Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.074%

Price spread now: Phemex against Nado+0.109%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now +0.109%, 7d avg +0.019%

Together, before fees−0.122%+ Points / potential airdropNado: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phemex is 0.090% dearer against Nado than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.019%. Mind the row above: over the last 3 days funding on this pair cost −0.084%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado TAO-PERP	319.40	0.0507	pay 0.0063% / 1h	5m 36s	$792K	$2.0M	10x
Short	Phemex TAOUSDT	319.75	0.0523	get 0.0262% / 4h	1h 05m	$3.3M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.109%Rate

Funding earned: $3.42
Price spread: +0.109% → +0.019%: $8.97
Slippage, 4 orders: −$37.34
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.95
Costs to cover: 0.563%
Break-even: 96.9 days

Slippage from Nado: live order book, 3 min ago; Phemex: live order book, 3 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 Nado live order book, 3 min ago	2.20 bp	7.6 bp −$8	20.7 bp −$207	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	6.91 bp	22.0 bp −$22	50.1 bp −$501	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	−0.0237%	1h	320.94	+0.481%	$171K	$333	10x	as long as short
dYdX TAO-USD	0.0000%	1h	319.28	−0.039%	$127K	$85K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0005%	1h	319.41	+0.002%	$22K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	319.23	−0.054%	$44K	$707K	20x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	319.10	−0.095%	$26.8M	$129.8M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	319.10	−0.095%	$14.4M	$52.4M	50x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	319.32	−0.026%	$17.8M	$32.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	319.11	−0.092%	$35.9M	$58.0M	50x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	319.08	−0.101%	$46K	$260K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	319.80	+0.124%	$85K	$1.2M	5x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX TAO-USDT	+0.0100%	4h	319.90	+0.156%	$1K	$2.0M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	318.91	−0.154%	$116K	$599K	20x	as long as short
Katana Perps TAO-USD	+0.0108%	8h	319.20	−0.063%	$725	$1.1M	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0113% / S +0.0154%	1h	319.51	+0.035%	$426K	—	100x	as long as short
Aevo TAO-PERP	+0.0128%	1h	319.77	+0.115%	$176K	$998	3x	as long as short
Orderly PERP_TAO_USDC	+0.0131%	4h	319.59	+0.059%	$53K	$293K	10x	as long as short
MEXC TAO_USDT	+0.0186%	4h	319.47	+0.021%	$108.1M	$151.6M	300x	as long as short
Binance TAOUSDT	+0.0186%	4h	319.23	−0.054%	$92.7M	$528.2M	75x	as long as short
edgeX TAOUSDC	+0.0188%	4h	319.19	−0.067%	$42K	$318K	10x	as long as short
Paradex TAO-USD-PERP	+0.0243%	8h	319.45	+0.015%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0270%	4h	319.32	−0.026%	$70.1M	$155.8M	50x	as long as short
BingX TAO-USDT	+0.0282%	4h	319.31	−0.029%	—	$35.4M	—	as long as short
Bullet TAO-USD	+0.0307%	1h	319.85	+0.140%	$12K	$17K	20x	as long as short
Aster TAOUSDT	+0.0351%	4h	319.32	−0.026%	$1.3M	$10.9M	50x	as long as short
Extended TAO-USD	+0.0352%	1h	319.22	−0.057%	$908K	$2.4M	25x	as long as short
GRVT TAO_USDT_Perp	+0.0364%	4h	318.37	−0.322%	$540K	$917K	10x	as long as short
BloFin TAO-USDT	+0.0423%	4h	319.99	+0.184%	$4.7M	$11.1M	100x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0487%	1h	319.48	+0.024%	$15K	$2.0M	25x	as long as short
Nado TAO-PERPlong	+0.0507%	1h	319.40	long leg	$792K	$2.0M	10x
Variational Omni TAO	+0.0514%	4h	319.69	+0.090%	$5.7M	$10.2M	—	as long as short
Phemex TAOUSDTshort	+0.0523%	4h	319.75	+0.109%	$3.3M	$8.1M	50x
Pacifica TAO	+0.0525%	1h	319.52	+0.036%	$363K	$429K	10x	as long as short
Phoenix TAO	+0.0567%	1h	319.50	+0.031%	$318K	$709K	5x	as long as short
Lighter TAO	+0.0592%	1h	319.64	+0.074%	$1.6M	$6.8M	5x	as long as short
Hyperliquid TAO	+0.0598%	1h	319.76	+0.112%	$94.6M	$110.0M	5x	as long as short
01 Exchange TAOUSD	+0.0624%	1h	319.39	−0.004%	$3K	$4K	5x	as long as short
Arcus TAO-USD	+0.0641%	1h	319.61	+0.065%	$103K	$389K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0680%	1h	319.92	+0.162%	$298K	$905K	10x	as long as short
Reya TAORUSDPERP	+0.0698%	1h	319.77	+0.117%	$368	—	20x	as long as short
Coinbase International TAO-PERP-INTX	+0.0944%	1h	320.41	+0.315%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.1077%	1h	319.22	−0.057%	$440K	$677K	5x	as long as short
Kraken Futures PF_TAOUSD	+0.1155%	1h	319.72	+0.098%	$6.0M	$21.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4723%	1h	323.52	+1.289%	$24K	$2K	12x	as long as short