Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.084%

Price spread now: Phoenix against Orderly+0.650%7-day average +0.122% · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.261%+$26 on $10k

Price spread, last 3 days (all we have)−0.632%−$63 · spread now +0.650%, 7d avg +0.122%

Together, before fees−0.370%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.528% dearer against Orderly than usual: you sell high and buy low: +$53 more if the spread goes back to its 7-day average of +0.122%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TAO_USDC	306.31	0.0100	pay 0.0050% / 4h	2h 28m	$59K	$276K	10x
Short	Phoenix TAO	308.30	0.0234	get 0.0029% / 1h	28m 41s	$327K	$462K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.650%Rate

Funding earned: $28.19
Price spread: +0.650% → +0.122%: $52.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $67.99
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 57 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 57 min ago	3.22 bp	15.0 bp −$15	20.2 bp −$202	doesn't fit	doesn't fit

Orderly: 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	305.80	−0.167%	$128K	$84K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	306.27	−0.013%	$19K	—	150x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0078%	1h	306.38	+0.023%	$15K	$1.3M	25x	as long as short
Popdex TAOUSDT	+0.0096%	1h	305.15	−0.379%	$41K	$526K	20x	as long as short
Pacifica TAO	+0.0100%	1h	305.95	−0.118%	$361K	$401K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	305.74	−0.186%	$85.5M	$403.1M	75x	as long as short
Bybit TAOUSDT	+0.0100%	4h	305.80	−0.166%	$59.1M	$118.0M	50x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	305.70	−0.199%	$25.0M	$92.3M	50x	as long as short
Arcus TAO-USD	+0.0100%	1h	306.08	−0.075%	$136K	$595K	5x	as long as short
Bulk TAO-USD	+0.0100%	1h	307.07	+0.248%	$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	305.60	−0.232%	$12.2M	$48.0M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	305.69	−0.202%	$113.7M	$123.4M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	305.76	−0.180%	$18.5M	$26.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	305.47	−0.274%	$34.2M	$44.4M	50x	as long as short
BingX TAO-USDT	+0.0100%	4h	305.66	−0.212%	—	$30.4M	—	as long as short
Variational Omni TAO	+0.0100%	4h	307.53	+0.399%	$3.6M	$6.5M	—	as long as short
edgeX TAOUSDC	+0.0100%	4h	307.34	+0.336%	$40K	$278K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	307.77	+0.476%	$539K	$967K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	307.19	+0.287%	$46K	$267K	50x	as long as short
Bullet TAO-USD	+0.0100%	1h	306.33	+0.005%	$12K	$18K	20x	as long as short
Orderly PERP_TAO_USDClong	+0.0100%	4h	306.31	long leg	$59K	$276K	10x
SunX TAO-USDT	+0.0100%	4h	306.19	−0.039%	$1K	$1.8M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	306.09	−0.072%	$120K	$352K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	305.83	−0.157%	$3.2M	$7.9M	50x	as long as short
Polymarket Perps TAO-USD	+0.0104%	1h	306.82	+0.166%	$86K	$669K	5x	as long as short
Aevo TAO-PERP	+0.0104%	1h	306.36	+0.018%	$168K	$998	3x	as long as short
Katana Perps TAO-USD	+0.0112%	8h	305.28	−0.336%	$3K	$434K	5x	as long as short
Aster TAOUSDT	+0.0147%	4h	305.82	−0.160%	$1.1M	$7.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0163%	8h	305.79	−0.170%	$14K	$1K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0174% / S +0.0069%	1h	306.18	−0.043%	$437K	—	100x	as long as short
Phoenix TAOshort	+0.0234%	1h	308.30	+0.650%	$327K	$462K	5x
Nado TAO-PERP	+0.0298%	1h	306.58	+0.090%	$840K	$1.9M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	306.14	−0.055%	$4.2M	$9.4M	100x	as long as short
01 Exchange TAOUSD	+0.0520%	1h	305.57	−0.242%	$3K	$4K	5x	as long as short
Reya TAORUSDPERP	+0.0694%	1h	306.32	+0.002%	$352	—	20x	as long as short
Extended TAO-USD	+0.0696%	1h	305.57	−0.243%	$901K	$2.0M	25x	as long as short
Lighter TAO	+0.0928%	1h	306.17	−0.046%	$1.6M	$4.8M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0960%	1h	307.34	+0.336%	$1.5M	$5.3M	50x	as long as short
Kraken Futures PF_TAOUSD	+0.1029%	1h	306.40	+0.030%	$6.3M	$19.5M	50x	as long as short
RISEx TAO/USDC	+0.1053%	1h	305.60	−0.230%	$409K	$535K	5x	as long as short
Backpack TAO_USDC_PERP	+0.1262%	1h	305.88	−0.140%	$442K	$712K	10x	as long as short
Hyperliquid TAO	+0.1709%	1h	306.51	+0.065%	$93.7M	$75.8M	5x	as long as short
Injective TAO/USDC PERP	+0.4876%	1h	305.96	−0.114%	$22K	$171	12x	as long as short