Funding arb · Price arb /

TAO

all TAO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0194%/8h= −21.3% APRpaid last 24h −0.085%

Price spread now: Binance against Kraken Futures−0.147%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$27 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.147%, 7d avg −0.046%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Binance is 0.101% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TAOUSD	319.35	0.0298	pay 0.0037% / 1h	13m 08s	$6.0M	$21.6M	50x
Short	Binance TAOUSDT	318.88	0.0104	get 0.0052% / 4h	2h 13m	$91.5M	$513.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$40.79
Price spread: −0.147% → −0.046%: −$10.06
Slippage, 4 orders: −$25.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$95.86
Costs to cover: 0.450%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Binance: live order book, 16 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 Kraken Futures live order book, 1 min ago	6.58 bp	15.2 bp −$15	25.6 bp −$256	84.7 bp −$8,474	doesn't fit
Sell Binance live order book, 16 min ago	0.16 bp	6.3 bp −$6	14.8 bp −$148	35.9 bp −$3,593	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	−0.0038%	1h	313.74	−1.756%	$167K	$333	10x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	318.97	−0.117%	$21K	—	150x	as long as short
dYdX TAO-USD	+0.0033%	1h	318.94	−0.127%	$127K	$85K	5x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.60	−0.234%	$26.7M	$125.4M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.80	−0.172%	$14.2M	$51.6M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.08	−0.084%	$17.6M	$31.5M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	318.54	−0.253%	$35.9M	$57.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	318.35	−0.314%	$42K	$317K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.22	−0.040%	$91K	$920K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	319.01	−0.106%	$2K	$1.9M	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TAO-USDT	+0.0100%	4h	318.94	−0.128%	$116K	$565K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	318.89	−0.143%	$3.2M	$8.1M	50x	as long as short
MEXC TAO_USDT	+0.0104%	4h	319.25	−0.031%	$100.9M	$148.0M	300x	as long as short
Aevo TAO-PERP	+0.0104%	1h	319.51	+0.050%	$175K	$998	3x	as long as short
Binance TAOUSDTshort	+0.0104%	4h	318.88	−0.147%	$91.5M	$513.1M	75x
Katana Perps TAO-USD	+0.0110%	8h	319.08	−0.084%	$2K	$945K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0118%	4h	319.23	−0.037%	$53K	$291K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0127% / S +0.0142%	1h	318.93	−0.130%	$427K	—	100x	as long as short
Popdex TAOUSDT	+0.0128%	1h	319.40	+0.016%	$54K	$671K	20x	as long as short
Pacifica TAO	+0.0233%	1h	319.34	−0.003%	$364K	$420K	10x	as long as short
Aster TAOUSDT	+0.0265%	4h	318.99	−0.112%	$1.3M	$10.7M	50x	as long as short
Paradex TAO-USD-PERP	+0.0280%	8h	319.67	+0.102%	$15K	$1K	10x	as long as short
Nado TAO-PERP	+0.0282%	1h	319.46	+0.034%	$803K	$2.2M	10x	as long as short
Kraken Futures PF_TAOUSDlong	+0.0298%	1h	319.35	long leg	$6.0M	$21.6M	50x
Bullet TAO-USD	+0.0325%	1h	319.38	+0.010%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0344%	4h	319.43	+0.026%	$3.7M	$11.0M	100x	as long as short
Bybit TAOUSDT	+0.0384%	4h	318.91	−0.137%	$69.8M	$153.7M	50x	as long as short
BingX TAO-USDT	+0.0400%	4h	318.84	−0.159%	—	$33.8M	—	as long as short
GRVT TAO_USDT_Perp	+0.0436%	4h	318.55	−0.249%	$545K	$935K	10x	as long as short
Variational Omni TAO	+0.0467%	4h	317.98	−0.428%	$5.6M	$10.1M	—	as long as short
Arcus TAO-USD	+0.0483%	1h	319.72	+0.117%	$103K	$345K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0500%	1h	319.26	−0.026%	$15K	$1.8M	25x	as long as short
ApeX Omni TAOUSDT	+0.0504%	1h	318.01	−0.419%	$45K	$256K	50x	as long as short
Extended TAO-USD	+0.0504%	1h	319.15	−0.062%	$906K	$2.4M	25x	as long as short
Phoenix TAO	+0.0513%	1h	318.90	−0.140%	$317K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	319.20	−0.045%	$367	—	20x	as long as short
01 Exchange TAOUSD	+0.0800%	1h	319.73	+0.120%	$3K	$4K	5x	as long as short
Hyperliquid TAO	+0.0807%	1h	319.28	−0.021%	$93.7M	$109.5M	5x	as long as short
Lighter TAO	+0.0816%	1h	319.41	+0.018%	$1.5M	$6.6M	5x	as long as short
Backpack TAO_USDC_PERP	+0.0839%	1h	319.20	−0.046%	$316K	$890K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	319.97	+0.195%	$1.5M	$7.0M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	319.34	−0.004%	$461K	$649K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	322.94	+1.125%	$23K	$2K	12x	as long as short