Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4776%/8h= −523.0% APRpaid last 24h −0.620%

Price spread now: Phemex against Injective+0.458%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−3.876%−$388 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.458% dearer against Injective than usual: you sell high and buy low (spread +0.458% now, against zero (this spread has no 7-day history yet)): +$46 on $10k if it goes back. Holding the pair costs −$143 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−3.876% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective TAO/USDC PERP	305.96	0.4876	pay 0.0610% / 1h	22m 26s	$22K	$171	12x
Short	Phemex TAOUSDT	307.36	0.0100	get 0.0050% / 4h	2h 22m	$3.3M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.458%Rate

Funding earned: −$1,003
Price spread: +0.458% → 0.000%: $45.76
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$969.26
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 6 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 Phemex live order book, 6 min ago	7.69 bp	16.5 bp −$17	doesn't fit	doesn't fit	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
dYdX TAO-USD	0.0000%	1h	306.98	+0.335%	$129K	$84K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	0.0000%	1h	307.77	+0.592%	$15K	$1.3M	25x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0007%	1h	307.58	+0.529%	$26K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	307.31	+0.441%	$41K	$530K	20x	as long as short
Pacifica TAO	+0.0100%	1h	307.16	+0.391%	$363K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	307.61	+0.538%	$85.9M	$404.0M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	307.86	+0.621%	$59.4M	$118.4M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	307.80	+0.601%	$25.3M	$93.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	307.57	+0.526%	$137K	$598K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	+0.363%	$201K	$57K	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	307.50	+0.503%	$12.2M	$48.2M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	307.61	+0.539%	$114.2M	$124.0M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	307.45	+0.487%	$18.6M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	307.40	+0.471%	$34.4M	$44.5M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	307.69	+0.565%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	305.90	−0.020%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	305.13	−0.273%	$39K	$276K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	305.16	−0.263%	$535K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	304.90	−0.346%	$46K	$267K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	307.62	+0.543%	$78K	$675K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	307.59	+0.534%	$11K	$18K	20x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	307.72	+0.575%	$59K	$276K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	307.76	+0.588%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	307.88	+0.628%	$121K	$353K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	307.36	+0.458%	$3.3M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	307.87	+0.623%	$169K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	307.46	+0.490%	$879	$438K	5x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	307.04	+0.353%	$14K	$1K	10x	as long as short
Aster TAOUSDT	+0.0166%	4h	307.59	+0.534%	$1.1M	$7.5M	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	307.54	+0.517%	$439K	—	100x	as long as short
Phoenix TAO	+0.0234%	1h	307.30	+0.438%	$325K	$462K	5x	as long as short
Nado TAO-PERP	+0.0296%	1h	307.37	+0.460%	$843K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	307.69	+0.565%	$4.3M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	307.64	+0.549%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	307.54	+0.518%	$354	—	20x	as long as short
Extended TAO-USD	+0.0704%	1h	307.31	+0.441%	$906K	$2.0M	25x	as long as short
Lighter TAO	+0.0920%	1h	307.51	+0.508%	$1.7M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	308.04	+0.680%	$1.5M	$5.4M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1024%	1h	307.72	+0.575%	$6.3M	$19.3M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	307.57	+0.528%	$414K	$537K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1116%	1h	307.34	+0.451%	$444K	$715K	10x	as long as short
Hyperliquid TAO	+0.1741%	1h	308.07	+0.690%	$94.3M	$75.7M	5x	as long as short
Injective TAO/USDC PERPlong	+0.4876%	1h	305.96	long leg	$22K	$171	12x