Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4015%/8h= −439.7% APRpaid last 24h −0.613%

Price spread now: Bybit against Injective−1.431%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−3.402%−$340 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$120 a day on $10k at the current rate, and Bybit is 1.431% cheaper against Injective than usual: you would sell low and buy high (−$143 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	319.25	0.4222	pay 0.0528% / 1h	51m 15s	$23K	$2K	12x
Short	Bybit TAOUSDT	314.68	0.0207	get 0.0103% / 4h	51m 15s	$68.8M	$145.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BybitbpOrdersPrice spread, now −1.431%Rate

Funding earned: −$843.22
Price spread: −1.431% → 0.000%: −$143.15
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$997.39
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.16 bp	11.0 bp −$11	22.8 bp −$228	43.6 bp −$4,355	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0499%	1h	315.15	−1.284%	$167K	$1K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.21	−1.579%	$125K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	314.12	−1.608%	$20K	—	150x	as long as short
Kraken Futures PF_TAOUSD	+0.0057%	1h	314.31	−1.549%	$5.5M	$20.6M	50x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.52	−1.482%	$41K	$684K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.47	−1.496%	$90.7M	$487.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.60	−1.457%	$25.9M	$118.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	314.20	−1.582%	$12.9M	$49.3M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	314.49	−1.491%	$104.4M	$142.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	314.61	−1.453%	$17.5M	$31.6M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	314.27	−1.560%	$35.1M	$55.7M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	316.19	−0.959%	$35K	$303K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	315.90	−1.049%	$46K	$252K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	314.40	−1.519%	$89K	$789K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	314.47	−1.497%	$12K	$18K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	314.21	−1.579%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.62	−1.450%	$109K	$526K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	314.27	−1.560%	$3.2M	$8.2M	50x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.46	−1.500%	$173K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	314.24	−1.569%	$2K	$780K	5x	as long as short
GRVT TAO_USDT_Perp	+0.0122%	4h	316.28	−0.931%	$527K	$952K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0123%	4h	314.43	−1.510%	$57K	$275K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0153% / S +0.0115%	1h	314.26	−1.563%	$426K	—	100x	as long as short
01 Exchange TAOUSD	+0.0184%	1h	314.83	−1.384%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0195%	1h	314.72	−1.419%	$94.0M	$104.7M	5x	as long as short
Paradex TAO-USD-PERP	+0.0202%	8h	315.01	−1.327%	$14K	$1K	10x	as long as short
Bybit TAOUSDTshort	+0.0207%	4h	314.68	−1.431%	$68.8M	$145.8M	50x
Aster TAOUSDT	+0.0221%	4h	314.96	−1.344%	$1.2M	$10.1M	50x	as long as short
BingX TAO-USDT	+0.0244%	4h	314.40	−1.519%	—	$30.1M	—	as long as short
Nado TAO-PERP	+0.0250%	1h	314.57	−1.467%	$806K	$2.2M	10x	as long as short
Backpack TAO_USDC_PERP	+0.0280%	1h	315.38	−1.212%	$313K	$914K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0333%	1h	314.41	−1.517%	$13K	$1.6M	25x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.43	−1.510%	$4.5M	$10.9M	100x	as long as short
Lighter TAO	+0.0344%	1h	314.63	−1.448%	$1.5M	$6.4M	5x	as long as short
Arcus TAO-USD	+0.0345%	1h	315.29	−1.240%	$99K	$488K	5x	as long as short
Extended TAO-USD	+0.0360%	1h	314.32	−1.543%	$922K	$2.4M	25x	as long as short
Pacifica TAO	+0.0365%	1h	314.67	−1.435%	$367K	$402K	10x	as long as short
Phoenix TAO	+0.0581%	1h	316.60	−0.830%	$315K	$697K	5x	as long as short
Variational Omni TAO	+0.0690%	4h	316.99	−0.707%	$5.9M	$9.7M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.58	−1.464%	$362	—	20x	as long as short
RISEx TAO/USDC	+0.0991%	1h	315.04	−1.318%	$433K	$656K	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.1008%	1h	315.00	−1.331%	$1.5M	$6.6M	50x	as long as short
Injective TAO/USDC PERPlong	+0.4222%	1h	319.25	long leg	$23K	$2K	12x