Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0421%/8h= +46.1% APRpaid last 24h +0.081%

Price spread now: Phoenix against HTX+0.274%7-day average +0.249% · you sell dearer than you buy

Net, funding: paid 7d − costs−$157as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1761.760% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)−0.121%−$12 · spread now +0.274%, 7d avg +0.249%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.025% dearer against HTX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.249%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.193% in total (about 10.0% 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	HTX TAO-USDT	303.27	0.0100	pay 0.0050% / 4h	1h 37m	$121K	$363K	20x
Short	Phoenix TAO	304.10	0.0521	get 0.0065% / 1h	37m 16s	$322K	$491K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.274%Rate

Funding earned: $88.34
Price spread: +0.274% → +0.249%: $2.49
Slippage, 4 orders: −$157.01
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$85.19
Costs to cover: 1.760%
Break-even: 13.8 days

Slippage from HTX: live order book, 45 min ago; Phoenix: live order book, 45 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	34.46 bp	101.1 bp −$101	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	3.24 bp	18.8 bp −$19	26.2 bp −$262	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	−0.0186%	1h	303.81	+0.178%	$162K	$54K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	303.16	−0.036%	$124K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	303.05	−0.072%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	303.45	+0.059%	$43K	$535K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	303.26	−0.003%	$85.0M	$411.6M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	303.36	+0.030%	$58.7M	$120.8M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	303.30	+0.010%	$24.4M	$94.8M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	303.59	+0.106%	$79K	$642K	5x	as long as short
Gate TAO_USDT	+0.0100%	4h	303.10	−0.056%	$12.1M	$48.6M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	303.29	+0.007%	$110.2M	$124.8M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	303.31	+0.013%	$18.3M	$27.1M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	303.10	−0.056%	$33.9M	$45.9M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	303.28	+0.003%	—	$30.3M	—	as long as short
Variational Omni TAO	+0.0100%	4h	303.66	+0.129%	$3.6M	$6.7M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	303.48	+0.068%	$39K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	303.75	+0.157%	$502K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	303.30	+0.010%	$46K	$269K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	303.40	+0.043%	$77K	$600K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	303.32	+0.016%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	303.25	−0.007%	$58K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	303.11	−0.053%	$2K	$1.8M	20x	as long as short
HTX TAO-USDTlong	+0.0100%	4h	303.27	long leg	$121K	$363K	20x
Phemex TAOUSDT	+0.0100%	4h	303.12	−0.049%	$3.2M	$7.8M	50x	as long as short
Aster TAOUSDT	+0.0102%	4h	303.34	+0.023%	$1.1M	$7.7M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	303.48	+0.069%	$167K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0111%	8h	303.31	+0.013%	$2K	$490K	5x	as long as short
Paradex TAO-USD-PERP	+0.0155%	8h	303.28	+0.003%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0164%	1h	303.31	+0.012%	$358K	$371K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	303.04	−0.076%	$433K	—	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0239%	1h	303.18	−0.029%	$21K	$1.4M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	303.16	−0.036%	$4.2M	$9.3M	100x	as long as short
Lighter TAO	+0.0376%	1h	303.40	+0.043%	$1.6M	$5.3M	5x	as long as short
Nado TAO-PERP	+0.0381%	1h	303.22	−0.017%	$818K	$1.9M	10x	as long as short
01 Exchange TAOUSD	+0.0400%	1h	303.75	+0.158%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0419%	1h	303.76	+0.162%	$378K	$757K	10x	as long as short
Phoenix TAOshort	+0.0521%	1h	304.10	+0.274%	$322K	$491K	5x
Reya TAORUSDPERP	+0.0695%	1h	303.15	−0.041%	$349	—	20x	as long as short
Extended TAO-USD	+0.0848%	1h	303.23	−0.013%	$835K	$2.0M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	304.24	+0.320%	$1.5M	$5.6M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1042%	1h	303.23	−0.013%	$5.7M	$19.6M	50x	as long as short
Hyperliquid TAO	+0.1105%	1h	303.55	+0.092%	$92.1M	$80.3M	5x	as long as short
RISEx TAO/USDC	+0.1155%	1h	303.53	+0.085%	$409K	$544K	5x	as long as short
Injective TAO/USDC PERP	+0.1621%	1h	308.73	+1.800%	$22K	$264	12x	as long as short