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% APRpaid last 24h 0.000%

Price spread now: Phemex against OKX+0.091%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.458%−$46 on $10k

Price spread, last 3 days (all we have)−0.076%−$8 · spread now +0.091%, 7d avg +0.034%

Together, before fees−0.534%−$53 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 0.058% dearer against OKX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TAO-USDT-SWAP	317.20	0.0100	pay 0.0100% / 8h	6h 01m	$26.3M	$114.6M	50x
Short	Phemex TAOUSDT	317.49	0.0100	get 0.0050% / 4h	2h 01m	$3.4M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.091%Rate

Funding earned: $0
Price spread: +0.091% → +0.034%: $5.76
Slippage, 4 orders: −$40.24
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$56.48
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phemex: live order book, 2 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 OKX live order book, 2 min ago	1.57 bp	8.4 bp −$8	16.7 bp −$167	64.8 bp −$6,480	doesn't fit
Sell Phemex live order book, 2 min ago	6.59 bp	22.8 bp −$23	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	−0.0185%	1h	315.28	−0.605%	$167K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	317.09	−0.034%	$127K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	317.43	+0.072%	$10K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	318.01	+0.255%	$44K	$645K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	317.32	+0.038%	$91.5M	$466.4M	75x	as long as short
OKX TAO-USDT-SWAPlong	+0.0100%	8h	317.20	long leg	$26.3M	$114.6M	50x
Gate TAO_USDT	+0.0100%	4h	317.10	−0.032%	$13.0M	$51.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	317.54	+0.107%	$103.7M	$140.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	317.44	+0.076%	$18.0M	$30.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	316.95	−0.079%	$35.4M	$53.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	316.38	−0.260%	$36K	$300K	10x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	317.80	+0.189%	$77K	$720K	5x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	317.77	+0.180%	$58K	$282K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	317.57	+0.117%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	317.75	+0.173%	$130K	$471K	20x	as long as short
Phemex TAOUSDTshort	+0.0100%	4h	317.49	+0.091%	$3.4M	$7.9M	50x
Aevo TAO-PERP	+0.0104%	1h	318.09	+0.281%	$175K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0115%	8h	317.97	+0.243%	$676	$728K	5x	as long as short
ApeX Omni TAOUSDT	+0.0149%	1h	316.28	−0.290%	$47K	$253K	50x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0166% / S +0.0103%	1h	317.55	+0.111%	$432K	—	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0166%	1h	317.56	+0.113%	$5.6M	$20.5M	50x	as long as short
GRVT TAO_USDT_Perp	+0.0192%	4h	316.84	−0.114%	$527K	$957K	10x	as long as short
Bullet TAO-USD	+0.0226%	1h	317.82	+0.195%	$12K	$18K	20x	as long as short
Pacifica TAO	+0.0285%	1h	317.51	+0.099%	$370K	$396K	10x	as long as short
Aster TAOUSDT	+0.0286%	4h	317.33	+0.041%	$1.2M	$9.3M	50x	as long as short
Arcus TAO-USD	+0.0337%	1h	318.09	+0.281%	$100K	$489K	5x	as long as short
Paradex TAO-USD-PERP	+0.0359%	8h	317.62	+0.132%	$14K	$1K	10x	as long as short
Injective TAO/USDC PERP	+0.0470%	1h	321.23	+1.270%	$23K	$2K	12x	as long as short
Nado TAO-PERP	+0.0531%	1h	317.71	+0.162%	$759K	$2.1M	10x	as long as short
Phoenix TAO	+0.0588%	1h	317.40	+0.063%	$333K	$681K	5x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0627%	1h	317.85	+0.204%	$14K	$1.6M	25x	as long as short
01 Exchange TAOUSD	+0.0656%	1h	318.11	+0.287%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	317.91	+0.224%	$366	—	20x	as long as short
BingX TAO-USDT	+0.0720%	4h	317.35	+0.047%	—	$30.9M	—	as long as short
Bybit TAOUSDT	+0.0724%	4h	317.40	+0.063%	$67.3M	$138.1M	50x	as long as short
Variational Omni TAO	+0.0857%	4h	316.54	−0.208%	$6.1M	$9.5M	—	as long as short
Extended TAO-USD	+0.0896%	1h	317.43	+0.072%	$905K	$2.3M	25x	as long as short
Backpack TAO_USDC_PERP	+0.0920%	1h	317.80	+0.189%	$321K	$806K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.1024%	1h	318.74	+0.485%	$1.5M	$6.5M	50x	as long as short
RISEx TAO/USDC	+0.1132%	1h	317.99	+0.247%	$450K	$626K	5x	as long as short
Hyperliquid TAO	+0.1340%	1h	317.56	+0.113%	$99.9M	$97.2M	5x	as long as short
Lighter TAO	+0.1344%	1h	317.12	−0.026%	$1.6M	$6.1M	5x	as long as short