Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0852%/8h= +93.3% APRpaid last 24h +0.242%

Price spread now: Coinbase International against HTX+0.340%7-day average +0.288% · you sell dearer than you buy

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$229as in the Price arb table

costs, in and out, $10k−$2342.338% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.613%+$61 on $10k

Price spread, last 4 days (all we have)−0.149%−$15 · spread now +0.340%, 7d avg +0.288%

Together, before fees+0.464%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Coinbase International is 0.053% dearer against HTX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.288%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TAO-USDT	314.46	0.0100	pay 0.0050% / 4h	3h 58m	$110K	$535K	20x
Short	Coinbase International TAO-PERP-INTX	315.53	0.0952	get 0.0119% / 1h	58m 47s	$1.5M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.340%Rate

Funding earned: $178.92
Price spread: +0.340% → +0.288%: $5.27
Slippage, 4 orders: −$211.78
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$49.58
Costs to cover: 2.338%
Break-even: 8.9 days

Slippage from HTX: live order book, 60 min ago; Coinbase International: live order book, 5 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 HTX live order book, 60 min ago	13.02 bp	112.9 bp −$113	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	8.39 bp	13.4 bp −$13	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
Kraken Futures PF_TAOUSD	−0.0345%	1h	314.66	+0.063%	$5.5M	$20.6M	50x	as long as short
dYdX TAO-USD	0.0000%	1h	314.60	+0.045%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.61	+0.046%	$20K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.98	+0.165%	$43K	$659K	20x	as long as short
Katana Perps TAO-USD	+0.0098%	8h	314.86	+0.127%	$2K	$800K	5x	as long as short
Nado TAO-PERP	+0.0100%	1h	315.10	+0.203%	$801K	$2.2M	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.83	+0.117%	$90.9M	$495.2M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	315.12	+0.210%	$67.9M	$149.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.80	+0.108%	$26.0M	$120.6M	50x	as long as short
Bulk TAO-USD	+0.0100%	1h	314.80	+0.108%	$167K	$2K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TAO_USDT	+0.0100%	4h	314.60	+0.045%	$13.0M	$49.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.83	+0.118%	$100.9M	$143.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.73	+0.086%	$17.8M	$31.7M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	314.62	+0.051%	$35.2M	$56.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	314.82	+0.114%	—	$32.9M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	315.12	+0.209%	$42K	$313K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	315.30	+0.268%	$535K	$969K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.19	+0.232%	$46K	$255K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.80	+0.108%	$77K	$863K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.86	+0.128%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.79	+0.105%	$1K	$1.9M	20x	as long as short
HTX TAO-USDTlong	+0.0100%	4h	314.46	long leg	$110K	$535K	20x
Phemex TAOUSDT	+0.0100%	4h	314.81	+0.111%	$3.2M	$8.1M	50x	as long as short
Hyperliquid TAO	+0.0104%	1h	315.04	+0.184%	$92.6M	$106.7M	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.86	+0.129%	$173K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0126%	4h	314.68	+0.070%	$52K	$271K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0143% / S +0.0124%	1h	314.62	+0.052%	$427K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0148%	8h	315.25	+0.250%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0152%	4h	314.78	+0.102%	$1.2M	$10.4M	50x	as long as short
Extended TAO-USD	+0.0208%	1h	314.69	+0.073%	$923K	$2.4M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0274%	1h	314.75	+0.092%	$313K	$914K	10x	as long as short
01 Exchange TAOUSD	+0.0296%	1h	315.07	+0.194%	$3K	$4K	5x	as long as short
Lighter TAO	+0.0312%	1h	315.22	+0.242%	$1.5M	$6.4M	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.69	+0.073%	$4.5M	$10.9M	100x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.47	+0.321%	$101K	$440K	5x	as long as short
Pacifica TAO	+0.0365%	1h	315.09	+0.200%	$359K	$412K	10x	as long as short
Variational Omni TAO	+0.0396%	4h	315.16	+0.223%	$5.7M	$9.9M	—	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0427%	1h	314.82	+0.114%	$22K	$1.7M	25x	as long as short
Phoenix TAO	+0.0581%	1h	315.50	+0.331%	$314K	$695K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	314.95	+0.154%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	315.14	+0.218%	$439K	$651K	5x	as long as short
Coinbase International TAO-PERP-INTXshort	+0.0952%	1h	315.53	+0.340%	$1.5M	$6.7M	50x
Injective TAO/USDC PERP	+0.4092%	1h	317.67	+1.021%	$23K	$2K	12x	as long as short