Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against HTX+0.044%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$275as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2312.306% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.446%−$45 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now +0.044%, 7d avg +0.114%

Together, before fees−0.327%−$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.070% cheaper against HTX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TAO-USDT	316.46	0.0100	pay 0.0050% / 4h	2h 23m	$130K	$472K	20x
Short	Phemex TAOUSDT	316.60	0.0100	get 0.0050% / 4h	2h 23m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → +0.114%: −$6.99
Slippage, 4 orders: −$206.58
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$237.57
Costs to cover: 2.306%
Break-even: never at this rate

Slippage from HTX: live order book, 45 min ago; Phemex: live order book, 6 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, 45 min ago	21.48 bp	103.5 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	12.79 bp	21.8 bp −$22	doesn't fit	doesn't fit	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
dYdX TAO-USD	0.0000%	1h	316.42	−0.012%	$126K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	316.42	−0.013%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	316.64	+0.057%	$40K	$631K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.04	+0.182%	$90.9M	$465.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	317.10	+0.202%	$26.2M	$113.3M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	316.60	+0.044%	$12.9M	$50.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.22	+0.240%	$110.6M	$138.9M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.09	+0.199%	$18.2M	$30.2M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	317.16	+0.221%	$35.4M	$53.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	314.28	−0.688%	$35K	$298K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni TAOUSDT	+0.0100%	1h	314.74	−0.544%	$47K	$252K	50x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	316.89	+0.136%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	316.74	+0.088%	$2K	$1.9M	20x	as long as short
HTX TAO-USDTlong	+0.0100%	4h	316.46	long leg	$130K	$472K	20x
Phemex TAOUSDTshort	+0.0100%	4h	316.60	+0.044%	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	317.20	+0.234%	$174K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0120%	8h	316.54	+0.025%	$673	$707K	5x	as long as short
Polymarket Perps TAO-USD	+0.0136%	1h	316.65	+0.060%	$82K	$680K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0148%	4h	314.81	−0.520%	$519K	$966K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0167%	1h	316.72	+0.084%	$5.6M	$20.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0169% / S +0.0091%	1h	316.27	−0.059%	$442K	—	100x	as long as short
Bullet TAO-USD	+0.0235%	1h	316.69	+0.073%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0246%	4h	316.96	+0.158%	$1.3M	$9.4M	50x	as long as short
Pacifica TAO	+0.0285%	1h	316.68	+0.070%	$372K	$381K	10x	as long as short
Arcus TAO-USD	+0.0337%	1h	316.93	+0.149%	$100K	$529K	5x	as long as short
Paradex TAO-USD-PERP	+0.0345%	8h	316.68	+0.071%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	318.67	+0.698%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0501%	1h	316.67	+0.066%	$789K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	315.90	−0.177%	$330K	$681K	5x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	317.17	+0.224%	$3K	$4K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0664%	1h	316.75	+0.092%	$23K	$1.5M	25x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	316.70	+0.076%	$364	—	20x	as long as short
BingX TAO-USDT	+0.0760%	4h	317.06	+0.190%	—	$30.9M	—	as long as short
Variational Omni TAO	+0.0822%	4h	315.55	−0.287%	$5.5M	$8.9M	—	as long as short
Bybit TAOUSDT	+0.0823%	4h	317.19	+0.231%	$66.6M	$137.8M	50x	as long as short
Extended TAO-USD	+0.0896%	1h	317.36	+0.284%	$909K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0919%	1h	317.04	+0.183%	$320K	$814K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	316.98	+0.164%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	316.61	+0.048%	$452K	$631K	5x	as long as short
Hyperliquid TAO	+0.1286%	1h	317.48	+0.322%	$100.7M	$94.8M	5x	as long as short
Lighter TAO	+0.1424%	1h	317.22	+0.240%	$1.6M	$6.1M	5x	as long as short
Bulk TAO-USD	+0.2752%	1h	308.95	−2.375%	$164K	$40K	10x	as long as short