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 KuCoin−0.104%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1051.049% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.479%−$48 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.104%, 7d avg +0.003%

Together, before fees−0.370%−$37 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 0.107% cheaper against KuCoin than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TAOUSDTM	318.56	0.0100	pay 0.0050% / 4h	1h 52m	$18.3M	$30.7M	75x
Short	Phemex TAOUSDT	318.23	0.0100	get 0.0050% / 4h	1h 52m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → +0.003%: −$10.65
Slippage, 4 orders: −$80.92
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$115.57
Costs to cover: 1.049%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	2.37 bp	24.9 bp −$25	40.0 bp −$400	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	15.82 bp	36.9 bp −$37	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
Bulk TAO-USD	−0.2257%	1h	317.17	−0.436%	$168K	$40K	10x	as long as short
ApeX Omni TAOUSDT	−0.0750%	1h	314.06	−1.413%	$47K	$253K	50x	as long as short
dYdX TAO-USD	0.0000%	1h	317.50	−0.333%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.72	−0.263%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	317.80	−0.239%	$45K	$646K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	318.84	+0.087%	$92.2M	$467.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	318.80	+0.075%	$26.3M	$115.7M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	318.50	−0.019%	$13.0M	$49.1M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	318.73	+0.053%	$105.2M	$137.7M	300x	as long as short
KuCoin TAOUSDTMlong	+0.0100%	4h	318.56	long leg	$18.3M	$30.7M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TAOUSDT	+0.0100%	4h	318.59	+0.009%	$35.6M	$53.4M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	317.37	−0.374%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.62	−0.295%	$80K	$730K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	318.16	−0.126%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.88	−0.213%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.03	−0.166%	$130K	$475K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	318.23	−0.104%	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	318.21	−0.110%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0113%	8h	317.75	−0.254%	$675	$735K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0165% / S +0.0104%	1h	317.76	−0.252%	$431K	—	100x	as long as short
GRVT TAO_USDT_Perp	+0.0190%	4h	316.25	−0.725%	$526K	$946K	10x	as long as short
Kraken Futures PF_TAOUSD	+0.0247%	1h	318.25	−0.097%	$5.6M	$20.5M	50x	as long as short
Aster TAOUSDT	+0.0295%	4h	318.82	+0.081%	$1.2M	$9.3M	50x	as long as short
Bullet TAO-USD	+0.0331%	1h	318.17	−0.122%	$12K	$18K	20x	as long as short
Paradex TAO-USD-PERP	+0.0350%	8h	317.79	−0.243%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0448%	1h	317.82	−0.233%	$376K	$393K	10x	as long as short
Phoenix TAO	+0.0504%	1h	317.80	−0.239%	$333K	$707K	5x	as long as short
Nado TAO-PERP	+0.0506%	1h	317.65	−0.285%	$765K	$2.1M	10x	as long as short
Arcus TAO-USD	+0.0509%	1h	318.14	−0.132%	$100K	$489K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0543%	1h	318.19	−0.116%	$14K	$1.6M	25x	as long as short
BingX TAO-USDT	+0.0686%	4h	318.66	+0.031%	—	$30.3M	—	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.67	−0.279%	$365	—	20x	as long as short
Bybit TAOUSDT	+0.0736%	4h	318.94	+0.119%	$67.8M	$138.6M	50x	as long as short
01 Exchange TAOUSD	+0.0760%	1h	318.23	−0.104%	$3K	$4K	5x	as long as short
Variational Omni TAO	+0.0865%	4h	319.02	+0.145%	$6.0M	$9.6M	—	as long as short
Backpack TAO_USDC_PERP	+0.0890%	1h	318.72	+0.050%	$322K	$802K	10x	as long as short
Extended TAO-USD	+0.0920%	1h	318.61	+0.015%	$900K	$2.3M	25x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	319.28	+0.226%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1159%	1h	317.89	−0.212%	$450K	$626K	5x	as long as short
Lighter TAO	+0.1160%	1h	319.13	+0.180%	$1.7M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1469%	1h	319.28	+0.226%	$101.0M	$98.1M	5x	as long as short
Injective TAO/USDC PERP	+0.4172%	1h	320.94	+0.747%	$23K	$2K	12x	as long as short