—	150x	as long as short
dYdX TAO-USD	+0.0037%	1h	318.82	+0.920%	$127K	$85K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	319.12	+1.015%	$91.6M	$512.1M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.00	+0.977%	$26.8M	$125.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.80	+0.913%	$14.2M	$51.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	319.15	+1.024%	$100.9M	$147.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	318.97	+0.967%	$17.5M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.98	+0.970%	$36.0M	$57.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.55	+0.835%	$42K	$316K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	318.99	+0.974%	$91K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	318.49	+0.815%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.95	+0.961%	$116K	$563K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.45	+0.803%	$3.2M	$8.0M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	318.79	+0.910%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	318.67	+0.872%	$2K	$940K	5x	as long as short
Popdex TAOUSDT	+0.0112%	1h	318.68	+0.875%	$53K	$670K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0120%	4h	319.05	+0.993%	$53K	$290K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0127% / S +0.0141%	1h	318.76	+0.902%	$426K	—	100x	as long as short
Pacifica TAO	+0.0233%	1h	319.05	+0.992%	$364K	$420K	10x	as long as short
Aster TAOUSDT	+0.0264%	4h	319.29	+1.069%	$1.3M	$10.7M	50x	as long as short
Nado TAO-PERP	+0.0267%	1h	319.07	+0.999%	$802K	$2.2M	10x	as long as short
Paradex TAO-USD-PERP	+0.0277%	8h	319.07	+0.999%	$14K	$1K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0299%	1h	318.91	+0.949%	$6.0M	$21.5M	50x	as long as short
Bullet TAO-USD	+0.0332%	1h	319.09	+1.006%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	318.93	+0.955%	$4.6M	$11.0M	100x	as long as short
GRVT TAO_USDT_Perplong	+0.0374%	4h	315.91	long leg	$537K	$923K	10x
Bybit TAOUSDT	+0.0398%	4h	319.21	+1.043%	$69.6M	$153.4M	50x	as long as short
BingX TAO-USDT	+0.0402%	4h	319.11	+1.012%	—	$33.7M	—	as long as short
Variational Omni TAO	+0.0459%	4h	318.52	+0.825%	$5.6M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	319.11	+1.012%	$103K	$345K	5x	as long as short
Extended TAO-USD	+0.0504%	1h	318.75	+0.898%	$906K	$2.4M	25x	as long as short
Phoenix TAOshort	+0.0513%	1h	316.70	+0.249%	$315K	$713K	5x
Deribit TAO_USDC-PERPETUAL	+0.0559%	1h	318.72	+0.888%	$15K	$1.8M	25x	as long as short
ApeX Omni TAOUSDT	+0.0574%	1h	315.18	−0.232%	$45K	$256K	50x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	319.15	+1.025%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0808%	1h	319.19	+1.037%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0816%	1h	319.36	+1.090%	$1.5M	$6.6M	5x	as long as short
Hyperliquid TAO	+0.0818%	1h	319.38	+1.097%	$93.8M	$109.2M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0845%	1h	318.71	+0.885%	$316K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	320.16	+1.344%	$1.5M	$6.9M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	318.56	+0.839%	$460K	$650K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	319.48	+1.129%	$23K	$2K	12x	as long as short